King Wealth Management Group LLC Increases Stake in Consolidated Edison Inc (ED)
King Wealth Management Group LLC raised its position in Consolidated Edison Inc (NYSE:ED) by 3.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,671 shares of the utilities provider’s stock after buying an additional 719 shares during the period. King Wealth Management Group LLC’s holdings in Consolidated Edison were worth $1,605,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new position in Consolidated Edison during the fourth quarter worth approximately $242,900,000. Bank of New York Mellon Corp increased its position in Consolidated Edison by 34.1% in the first quarter. Bank of New York Mellon Corp now owns 3,478,494 shares of the utilities provider’s stock worth $270,138,000 after buying an additional 884,788 shares in the last quarter. Karp Capital Management Corp acquired a new position in Consolidated Edison during the first quarter worth approximately $47,865,000. AQR Capital Management LLC increased its position in Consolidated Edison by 16.1% in the fourth quarter. AQR Capital Management LLC now owns 4,245,808 shares of the utilities provider’s stock worth $312,831,000 after buying an additional 588,602 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in Consolidated Edison by 355.4% in the fourth quarter. Renaissance Technologies LLC now owns 479,100 shares of the utilities provider’s stock worth $35,300,000 after buying an additional 373,900 shares in the last quarter. Institutional investors own 57.02% of the company’s stock.
Shares of Consolidated Edison Inc (NYSE:ED) opened at 83.84 on Monday. The company has a market capitalization of $25.60 billion, a PE ratio of 19.31 and a beta of 0.08. The stock has a 50 day moving average of $81.60 and a 200-day moving average of $76.94. Consolidated Edison Inc has a one year low of $68.76 and a one year high of $85.13.
Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 4th. The utilities provider reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.08. Consolidated Edison had a net margin of 10.90% and a return on equity of 9.05%. The business had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.05 billion. During the same period in the previous year, the company earned $1.18 earnings per share. On average, equities analysts forecast that Consolidated Edison Inc will post $4.09 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Wednesday, May 17th were paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date was Monday, May 15th. Consolidated Edison’s payout ratio is 63.59%.
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ED has been the subject of a number of recent research reports. Zacks Investment Research upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a research note on Thursday, May 18th. Deutsche Bank AG downgraded shares of Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 price objective for the company. in a research note on Monday, May 8th. Barclays PLC restated an “equal weight” rating and set a $82.00 price objective (up from $76.00) on shares of Consolidated Edison in a research note on Sunday, April 23rd. BMO Capital Markets restated a “hold” rating and set a $80.00 price objective on shares of Consolidated Edison in a research note on Monday, May 15th. Finally, Morgan Stanley increased their price objective on shares of Consolidated Edison from $77.00 to $78.00 and gave the stock an “underweight” rating in a research note on Monday, May 8th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. Consolidated Edison currently has an average rating of “Hold” and a consensus price target of $76.96.
In related news, Director Linda S. Sanford bought 900 shares of the company’s stock in a transaction on Wednesday, May 17th. The shares were purchased at an average cost of $79.74 per share, for a total transaction of $71,766.00. Following the completion of the purchase, the director now directly owns 8,748 shares in the company, valued at $697,565.52. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Over the last quarter, insiders acquired 954 shares of company stock worth $76,036. Corporate insiders own 0.20% of the company’s stock.
About Consolidated Edison
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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