Meeder Asset Management Inc. Boosts Stake in Consolidated Edison Inc $ED

Meeder Asset Management Inc. grew its holdings in Consolidated Edison Inc (NYSE:ED) by 419.5% during the 1st quarter, HoldingsChannel.com reports. The firm owned 19,814 shares of the utilities provider’s stock after buying an additional 16,000 shares during the period. Meeder Asset Management Inc.’s holdings in Consolidated Edison were worth $2,243,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Basepoint Wealth LLC acquired a new stake in shares of Consolidated Edison during the 4th quarter worth about $26,000. JPL Wealth Management LLC acquired a new position in Consolidated Edison in the third quarter valued at about $26,000. Aventura Private Wealth LLC acquired a new position in Consolidated Edison in the fourth quarter valued at about $27,000. Westfuller Advisors LLC purchased a new position in Consolidated Edison during the fourth quarter worth about $27,000. Finally, Sachetta LLC increased its position in shares of Consolidated Edison by 72.9% during the first quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 102 shares during the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ED has been the topic of a number of research analyst reports. Weiss Ratings raised shares of Consolidated Edison from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. KeyCorp increased their price objective on shares of Consolidated Edison from $96.00 to $97.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 21st. Wells Fargo & Company set a $98.00 target price on Consolidated Edison in a research report on Tuesday, April 21st. Mizuho reissued a “neutral” rating and issued a $105.00 target price on shares of Consolidated Edison in a research report on Tuesday, June 2nd. Finally, The Goldman Sachs Group restated a “sell” rating and set a $105.00 price target on shares of Consolidated Edison in a research note on Thursday, May 14th. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $108.07.

Consolidated Edison Stock Performance

NYSE ED opened at $112.40 on Monday. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.19 and a quick ratio of 1.09. The company has a market cap of $41.42 billion, a P/E ratio of 18.92, a P/E/G ratio of 2.86 and a beta of 0.27. The stock has a 50-day moving average of $108.49 and a two-hundred day moving average of $108.65. Consolidated Edison Inc has a 1-year low of $94.96 and a 1-year high of $116.23.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th will be paid a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 annualized dividend and a dividend yield of 3.2%. Consolidated Edison’s dividend payout ratio (DPR) is presently 59.76%.

About Consolidated Edison

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.