Consolidated Edison Inc (NYSE:ED) had its price target increased by Morgan Stanley from $78.00 to $80.00 in a report released on Friday, September 8th. They currently have an underweight rating on the utilities provider’s stock.
Other analysts have also issued research reports about the stock. UBS AG raised their price target on shares of Consolidated Edison from $72.00 to $75.00 and gave the company a sell rating in a research report on Monday, May 15th. Zacks Investment Research downgraded shares of Consolidated Edison from a hold rating to a sell rating in a report on Wednesday, July 5th. BidaskClub downgraded shares of Consolidated Edison from a buy rating to a hold rating in a report on Saturday, July 1st. Finally, BMO Capital Markets reissued a hold rating and issued a $80.00 price target on shares of Consolidated Edison in a research note on Monday, May 15th. Four investment 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. The stock currently has an average rating of Hold and a consensus target price of $77.88.
Shares of Consolidated Edison (ED) traded down 0.08% on Friday, hitting $84.44. The stock had a trading volume of 2,472,200 shares. The firm has a 50 day moving average of $83.81 and a 200-day moving average of $80.98. The firm has a market capitalization of $25.81 billion, a price-to-earnings ratio of 20.43 and a beta of 0.09. Consolidated Edison has a 1-year low of $68.76 and a 1-year high of $86.16.
Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.03). The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same quarter in the prior year, the business posted $0.60 EPS. Equities analysts predict that Consolidated Edison will post $4.09 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend was Monday, August 14th. Consolidated Edison’s dividend payout ratio is presently 66.67%.
In related news, CEO Joseph P. Oates sold 1,908 shares of Consolidated Edison stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total value of $160,023.96. Following the completion of the transaction, the chief executive officer now owns 24,017 shares in the company, valued at $2,014,305.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders have acquired 471 shares of company stock valued at $39,202. Company insiders own 0.20% of the company’s stock.
Several hedge funds have recently made changes to their positions in ED. BlackRock Inc. grew its holdings in shares of Consolidated Edison by 1,771.1% in the first quarter. BlackRock Inc. now owns 24,104,499 shares of the utilities provider’s stock valued at $1,871,955,000 after purchasing an additional 22,816,233 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Consolidated Edison by 6,358.2% in the second quarter. Janus Henderson Group PLC now owns 2,300,677 shares of the utilities provider’s stock valued at $185,940,000 after purchasing an additional 2,265,053 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of 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 valued at $270,138,000 after purchasing an additional 884,788 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Consolidated Edison by 3.5% in the first quarter. Vanguard Group Inc. now owns 21,304,464 shares of the utilities provider’s stock valued at $1,654,504,000 after purchasing an additional 725,857 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Consolidated Edison by 145.9% in the first quarter. Renaissance Technologies LLC now owns 1,178,300 shares of the utilities provider’s stock valued at $91,507,000 after purchasing an additional 699,200 shares in the last quarter. Hedge funds and other institutional investors own 55.09% of the company’s stock.
Consolidated Edison Company 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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