Cullinan Associates Inc. Takes $424,000 Position in Consolidated Edison, Inc. (NYSE:ED)

Posted by Defense World Staff on Mar 21st, 2023

Cullinan Associates Inc. purchased a new stake in Consolidated Edison, Inc. (NYSE:ED – Get Rating) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 4,453 shares of the utilities provider’s stock, valued at approximately $424,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Consolidated Edison by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 42,918,192 shares of the utilities provider’s stock worth $3,680,664,000 after purchasing an additional 483,980 shares during the period. Marshall Wace LLP boosted its stake in Consolidated Edison by 98.8% in the 3rd quarter. Marshall Wace LLP now owns 740,044 shares of the utilities provider’s stock worth $63,464,000 after purchasing an additional 367,856 shares during the period. Renaissance Technologies LLC boosted its stake in Consolidated Edison by 97.0% in the 2nd quarter. Renaissance Technologies LLC now owns 694,668 shares of the utilities provider’s stock worth $66,063,000 after purchasing an additional 342,000 shares during the period. Amundi boosted its stake in Consolidated Edison by 25.8% in the 2nd quarter. Amundi now owns 1,601,465 shares of the utilities provider’s stock worth $150,230,000 after purchasing an additional 328,235 shares during the period. Finally, Royal Bank of Canada boosted its stake in Consolidated Edison by 27.6% in the 3rd quarter. Royal Bank of Canada now owns 1,360,277 shares of the utilities provider’s stock worth $116,655,000 after purchasing an additional 294,564 shares during the period. Institutional investors and hedge funds own 64.95% of the company’s stock.

Consolidated Edison Trading Up 1.3 %

Consolidated Edison stock opened at $96.91 on Tuesday. Consolidated Edison, Inc. has a 52 week low of $78.10 and a 52 week high of $102.21. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.10 and a current ratio of 1.14. The stock has a market capitalization of $34.41 billion, a P/E ratio of 20.75, a PEG ratio of 9.85 and a beta of 0.35. The stock has a 50-day simple moving average of $93.32 and a 200 day simple moving average of $92.92.

Consolidated Edison (NYSE:ED – Get Rating) last posted its quarterly earnings results on Thursday, February 16th. The utilities provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Consolidated Edison had a return on equity of 7.79% and a net margin of 10.59%. The business had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $3.18 billion. During the same quarter last year, the company posted $1.00 earnings per share. Consolidated Edison’s quarterly revenue was up 18.0% on a year-over-year basis. Analysts expect that Consolidated Edison, Inc. will post 4.86 earnings per share for the current year.

Consolidated Edison Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Investors of record on Wednesday, February 15th were issued a dividend of $0.81 per share. The ex-dividend date was Tuesday, February 14th. This represents a $3.24 dividend on an annualized basis and a yield of 3.34%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.79. Consolidated Edison’s dividend payout ratio (DPR) is presently 69.38%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ED. Citigroup upped their target price on shares of Consolidated Edison from $92.00 to $103.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 22nd. Credit Suisse Group reduced their target price on shares of Consolidated Edison from $95.00 to $91.00 and set a “neutral” rating for the company in a research note on Friday, February 17th. Royal Bank of Canada increased their price objective on shares of Consolidated Edison from $94.00 to $95.00 and gave the stock a “sector perform” rating in a research note on Monday, February 27th. Morgan Stanley decreased their price objective on Consolidated Edison from $79.00 to $76.00 and set an “underweight” rating for the company in a report on Wednesday, February 22nd. Finally, Guggenheim decreased their price objective on Consolidated Edison from $97.00 to $86.00 in a report on Friday, February 17th. Five equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat, Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $89.25.

Consolidated Edison Company Profile

(Get Rating)

Consolidated Edison, Inc is a holding company, which engages in the business of regulated electric, gas, and steam delivery. It operates through the following segments: Consolidated Edison Company of New York (CECONY), Orange and Rockland Utilities(O&R), Con Edison Clean Energy Businesses and Con Edison Transmission.