Cornerstone Wealth Management LLC Increases Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Cornerstone Wealth Management LLC lifted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.8% during the fourth quarter, Holdings Channel reports. The fund owned 47,741 shares of the utilities provider’s stock after purchasing an additional 1,280 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Consolidated Edison were worth $4,260,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in ED. Capital Performance Advisors LLP acquired a new stake in shares of Consolidated Edison during the third quarter valued at $27,000. Ashton Thomas Securities LLC acquired a new stake in shares of Consolidated Edison during the third quarter valued at $30,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Consolidated Edison during the third quarter valued at $55,000. FSA Wealth Management LLC acquired a new stake in shares of Consolidated Edison during the third quarter valued at $55,000. Finally, Webster Bank N. A. boosted its stake in shares of Consolidated Edison by 189.5% during the third quarter. Webster Bank N. A. now owns 579 shares of the utilities provider’s stock valued at $60,000 after acquiring an additional 379 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of NYSE:ED opened at $90.75 on Friday. The company has a market cap of $31.44 billion, a P/E ratio of 17.09, a PEG ratio of 2.97 and a beta of 0.38. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The business’s 50-day simple moving average is $93.08 and its 200 day simple moving average is $97.98.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. On average, sell-side analysts forecast that Consolidated Edison, Inc. will post 5.35 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be issued a dividend of $0.85 per share. The ex-dividend date is Wednesday, February 19th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a yield of 3.75%. Consolidated Edison’s payout ratio is currently 62.52%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ED. Barclays decreased their price target on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research note on Friday, November 8th. Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and raised their price target for the stock from $90.00 to $100.00 in a research note on Thursday, December 12th. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price target for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Jefferies Financial Group began coverage on Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target on the stock. Finally, Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $100.64.

About Consolidated Edison

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.