Cohen Lawrence B purchased a new position in shares of Consolidated Edison, Inc. (NYSE:ED) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,603 shares of the utilities provider’s stock, valued at approximately $228,000.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. Dimensional Fund Advisors LP increased its position in Consolidated Edison by 11.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 796,222 shares of the utilities provider’s stock valued at $60,879,000 after purchasing an additional 79,173 shares during the period. Geode Capital Management LLC increased its position in Consolidated Edison by 9.8% during the 4th quarter. Geode Capital Management LLC now owns 4,460,033 shares of the utilities provider’s stock valued at $340,474,000 after purchasing an additional 398,820 shares during the period. FMR LLC increased its position in Consolidated Edison by 6.0% during the 4th quarter. FMR LLC now owns 174,441 shares of the utilities provider’s stock valued at $13,338,000 after purchasing an additional 9,866 shares during the period. American Century Companies Inc. purchased a new position in Consolidated Edison during the 4th quarter valued at about $237,000. Finally, Valeo Financial Advisors LLC increased its position in Consolidated Edison by 73.3% during the 1st quarter. Valeo Financial Advisors LLC now owns 1,300 shares of the utilities provider’s stock valued at $110,000 after purchasing an additional 550 shares during the period. 58.34% of the stock is owned by institutional investors.
A number of research analysts have commented on ED shares. Barclays reissued a “hold” rating and set a $90.00 target price on shares of Consolidated Edison in a research report on Thursday, June 20th. Morgan Stanley raised their price target on shares of Consolidated Edison from $87.00 to $91.00 and gave the company an “underweight” rating in a report on Friday, June 14th. KeyCorp started coverage on shares of Consolidated Edison in a report on Tuesday, June 4th. They issued a “sector weight” rating on the stock. ValuEngine cut shares of Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Bank of America upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and lowered their price target for the company from $96.00 to $94.00 in a report on Friday, April 26th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $84.73.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.02). The business had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.67 billion. Consolidated Edison had a return on equity of 8.04% and a net margin of 10.71%. During the same period in the prior year, the business posted $0.61 earnings per share. Sell-side analysts anticipate that Consolidated Edison, Inc. will post 4.34 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be issued a $0.74 dividend. This represents a $2.96 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend is Tuesday, August 13th. Consolidated Edison’s payout ratio is presently 68.52%.
Consolidated Edison Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
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