King Wealth Management Group buys $1.3 Million stake in Consolidated Edison (ED)

Consolidated Edison (ED) : King Wealth Management Group scooped up 971 additional shares in Consolidated Edison during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 16,929 shares of Consolidated Edison which is valued at $1.3 Million.Consolidated Edison makes up approximately 0.68% of King Wealth Management Group’s portfolio.

Other Hedge Funds, Including , Kings Point Capital Management boosted its stake in ED in the latest quarter, The investment management firm added 100 additional shares and now holds a total of 2,542 shares of Consolidated Edison which is valued at $189,684. Consolidated Edison makes up approx 0.05% of Kings Point Capital Management’s portfolio. Payden Rygel added ED to its portfolio by purchasing 111,300 company shares during the most recent quarter which is valued at $8.3 Million. Consolidated Edison makes up approx 1.01% of Payden Rygel’s portfolio.Alerus Investment Advisors Corp reduced its stake in ED by selling 13,374 shares or 55.37% in the most recent quarter. The Hedge Fund company now holds 10,778 shares of ED which is valued at $799,296. Consolidated Edison makes up approx 0.14% of Alerus Investment Advisors Corp’s portfolio.Investment Centers Of America Inc boosted its stake in ED in the latest quarter, The investment management firm added 14,726 additional shares and now holds a total of 38,720 shares of Consolidated Edison which is valued at $2.9 Million. Consolidated Edison makes up approx 0.32% of Investment Centers Of America Inc’s portfolio.

Consolidated Edison opened for trading at $72.07 and hit $72.23 on the upside on Friday, eventually ending the session at $72.16, with a gain of 0.46% or 0.33 points. The heightened volatility saw the trading volume jump to 21,72,427 shares. Company has a market cap of $21,215 M.

On the company’s financial health, Consolidated Edison reported $0.60 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Feb 18, 2016. Analyst had a consensus of $0.54. The company had revenue of $2707.00 million for the quarter, compared to analysts expectations of $2833.85 million. The company’s revenue was down -4.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.28 EPS.

Many Wall Street Analysts have commented on Consolidated Edison. Company shares were Reiterated by Mizuho on May 12, 2016 to “Neutral”, Firm has raised the Price Target to $ 72 from a previous price target of $66 .Company shares were Reiterated by Barclays on Feb 22, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 70 from a previous price target of $67 .

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) and the Competitive Energy Businesses. CECONY delivers electricity natural gas and steam to customers in New York City and Westchester County. Orange and Rockland Utilities Inc. (O&R) delivers electricity and natural gas to customers located in south-eastern New York northern New Jersey and north-eastern Pennsylvania. O&R’s utility subsidiaries include Rockland Electric Company and Pike County Light & Power Company. Competitive energy businesses provide retail and wholesale electricity supply and energy services. The Competitive Energy Businesses include three subsidiaries: Consolidated Edison Solutions Inc. (Con Edison Solutions); Consolidated Edison Energy Inc. (Con Edison Energy) and Consolidated Edison Development Inc. (Con Edison Development).

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