Apella Capital LLC Acquires New Stake in Consolidated Edison, Inc. (NYSE:ED)

Apella Capital LLC acquired a new stake in shares of Consolidated Edison, Inc. (NYSE:ED) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,308 shares of the utilities provider’s stock, valued at approximately $561,000.

A number of other large investors have also added to or reduced their stakes in ED. JPMorgan Chase & Co. raised its position in Consolidated Edison by 4.0% during the third quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock valued at $223,373,000 after purchasing an additional 82,985 shares in the last quarter. Revolve Wealth Partners LLC raised its position in Consolidated Edison by 13.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider’s stock valued at $332,000 after purchasing an additional 441 shares in the last quarter. Greenleaf Trust raised its position in Consolidated Edison by 5.1% during the fourth quarter. Greenleaf Trust now owns 8,559 shares of the utilities provider’s stock valued at $764,000 after purchasing an additional 412 shares in the last quarter. Trust Point Inc. raised its position in Consolidated Edison by 4.9% during the fourth quarter. Trust Point Inc. now owns 2,790 shares of the utilities provider’s stock valued at $249,000 after purchasing an additional 131 shares in the last quarter. Finally, Stratos Wealth Partners LTD. raised its position in Consolidated Edison by 1.7% during the fourth quarter. Stratos Wealth Partners LTD. now owns 10,224 shares of the utilities provider’s stock valued at $912,000 after purchasing an additional 166 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Down 1.0%

NYSE ED opened at $102.23 on Thursday. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The stock has a market capitalization of $36.83 billion, a PE ratio of 19.51, a PEG ratio of 3.05 and a beta of 0.29. Consolidated Edison, Inc. has a 1 year low of $87.28 and a 1 year high of $114.87. The business’s 50-day moving average is $107.67 and its 200 day moving average is $100.32.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.05). The business had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.21 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. During the same period in the previous year, the business earned $2.15 earnings per share. Sell-side analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be given a dividend of $0.85 per share. The ex-dividend date is Wednesday, May 14th. This represents a $3.40 annualized dividend and a yield of 3.33%. Consolidated Edison’s payout ratio is 62.85%.

Wall Street Analyst Weigh In

ED has been the topic of a number of research reports. Barclays raised their price target on Consolidated Edison from $100.00 to $101.00 and gave the company an “underweight” rating in a research report on Monday, May 5th. Citigroup raised their price target on Consolidated Edison from $116.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, April 9th. Guggenheim raised their price target on Consolidated Edison from $96.00 to $103.00 and gave the company a “neutral” rating in a research report on Friday, May 2nd. KeyCorp downgraded Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 price objective on the stock. in a report on Wednesday, May 14th. Finally, Wells Fargo & Company lifted their price objective on Consolidated Edison from $103.00 to $114.00 and gave the stock an “equal weight” rating in a report on Friday, May 2nd. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $104.27.

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.