CI Investments Inc. Boosts Stake in Consolidated Edison, Inc. (NYSE:ED)

Posted by on May 25th, 2023

CI Investments Inc. boosted its stake in Consolidated Edison, Inc. (NYSE:ED – Get Rating) by 23.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,745 shares of the utilities provider’s stock after buying an additional 328 shares during the quarter. CI Investments Inc.’s holdings in Consolidated Edison were worth $166,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Consolidated Edison during the 4th quarter worth $26,000. Boyd Watterson Asset Management LLC OH purchased a new position in Consolidated Edison in the 4th quarter valued at about $32,000. Glassy Mountain Advisors Inc. purchased a new position in Consolidated Edison in the 4th quarter valued at about $38,000. Hollencrest Capital Management purchased a new position in Consolidated Edison in the 4th quarter valued at about $38,000. Finally, Almanack Investment Partners LLC. purchased a new position in Consolidated Edison in the 3rd quarter valued at about $36,000. Hedge funds and other institutional investors own 64.95% of the company’s stock.

Consolidated Edison Trading Down 0.4 %

Shares of NYSE:ED opened at $93.50 on Thursday. The stock has a market capitalization of $32.40 billion, a price-to-earnings ratio of 13.32, a PEG ratio of 9.75 and a beta of 0.37. Consolidated Edison, Inc. has a 1-year low of $78.10 and a 1-year high of $102.21. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.11 and a current ratio of 1.20. The company has a 50 day moving average price of $97.12 and a 200 day moving average price of $95.15.

Consolidated Edison (NYSE:ED – Get Rating) last issued its earnings results on Thursday, May 4th. The utilities provider reported $1.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.62 by $0.21. The firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Consolidated Edison had a net margin of 15.56% and a return on equity of 8.36%. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the firm posted $1.47 earnings per share. On average, research analysts anticipate that Consolidated Edison, Inc. will post 4.85 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Wednesday, May 17th will be given a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend is Tuesday, May 16th. Consolidated Edison’s payout ratio is 46.15%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ED. JPMorgan Chase & Co. decreased their price objective on shares of Consolidated Edison from $88.00 to $87.00 and set an “underweight” rating for the company in a research report on Thursday, February 2nd. 3M reaffirmed a “maintains” rating on shares of Consolidated Edison in a research report on Friday, May 5th. StockNews.com initiated coverage on shares of Consolidated Edison in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Citigroup increased their price target on shares of Consolidated Edison from $92.00 to $103.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 22nd. Finally, Morgan Stanley increased their price target on shares of Consolidated Edison from $70.00 to $77.00 and gave the stock an “underweight” rating in a research report on Thursday, April 20th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $91.42.

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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