Diversify Wealth Management LLC Buys Shares of 4,525 Consolidated Edison Inc $ED

Diversify Wealth Management LLC purchased a new stake in shares of Consolidated Edison Inc (NYSE:ED) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 4,525 shares of the utilities provider’s stock, valued at approximately $493,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sachetta LLC increased its position in Consolidated Edison by 72.9% in the 1st quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 102 shares during the last quarter. JPL Wealth Management LLC acquired a new stake in shares of Consolidated Edison during the 3rd quarter valued at about $26,000. Basepoint Wealth LLC bought a new stake in shares of Consolidated Edison in the 4th quarter valued at approximately $26,000. Aventura Private Wealth LLC bought a new stake in shares of Consolidated Edison in the 4th quarter valued at approximately $27,000. Finally, Westfuller Advisors LLC acquired a new position in Consolidated Edison in the fourth quarter worth approximately $27,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Trading Up 0.0%

Shares of ED stock opened at $112.40 on Friday. Consolidated Edison Inc has a 12 month low of $94.96 and a 12 month high of $116.23. The company has a market cap of $41.42 billion, a PE ratio of 18.92, a price-to-earnings-growth ratio of 2.86 and a beta of 0.27. The company has a quick ratio of 1.09, a current ratio of 1.19 and a debt-to-equity ratio of 1.00. The business’s 50 day moving average is $108.49 and its two-hundred day moving average is $108.59.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be issued a dividend of $0.8875 per share. This represents a $3.55 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Wednesday, August 19th. Consolidated Edison’s dividend payout ratio is 59.76%.

Wall Street Analyst Weigh In

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

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.