Nordea Investment Management AB increased its holdings in shares of Consolidated Edison, Inc. (NYSE:ED – Get Rating) by 4.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,679 shares of the utilities provider’s stock after acquiring an additional 1,005 shares during the period. Nordea Investment Management AB’s holdings in Consolidated Edison were worth $2,084,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently bought and sold shares of ED. Pavion Blue Capital LLC purchased a new stake in Consolidated Edison during the fourth quarter worth $207,000. Windle Wealth LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at $5,989,000. C2C Wealth Management LLC acquired a new position in Consolidated Edison in the fourth quarter valued at $202,000. Oppenheimer & Co. Inc. increased its stake in Consolidated Edison by 2.1% in the fourth quarter. Oppenheimer & Co. Inc. now owns 13,323 shares of the utilities provider’s stock valued at $1,270,000 after purchasing an additional 277 shares during the last quarter. Finally, McKinley Carter Wealth Services Inc. acquired a new position in Consolidated Edison in the fourth quarter valued at $205,000. Institutional investors and hedge funds own 64.95% of the company’s stock.
Wall Street Analyst Weigh In
Several equities analysts recently commented on the company. Credit Suisse Group dropped their target price on 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 upped their target price on Consolidated Edison from $94.00 to $95.00 and gave the company a “sector perform” rating in a research note on Monday, February 27th. StockNews.com assumed coverage on Consolidated Edison in a research note on Thursday, March 16th. They issued a “hold” rating for the company. Guggenheim upped their target price on Consolidated Edison from $86.00 to $90.00 in a research note on Monday, May 8th. Finally, Mizuho dropped their price target on Consolidated Edison from $98.00 to $92.00 and set a “neutral” rating for the company in a research note on Friday, February 17th. Four research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $91.42.
Consolidated Edison Stock Up 0.6 %
Consolidated Edison (NYSE:ED – Get Rating) last posted its earnings results on Thursday, May 4th. The utilities provider reported $1.83 EPS for the quarter, beating the consensus estimate of $1.62 by $0.21. Consolidated Edison had a return on equity of 8.36% and a net margin of 15.56%. The firm had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same period last year, the firm earned $1.47 EPS. The firm’s revenue was up 8.4% compared to the same quarter last year. As a group, research analysts predict that Consolidated Edison, Inc. will post 4.85 earnings per share for the current year.
Consolidated Edison Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Wednesday, May 17th will be paid a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend is Tuesday, May 16th. Consolidated Edison’s dividend payout ratio is presently 46.15%.
Consolidated Edison Company Profile
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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