Forte Capital LLC ADV Boosts Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Forte Capital LLC ADV raised its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 7.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 20,328 shares of the utilities provider’s stock after buying an additional 1,322 shares during the quarter. Forte Capital LLC ADV’s holdings in Consolidated Edison were worth $1,849,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of ED. Financial Gravity Asset Management Inc. boosted its stake in Consolidated Edison by 215.6% in the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 194 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Consolidated Edison in the 4th quarter worth $29,000. Bruce G. Allen Investments LLC purchased a new position in Consolidated Edison during the 4th quarter worth $31,000. CVA Family Office LLC purchased a new stake in Consolidated Edison in the fourth quarter valued at about $32,000. Finally, Venturi Wealth Management LLC raised its stake in Consolidated Edison by 62.2% in the third quarter. Venturi Wealth Management LLC now owns 477 shares of the utilities provider’s stock valued at $41,000 after buying an additional 183 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Consolidated Edison Stock Performance

NYSE ED traded up $0.31 during mid-day trading on Friday, reaching $95.56. 2,465,195 shares of the stock were exchanged, compared to its average volume of 2,284,421. The company has a market capitalization of $33.02 billion, a P/E ratio of 18.34, a P/E/G ratio of 8.99 and a beta of 0.34. 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 business’s 50 day moving average is $90.21 and its 200-day moving average is $90.13. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $100.44.

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

Consolidated Edison Announces Dividend

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

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.