Brophy Wealth Management LLC Acquires New Holdings in Consolidated Edison, Inc. (NYSE:ED)

Brophy Wealth Management LLC acquired a new stake in Consolidated Edison, Inc. (NYSE:ED) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 5,006 shares of the utilities provider’s stock, valued at approximately $521,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Retirement Planning Co of New England Inc. raised its stake in shares of Consolidated Edison by 4.2% during the second quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock valued at $224,000 after acquiring an additional 100 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its stake in shares of Consolidated Edison by 13.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock valued at $78,000 after acquiring an additional 100 shares during the last quarter. D.A. Davidson & CO. raised its stake in shares of Consolidated Edison by 1.1% during the third quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock valued at $1,160,000 after acquiring an additional 124 shares during the last quarter. Townsquare Capital LLC raised its stake in shares of Consolidated Edison by 2.4% during the third quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider’s stock valued at $580,000 after acquiring an additional 130 shares during the last quarter. Finally, Brookstone Capital Management raised its stake in shares of Consolidated Edison by 0.6% during the third quarter. Brookstone Capital Management now owns 24,173 shares of the utilities provider’s stock valued at $2,517,000 after acquiring an additional 136 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. UBS Group raised their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Jefferies Financial Group began coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective for the company. Barclays decreased their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research report on Friday, November 8th. Finally, Scotiabank increased their price objective on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $99.13.

Consolidated Edison Trading Down 0.1 %

NYSE:ED opened at $94.70 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $32.81 billion, a price-to-earnings ratio of 17.83, a PEG ratio of 3.18 and a beta of 0.36. The firm has a fifty day simple moving average of $100.90 and a two-hundred day simple moving average of $98.23. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. Analysts expect that Consolidated Edison, Inc. will post 5.34 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is currently 62.52%.

Consolidated Edison Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.