California State Teachers Retirement System Increases Stake in Consolidated Edison Inc $ED

Key Points

• California State Teachers Retirement System increased its Consolidated Edison stake by 13,703.3% to 87.9 million shares, representing approximately 23.78% of the company and a value of $9.73 billion. Institutional investors collectively own 66.29% of ED.
• Analyst sentiment remains cautious: the stock has a consensus rating of “Reduce”, with three Buy, six Hold and six Sell ratings and an average price target of $108.93.
• Consolidated Edison beat quarterly earnings expectations, reporting $0.83 in EPS versus $0.76 estimated, and announced a quarterly dividend of $0.8875 per share, equivalent to a 3.3% annualized yield.

California State Teachers Retirement System grew its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 13,703.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 87,936,136 shares of the utilities provider's stock after purchasing an additional 87,299,071 shares during the quarter. California State Teachers Retirement System owned approximately 23.78% of Consolidated Edison worth $9,728,375,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in Consolidated Edison during the second quarter worth about $4,609,491,000. Deutsche Bank AG purchased a new position in Consolidated Edison in the 2nd quarter worth approximately $749,184,000. Lazard Asset Management LLC lifted its stake in Consolidated Edison by 121,543.9% in the 3rd quarter. Lazard Asset Management LLC now owns 5,960,553 shares of the utilities provider's stock worth $599,155,000 after purchasing an additional 5,955,653 shares in the last quarter. Norges Bank purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at approximately $489,806,000. Finally, Legal & General Group Plc purchased a new position in shares of Consolidated Edison during the 2nd quarter worth $494,352,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. KeyCorp decreased their price target on Consolidated Edison from $97.00 to $94.00 and set an "underweight" rating on the stock in a research note on Thursday, July 23rd. Evercore reissued a "positive" rating and set a $112.00 price objective on shares of Consolidated Edison in a research report on Monday, August 17th. The Goldman Sachs Group reaffirmed a "sell" rating and issued a $105.00 target price on shares of Consolidated Edison in a research report on Thursday, May 14th. Barclays lowered their target price on shares of Consolidated Edison from $112.00 to $106.00 and set an "underweight" rating for the company in a research note on Friday, August 7th. Finally, Wells Fargo & Company boosted their price target on shares of Consolidated Edison from $106.00 to $108.00 and gave the company an "equal weight" rating in a research note on Friday, August 7th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat.com, Consolidated Edison presently has a consensus rating of "Reduce" and an average target price of $108.93.

Consolidated Edison Price Performance

ED stock opened at $108.45 on Wednesday. The business's fifty day moving average price is $109.63 and its 200 day moving average price is $109.71. Consolidated Edison Inc has a 12-month low of $94.96 and a 12-month high of $116.23. The company has a current ratio of 1.27, a quick ratio of 1.17 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $40.11 billion, a PE ratio of 17.81, a P/E/G ratio of 3.71 and a beta of 0.27.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its earnings results on Thursday, August 6th. The utilities provider reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.76 by $0.07. The company had revenue of $4.07 billion during the quarter, compared to analysts' expectations of $3.60 billion. Consolidated Edison had a return on equity of 8.44% and a net margin of 12.53%.During the same period last year, the business posted $0.67 EPS. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. On average, sell-side analysts anticipate that Consolidated Edison Inc will post 6.1 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th will be given a dividend of $0.8875 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.3%. Consolidated Edison's dividend payout ratio is currently 58.29%.

Consolidated Edison Profile

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.

Want to see what other hedge funds are holding ED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Consolidated Edison Inc (NYSE:ED - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.