Adage Capital Partners GP L.L.C. Acquires Shares of 241,244 Consolidated Edison Inc $ED

Key Points

• Adage Capital Partners GP L.L.C. has acquired 241,244 shares of Consolidated Edison Inc, valued at approximately $26.7 million, representing a 0.07% ownership in the company.
• Consolidated Edison recently reported earnings of $0.67 per share for the quarter, enhancing their revenue to $3.60 billion, surpassing expectations.
• The firm announced a quarterly dividend of $0.85 per share, marking a 3.5% yield for shareholders, with payment scheduled for September 15th.

Adage Capital Partners GP L.L.C. purchased a new stake in Consolidated Edison Inc (NYSE:ED - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 241,244 shares of the utilities provider's stock, valued at approximately $26,679,000. Adage Capital Partners GP L.L.C. owned 0.07% of Consolidated Edison as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Alpine Bank Wealth Management purchased a new stake in shares of Consolidated Edison in the 1st quarter valued at approximately $32,000. Fort Vancouver Investment Management LLC purchased a new stake in shares of Consolidated Edison in the 1st quarter valued at approximately $33,000. Financial Network Wealth Advisors LLC purchased a new stake in shares of Consolidated Edison in the 1st quarter valued at approximately $33,000. Cary Street Partners Investment Advisory LLC raised its stake in shares of Consolidated Edison by 64.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock valued at $34,000 after acquiring an additional 120 shares during the period. Finally, Wood Tarver Financial Group LLC purchased a new stake in shares of Consolidated Edison in the 4th quarter valued at approximately $35,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Down 0.4%

Consolidated Edison stock traded down $0.42 during mid-day trading on Wednesday, reaching $96.56. 276,034 shares of the company's stock were exchanged, compared to its average volume of 2,739,666. Consolidated Edison Inc has a twelve month low of $87.28 and a twelve month high of $114.87. The company has a fifty day moving average of $101.07 and a 200-day moving average of $103.96. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04. The company has a market cap of $34.83 billion, a P/E ratio of 17.52, a P/E/G ratio of 2.69 and a beta of 0.28.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, beating analysts' consensus estimates of $0.66 by $0.01. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same period in the prior year, the firm posted $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Sell-side analysts expect that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be given a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.5%. Consolidated Edison's dividend payout ratio is currently 61.71%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ED shares. KeyCorp reissued an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Morgan Stanley reissued an "underweight" rating on shares of Consolidated Edison in a research note on Thursday, August 21st. Bank of America downgraded shares of Consolidated Edison from a "buy" rating to an "underperform" rating and reduced their price target for the company from $112.00 to $101.00 in a research note on Friday, August 15th. Barclays upped their target price on shares of Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a research note on Wednesday, August 13th. Finally, Mizuho increased their target price on shares of Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Consolidated Edison presently has an average rating of "Hold" and an average target price of $105.82.

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 3.7 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.