TCG Advisory Services LLC Boosts Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

TCG Advisory Services LLC lifted its stake in Consolidated Edison, Inc. (NYSE:ED) by 10.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,075 shares of the utilities provider’s stock after purchasing an additional 993 shares during the period. TCG Advisory Services LLC’s holdings in Consolidated Edison were worth $916,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Forte Capital LLC ADV lifted its stake in Consolidated Edison by 7.0% in the fourth quarter. Forte Capital LLC ADV now owns 20,328 shares of the utilities provider’s stock worth $1,849,000 after acquiring an additional 1,322 shares during the last quarter. Axxcess Wealth Management LLC purchased a new stake in shares of Consolidated Edison during the 4th quarter worth approximately $280,000. Summit Global Investments acquired a new stake in Consolidated Edison during the 4th quarter worth $1,540,000. Natixis Advisors L.P. boosted its stake in Consolidated Edison by 7.1% in the fourth quarter. Natixis Advisors L.P. now owns 112,374 shares of the utilities provider’s stock valued at $10,222,000 after acquiring an additional 7,418 shares in the last quarter. Finally, LGT Group Foundation purchased a new stake in shares of Consolidated Edison in the 4th quarter valued at about $274,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Trading Up 0.3 %

NYSE ED traded up $0.31 during trading hours on Friday, hitting $95.56. 2,465,195 shares of the company’s stock were exchanged, compared to its average volume of 2,284,421. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. The firm has a market capitalization of $33.02 billion, a P/E ratio of 18.34, a price-to-earnings-growth ratio of 8.97 and a beta of 0.34. The business’s 50 day moving average is $90.06 and its 200-day moving average is $90.08. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $100.44.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.86%. The business had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. During the same period last year, the company earned $1.83 earnings per share. The company’s quarterly revenue was down 2.8% on a year-over-year basis. As a group, analysts anticipate that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.47%. Consolidated Edison’s payout ratio is 63.72%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Royal Bank of Canada lowered their price objective on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research report on Friday, February 16th. UBS Group lowered their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a report on Friday, February 16th. Barclays increased their price objective on Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 14th. Wells Fargo & Company increased their price target on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a report on Friday. Finally, Scotiabank lowered their target price on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research report on Monday, April 22nd. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $87.75.

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.