Private Advisor Group LLC Purchases 1,234 Shares of Consolidated Edison, Inc. (NYSE:ED)

Posted by on Mar 28th, 2023

Private Advisor Group LLC boosted its holdings in Consolidated Edison, Inc. (NYSE:ED – Get Rating) by 2.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 46,269 shares of the utilities provider’s stock after purchasing an additional 1,234 shares during the quarter. Private Advisor Group LLC’s holdings in Consolidated Edison were worth $826,930,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Consolidated Edison by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 42,918,192 shares of the utilities provider’s stock valued at $3,680,664,000 after purchasing an additional 483,980 shares during the last quarter. Marshall Wace LLP boosted its position in shares of Consolidated Edison by 98.8% during the third quarter. Marshall Wace LLP now owns 740,044 shares of the utilities provider’s stock valued at $63,464,000 after buying an additional 367,856 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Consolidated Edison by 97.0% during the second quarter. Renaissance Technologies LLC now owns 694,668 shares of the utilities provider’s stock worth $66,063,000 after buying an additional 342,000 shares in the last quarter. Amundi raised its position in Consolidated Edison by 25.8% in the 2nd quarter. Amundi now owns 1,601,465 shares of the utilities provider’s stock valued at $150,230,000 after buying an additional 328,235 shares during the last quarter. Finally, Royal Bank of Canada lifted its stake in Consolidated Edison by 27.6% during the 3rd quarter. Royal Bank of Canada now owns 1,360,277 shares of the utilities provider’s stock valued at $116,655,000 after acquiring an additional 294,564 shares in the last quarter. Institutional investors own 64.95% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ED. 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. Wells Fargo & Company increased their price objective on shares of Consolidated Edison from $87.00 to $98.00 in a research note on Wednesday, December 14th. Royal Bank of Canada boosted their target price on Consolidated Edison from $94.00 to $95.00 and gave the stock a “sector perform” rating in a research note on Monday, February 27th. Bank of America raised Consolidated Edison from an “underperform” rating to a “neutral” rating and increased their price target for the company from $78.00 to $95.00 in a research report on Wednesday, November 30th. Finally, Mizuho cut their price objective on Consolidated Edison from $98.00 to $92.00 and set a “neutral” rating on the stock in a research report on Friday, February 17th. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $89.92.

Consolidated Edison Stock Down 0.5 %

Consolidated Edison stock opened at $94.57 on Tuesday. The firm has a 50 day simple moving average of $92.91 and a 200 day simple moving average of $92.71. The company has a current ratio of 1.14, a quick ratio of 1.10 and a debt-to-equity ratio of 0.96. Consolidated Edison, Inc. has a 1-year low of $78.10 and a 1-year high of $102.21. The firm has a market capitalization of $33.58 billion, a price-to-earnings ratio of 20.25, a P/E/G ratio of 9.82 and a beta of 0.35.

Consolidated Edison (NYSE:ED – Get Rating) last announced its quarterly earnings results on Thursday, February 16th. The utilities provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $3.18 billion. Consolidated Edison had a return on equity of 7.79% and a net margin of 10.59%. The firm’s quarterly revenue was up 18.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.00 earnings per share. On average, analysts predict that Consolidated Edison, Inc. will post 4.84 earnings per share for the current year.

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Wednesday, February 15th were issued a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.43%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.79. The ex-dividend date of this dividend was Tuesday, February 14th. Consolidated Edison’s dividend payout ratio is presently 69.38%.

About Consolidated Edison

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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.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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