Consolidated Edison, Inc. (NYSE:ED) Stock Position Boosted by Geneos Wealth Management Inc.

Posted by on Apr 14th, 2023

Geneos Wealth Management Inc. grew its stake in shares of Consolidated Edison, Inc. (NYSE:ED – Get Rating) by 6.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,349 shares of the utilities provider’s stock after buying an additional 472 shares during the quarter. Geneos Wealth Management Inc.’s holdings in Consolidated Edison were worth $796,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in ED. Boyd Watterson Asset Management LLC OH acquired a new position in shares of Consolidated Edison in the 4th quarter worth approximately $32,000. Truist Financial Corp lifted its position in shares of Consolidated Edison by 80.9% during the 3rd quarter. Truist Financial Corp now owns 103,022 shares of the utilities provider’s stock valued at $8,835,000 after acquiring an additional 46,088 shares during the last quarter. Karp Capital Management Corp bought a new stake in shares of Consolidated Edison during the 3rd quarter worth $49,000. DekaBank Deutsche Girozentrale grew its holdings in shares of Consolidated Edison by 10.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 196,377 shares of the utilities provider’s stock worth $17,045,000 after acquiring an additional 18,156 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its position in shares of Consolidated Edison by 9.4% during the third quarter. Robeco Institutional Asset Management B.V. now owns 481,221 shares of the utilities provider’s stock worth $41,268,000 after purchasing an additional 41,169 shares during the period. 64.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ED has been the topic of several analyst reports. Royal Bank of Canada lifted their target price on shares of Consolidated Edison from $94.00 to $95.00 and gave the stock a “sector perform” rating in a research report on Monday, February 27th. Guggenheim decreased their price objective on Consolidated Edison from $97.00 to $86.00 in a research report on Friday, February 17th. StockNews.com initiated coverage on Consolidated Edison in a report on Thursday, March 16th. They issued a “hold” rating on the stock. Citigroup raised their price target on shares of Consolidated Edison from $92.00 to $103.00 and gave the stock a “neutral” rating in a report on Wednesday, February 22nd. Finally, Credit Suisse Group dropped their price objective on shares of Consolidated Edison from $95.00 to $91.00 and set a “neutral” rating on the stock in a research note on Friday, February 17th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $90.50.

Consolidated Edison Trading Down 0.6 %

Consolidated Edison stock opened at $98.08 on Friday. The business’s 50-day simple moving average is $93.61 and its 200-day simple moving average is $92.68. Consolidated Edison, Inc. has a 52 week low of $78.10 and a 52 week high of $102.21. The firm has a market capitalization of $33.98 billion, a PE ratio of 21.00, a PEG ratio of 10.24 and a beta of 0.37. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.10 and a current ratio of 1.14.

Consolidated Edison (NYSE:ED – Get Rating) last issued its quarterly earnings results on Thursday, February 16th. The utilities provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Consolidated Edison had a return on equity of 7.79% and a net margin of 10.59%. The company had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $3.18 billion. During the same period in the previous year, the business posted $1.00 EPS. The company’s revenue for the quarter was up 18.0% on a year-over-year basis. Equities research analysts forecast 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. Investors of record on Wednesday, February 15th were issued a dividend of $0.81 per share. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.79. This represents a $3.24 annualized dividend and a yield of 3.30%. The ex-dividend date was Tuesday, February 14th. Consolidated Edison’s dividend payout ratio (DPR) is currently 69.38%.

Consolidated Edison Company Profile

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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.

See Also

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

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