Cwm LLC Has $1.08 Million Stake in Consolidated Edison, Inc. (NYSE:ED)

Posted by Defense World Staff on Jul 24th, 2023

Cwm LLC lifted its position in shares of Consolidated Edison, Inc. (NYSE:ED – Free Report) by 7.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,262 shares of the utilities provider’s stock after buying an additional 786 shares during the quarter. Cwm LLC’s holdings in Consolidated Edison were worth $1,077,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. IHT Wealth Management LLC boosted its holdings in shares of Consolidated Edison by 1.4% during the 4th quarter. IHT Wealth Management LLC now owns 7,941 shares of the utilities provider’s stock worth $757,000 after buying an additional 110 shares in the last quarter. Retirement Group LLC boosted its stake in Consolidated Edison by 74.8% during the fourth quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 116 shares in the last quarter. Brinker Capital Investments LLC grew its holdings in Consolidated Edison by 1.2% in the first quarter. Brinker Capital Investments LLC now owns 9,592 shares of the utilities provider’s stock worth $908,000 after purchasing an additional 117 shares during the period. Spire Wealth Management increased its stake in Consolidated Edison by 1.1% in the fourth quarter. Spire Wealth Management now owns 10,929 shares of the utilities provider’s stock valued at $1,042,000 after purchasing an additional 118 shares in the last quarter. Finally, Kentucky Retirement Systems raised its holdings in shares of Consolidated Edison by 0.4% during the fourth quarter. Kentucky Retirement Systems now owns 27,878 shares of the utilities provider’s stock valued at $2,657,000 after purchasing an additional 122 shares during the period. Institutional investors own 67.30% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Bank of America raised Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their target price for the company from $92.00 to $103.00 in a research report on Friday. KeyCorp upped their target price on Consolidated Edison from $70.00 to $77.00 in a research report on Wednesday, July 19th. Morgan Stanley reissued an “underweight” rating and issued a $74.00 price target (up previously from $73.00) on shares of Consolidated Edison in a research report on Friday. StockNews.com began coverage on shares of Consolidated Edison in a research note on Thursday, May 18th. They set a “hold” rating for the company. Finally, 3M reiterated a “maintains” rating on shares of Consolidated Edison in a report on Friday, May 5th. Five analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $91.46.

Consolidated Edison Price Performance

Shares of NYSE:ED opened at $97.13 on Monday. The company has a market capitalization of $33.66 billion, a P/E ratio of 13.84, a price-to-earnings-growth ratio of 9.99 and a beta of 0.36. The company’s 50-day moving average is $92.99 and its 200 day moving average is $94.44. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.11 and a current ratio of 1.20. Consolidated Edison, Inc. has a fifty-two week low of $78.10 and a fifty-two week high of $102.21.

Consolidated Edison (NYSE:ED – Get Free Report) last released its earnings results on Thursday, May 4th. The utilities provider reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.21. Consolidated Edison had a net margin of 15.56% and a return on equity of 8.36%. The firm had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same period in the previous year, the company earned $1.47 earnings per share. The company’s quarterly revenue was up 8.4% on a year-over-year basis. On average, equities research analysts forecast that Consolidated Edison, Inc. will post 4.86 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th will be paid a $0.81 dividend. The ex-dividend date of this dividend is Tuesday, August 15th. This represents a $3.24 annualized dividend and a dividend yield of 3.34%. Consolidated Edison’s payout ratio is presently 46.15%.

Consolidated Edison Company Profile

(Free Report)

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.6 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.