Nordea Investment Management AB raised its stake in Consolidated Edison, Inc. (NYSE:ED – Free Report) by 3.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 21,143 shares of the utilities provider’s stock after buying an additional 666 shares during the quarter. Nordea Investment Management AB’s holdings in Consolidated Edison were worth $1,905,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in ED. Arete Wealth Advisors LLC bought a new stake in Consolidated Edison in the first quarter worth approximately $519,380,000,000. CWA Asset Management Group LLC grew its position in Consolidated Edison by 4.4% in the first quarter. CWA Asset Management Group LLC now owns 4,080 shares of the utilities provider’s stock worth $390,000 after acquiring an additional 172 shares in the last quarter. GPS Wealth Strategies Group LLC bought a new stake in Consolidated Edison in the first quarter worth approximately $306,000. Arizona State Retirement System grew its position in Consolidated Edison by 0.3% in the first quarter. Arizona State Retirement System now owns 96,892 shares of the utilities provider’s stock worth $9,270,000 after acquiring an additional 278 shares in the last quarter. Finally, Toronto Dominion Bank grew its position in Consolidated Edison by 8.0% in the first quarter. Toronto Dominion Bank now owns 173,289 shares of the utilities provider’s stock worth $16,570,000 after acquiring an additional 12,903 shares in the last quarter. Institutional investors and hedge funds own 64.53% of the company’s stock.
Analysts Set New Price Targets
Several analysts have commented on ED shares. KeyCorp boosted their target price on shares of Consolidated Edison from $70.00 to $77.00 in a research report on Wednesday, July 19th. Royal Bank of Canada decreased their price objective on shares of Consolidated Edison from $97.00 to $92.00 and set a “sector perform” rating for the company in a report on Wednesday, September 6th. Wells Fargo & Company decreased their price objective on shares of Consolidated Edison from $102.00 to $96.00 and set an “underweight” rating for the company in a report on Friday, August 4th. Bank of America decreased their price objective on shares of Consolidated Edison from $103.00 to $96.00 and set a “buy” rating for the company in a report on Wednesday, August 16th. Finally, Morgan Stanley upped their price objective on shares of Consolidated Edison from $73.00 to $75.00 and gave the stock an “underweight” rating in a report on Thursday. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $89.93.
Consolidated Edison Trading Down 0.0 %
Shares of ED stock opened at $90.83 on Friday. Consolidated Edison, Inc. has a 52-week low of $78.10 and a 52-week high of $100.92. The stock has a market cap of $31.33 billion, a price-to-earnings ratio of 13.07, a P/E/G ratio of 9.26 and a beta of 0.37. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.95 and a current ratio of 1.02. The firm has a fifty day moving average of $91.17 and a 200-day moving average of $93.58.
Consolidated Edison (NYSE:ED – Get Free Report) last announced its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.03. Consolidated Edison had a net margin of 15.84% and a return on equity of 8.27%. The company had revenue of $2.94 billion during the quarter, compared to analysts’ expectations of $3.31 billion. During the same quarter in the prior year, the company posted $0.64 EPS. On average, equities research analysts forecast that Consolidated Edison, Inc. will post 4.9 earnings per share for the current fiscal year.
Consolidated Edison Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th were paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date was Tuesday, August 15th. Consolidated Edison’s dividend payout ratio is 46.62%.
Consolidated Edison Profile
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.
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