New York State Common Retirement Fund Acquires 23,410 Shares of Consolidated Edison, Inc. (NYSE:ED)

Posted by Defense World Staff on Apr 14th, 2023

New York State Common Retirement Fund increased its holdings in shares of Consolidated Edison, Inc. (NYSE:ED – Get Rating) by 5.4% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 457,885 shares of the utilities provider’s stock after purchasing an additional 23,410 shares during the period. New York State Common Retirement Fund owned 0.13% of Consolidated Edison worth $43,641,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of Consolidated Edison during the fourth quarter worth approximately $26,000. Burleson & Company LLC bought a new stake in shares of Consolidated Edison during the third quarter worth approximately $26,000. Boyd Watterson Asset Management LLC OH bought a new stake in shares of Consolidated Edison during the fourth quarter worth approximately $32,000. Destiny Wealth Partners LLC bought a new stake in shares of Consolidated Edison during the third quarter worth approximately $30,000. Finally, Glassy Mountain Advisors Inc. bought a new stake in shares of Consolidated Edison during the fourth quarter worth approximately $38,000. Institutional investors own 64.95% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ED. StockNews.com began coverage on shares of Consolidated Edison in a research report on Thursday, March 16th. They issued a “hold” rating for the company. Citigroup lifted their price target on shares of Consolidated Edison from $92.00 to $103.00 and gave the company a “neutral” rating in a research report on Wednesday, February 22nd. Mizuho dropped their price target on shares of Consolidated Edison from $98.00 to $92.00 and set a “neutral” rating for the company in a research report on Friday, February 17th. Credit Suisse Group dropped their price target on shares of Consolidated Edison from $95.00 to $91.00 and set a “neutral” rating for the company in a research report on Friday, February 17th. Finally, Argus upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $104.00 price target for the company in a research report on Wednesday, March 22nd. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and a consensus price target of $90.50.

Consolidated Edison Stock Down 0.6 %

Shares of NYSE:ED opened at $98.08 on Friday. The company has a fifty day moving average of $93.61 and a 200-day moving average of $92.68. The company has a market capitalization of $33.98 billion, a PE ratio of 21.00, a price-to-earnings-growth 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, Inc. has a 52-week low of $78.10 and a 52-week high of $102.21.

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 (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $3.18 billion. Consolidated Edison had a net margin of 10.59% and a return on equity of 7.79%. The company’s revenue for the quarter was up 18.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.00 earnings per share. On average, equities analysts predict that Consolidated Edison, Inc. will post 4.84 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Wednesday, February 15th were issued a dividend of $0.81 per share. The ex-dividend date of this dividend was Tuesday, February 14th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.79. This represents a $3.24 annualized dividend and a dividend yield of 3.30%. Consolidated Edison’s dividend payout ratio is 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.