Consolidated Edison Inc $ED Shares Bought by Aberdeen Group plc

Key Points

• Aberdeen Group plc increased its stake in Consolidated Edison Inc by 40.4% during the first quarter, owning 459,484 shares worth approximately $50.6 million.
• Several hedge funds have also modified their positions in Consolidated Edison, with notable increases including Cary Street Partners and Glen Eagle Advisors, indicating a strong interest from institutional investors.
• Consolidated Edison recently reported earnings of $0.67 EPS, surpassing estimates, and announced a quarterly dividend of $0.85 per share, maintaining a dividend yield of 3.4%.

Aberdeen Group plc boosted its position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 40.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 459,484 shares of the utilities provider's stock after buying an additional 132,155 shares during the quarter. Aberdeen Group plc owned approximately 0.13% of Consolidated Edison worth $50,575,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its position in shares of Consolidated Edison by 3.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,363,023 shares of the utilities provider's stock valued at $150,720,000 after acquiring an additional 48,560 shares during the period. Horizon Investments LLC boosted its position in Consolidated Edison by 4.2% during the first quarter. Horizon Investments LLC now owns 6,577 shares of the utilities provider's stock worth $727,000 after purchasing an additional 265 shares in the last quarter. Kovitz Investment Group Partners LLC grew its holdings in Consolidated Edison by 10.5% in the first quarter. Kovitz Investment Group Partners LLC now owns 7,491 shares of the utilities provider's stock valued at $829,000 after purchasing an additional 713 shares during the period. Financial Network Wealth Advisors LLC purchased a new stake in shares of Consolidated Edison in the first quarter valued at approximately $33,000. Finally, Klingman & Associates LLC increased its position in shares of Consolidated Edison by 49.0% in the first quarter. Klingman & Associates LLC now owns 3,994 shares of the utilities provider's stock valued at $442,000 after buying an additional 1,313 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company's stock.

Consolidated Edison Stock Down 0.2%

ED traded down $0.1570 during trading hours on Thursday, hitting $101.6030. 746,811 shares of the company's stock were exchanged, compared to its average volume of 2,737,987. The firm has a market cap of $36.64 billion, a P/E ratio of 18.43, a price-to-earnings-growth ratio of 2.81 and a beta of 0.24. Consolidated Edison Inc has a 12-month low of $87.28 and a 12-month high of $114.87. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04. The firm has a 50 day moving average of $101.63 and a 200 day moving average of $103.62.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.66 by $0.01. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter in the previous year, the firm posted $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Analysts predict that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be issued a dividend of $0.85 per share. The ex-dividend date is Wednesday, August 13th. This represents a $3.40 annualized dividend and a yield of 3.3%. Consolidated Edison's dividend payout ratio is 61.71%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Barclays increased their target price on Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a research report on Wednesday, August 13th. KeyCorp reaffirmed an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Wells Fargo & Company lifted their target price on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Bank of America cut shares of Consolidated Edison from a "buy" rating to an "underperform" rating and cut their target price for the stock from $112.00 to $101.00 in a research note on Friday, August 15th. Finally, Scotiabank raised their target price on Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a research report on Monday, August 11th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $105.82.

About Consolidated Edison

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.