Spire Wealth Management Increases Stock Holdings in Consolidated Edison Inc (NYSE:ED)

Spire Wealth Management lifted its stake in Consolidated Edison Inc (NYSE:ED) by 228.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,753 shares of the utilities provider’s stock after purchasing an additional 7,478 shares during the quarter. Spire Wealth Management’s holdings in Consolidated Edison were worth $1,189,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ED. Jacobi Capital Management LLC boosted its stake in shares of Consolidated Edison by 4.2% during the fourth quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider’s stock valued at $229,000 after purchasing an additional 104 shares during the period. Glen Eagle Advisors LLC boosted its holdings in shares of Consolidated Edison by 6.2% in the fourth quarter. Glen Eagle Advisors LLC now owns 1,902 shares of the utilities provider’s stock valued at $170,000 after purchasing an additional 111 shares during the period. Richwood Investment Advisors LLC grew its stake in Consolidated Edison by 2.3% in the fourth quarter. Richwood Investment Advisors LLC now owns 5,194 shares of the utilities provider’s stock worth $463,000 after purchasing an additional 115 shares in the last quarter. Integrated Advisors Network LLC grew its stake in Consolidated Edison by 1.6% in the first quarter. Integrated Advisors Network LLC now owns 7,842 shares of the utilities provider’s stock worth $867,000 after purchasing an additional 121 shares in the last quarter. Finally, Penobscot Investment Management Company Inc. grew its stake in Consolidated Edison by 5.7% in the fourth quarter. Penobscot Investment Management Company Inc. now owns 2,300 shares of the utilities provider’s stock worth $205,000 after purchasing an additional 125 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of ED stock opened at $98.13 on Friday. The business’s fifty day simple moving average is $104.85 and its 200-day simple moving average is $100.68. The company has a market cap of $35.36 billion, a PE ratio of 18.14, a PEG ratio of 3.14 and a beta of 0.27. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 1.04. Consolidated Edison Inc has a 12-month low of $87.28 and a 12-month high of $114.87.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.05). The firm had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.21 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.61%. During the same period in the previous year, the company earned $2.15 earnings per share. Analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th were paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.46%. The ex-dividend date was Wednesday, May 14th. Consolidated Edison’s payout ratio is currently 62.85%.

Analyst Upgrades and Downgrades

ED has been the topic of several research analyst reports. Barclays increased their price objective on Consolidated Edison from $100.00 to $101.00 and gave the stock an “underweight” rating in a research note on Monday, May 5th. UBS Group increased their price objective on Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Citigroup upped their target price on Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, April 9th. Wells Fargo & Company upped their target price on Consolidated Edison from $103.00 to $114.00 and gave the stock an “equal weight” rating in a report on Friday, May 2nd. Finally, Guggenheim upped their target price on Consolidated Edison from $96.00 to $103.00 and gave the stock a “neutral” rating in a report on Friday, May 2nd. Three analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $104.18.

Consolidated Edison Company 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.