Woodley Farra Manion Portfolio Management Inc. Boosts Position in Consolidated Edison Inc (ED)
Woodley Farra Manion Portfolio Management Inc. boosted its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 2.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 53,856 shares of the utilities provider’s stock after purchasing an additional 1,261 shares during the period. Woodley Farra Manion Portfolio Management Inc.’s holdings in Consolidated Edison were worth $4,353,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. MML Investors Services LLC raised its position in shares of Consolidated Edison by 18.4% in the second quarter. MML Investors Services LLC now owns 61,398 shares of the utilities provider’s stock worth $4,962,000 after acquiring an additional 9,560 shares during the period. TIAA FSB acquired a new position in shares of Consolidated Edison in the second quarter worth about $2,396,000. FMR LLC raised its position in shares of Consolidated Edison by 5.5% in the second quarter. FMR LLC now owns 260,507 shares of the utilities provider’s stock worth $21,054,000 after acquiring an additional 13,651 shares during the period. Vanguard Group Inc. raised its position in shares of Consolidated Edison by 2.4% in the second quarter. Vanguard Group Inc. now owns 21,821,324 shares of the utilities provider’s stock worth $1,763,600,000 after acquiring an additional 516,860 shares during the period. Finally, D.A. Davidson & CO. raised its position in shares of Consolidated Edison by 15.6% in the second quarter. D.A. Davidson & CO. now owns 9,287 shares of the utilities provider’s stock worth $750,000 after acquiring an additional 1,253 shares during the period. Institutional investors own 55.06% of the company’s stock.
A number of research analysts have weighed in on the stock. Zacks Investment Research downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Tuesday, September 12th. BidaskClub upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Tuesday, August 22nd. Finally, Jefferies Group LLC downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $88.00 to $83.50 in a research report on Tuesday, June 13th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. Consolidated Edison currently has a consensus rating of “Hold” and a consensus target price of $77.88.
Consolidated Edison Inc (NYSE:ED) traded up 0.15% during mid-day trading on Thursday, hitting $82.72. 259,320 shares of the stock traded hands. Consolidated Edison Inc has a 12-month low of $68.76 and a 12-month high of $86.16. The firm’s 50-day moving average is $83.85 and its 200-day moving average is $81.13. The company has a market cap of $25.29 billion, a price-to-earnings ratio of 20.01 and a beta of 0.09.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.03). The firm had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.79 billion. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. During the same quarter last year, the firm earned $0.60 earnings per share. Equities research analysts expect that Consolidated Edison Inc will post $4.09 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th were issued a dividend of $0.69 per share. The ex-dividend date was Monday, August 14th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.34%. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.67%.
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In other news, CEO Joseph P. Oates sold 1,908 shares of Consolidated Edison stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total transaction of $160,023.96. Following the completion of the sale, the chief executive officer now directly owns 24,017 shares in the company, valued at $2,014,305.79. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders have bought 471 shares of company stock valued at $39,202. Insiders own 0.20% of the company’s stock.
Consolidated Edison Profile
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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