Bank of New York Mellon Corp bought a new stake in Consolidated Edison Inc (NYSE:ED - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,088,169 shares of the utilities provider's stock, valued at approximately $231,014,000. Bank of New York Mellon Corp owned 0.57% of Consolidated Edison at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Basepoint Wealth LLC purchased a new stake in Consolidated Edison in the 4th quarter valued at about $26,000. JPL Wealth Management LLC purchased a new position in shares of Consolidated Edison during the third quarter worth approximately $26,000. Sachetta LLC increased its position in shares of Consolidated Edison by 72.9% during the first quarter. Sachetta LLC now owns 242 shares of the utilities provider's stock worth $27,000 after acquiring an additional 102 shares during the period. Godfrey Financial Associates Inc. purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at approximately $32,000. Finally, Turning Point Benefit Group Inc. purchased a new stake in shares of Consolidated Edison in the third quarter valued at approximately $32,000. Institutional investors own 66.29% of the company's stock.
Analysts Set New Price Targets
A number of equities analysts have recently issued reports on ED shares. Mizuho set a $114.00 price target on Consolidated Edison in a research report on Monday, July 27th. Weiss Ratings restated a "buy (b)" rating on shares of Consolidated Edison in a report on Tuesday, July 21st. KeyCorp lowered their price objective on shares of Consolidated Edison from $97.00 to $94.00 and set an "underweight" rating for the company in a research note on Thursday, July 23rd. The Goldman Sachs Group reiterated a "sell" rating and set a $105.00 target price on shares of Consolidated Edison in a report on Thursday, May 14th. Finally, Evercore reissued a "positive" rating and set a $112.00 target price on shares of Consolidated Edison in a research report on Monday, August 17th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $108.93.
Read Our Latest Research Report on ED
Consolidated Edison Stock Down 1.7%
NYSE:ED opened at $106.52 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.27 and a quick ratio of 1.17. The company's fifty day moving average price is $109.96 and its 200-day moving average price is $109.88. Consolidated Edison Inc has a 1-year low of $94.96 and a 1-year high of $116.23. The firm has a market capitalization of $39.39 billion, a P/E ratio of 17.49, a PEG ratio of 2.76 and a beta of 0.27.
Consolidated Edison (NYSE:ED - Get Free Report) last issued its earnings results on Thursday, August 6th. The utilities provider reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.76 by $0.07. The firm had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $3.60 billion. Consolidated Edison had a return on equity of 8.44% and a net margin of 12.53%.During the same quarter in the prior year, the business earned $0.67 earnings per share. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. As a group, equities research analysts anticipate that Consolidated Edison Inc will post 6.09 EPS for the current year.
Consolidated Edison Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th will be paid a $0.8875 dividend. This represents a $3.55 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, August 19th. Consolidated Edison's dividend payout ratio (DPR) is currently 58.29%.
Consolidated Edison Profile
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Free Report)
Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.
The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.
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