Consolidated Edison Inc $ED Shares Sold by Canada Pension Plan Investment Board

Key Points

• The Canada Pension Plan Investment Board has reduced its stake in Consolidated Edison Inc by 13.9%, owning approximately 614,384 shares valued at around $67.9 million after the sale.
• Consolidated Edison reported quarterly earnings of $0.67 per share, exceeding analysts' expectations of $0.66, with revenues totaling $3.6 billion versus an expected $3.39 billion.
• The company declared a quarterly dividend of $0.85, which translates to an annual yield of 3.5%, to be paid on September 15th to shareholders recorded by August 13th.

Canada Pension Plan Investment Board decreased its stake in Consolidated Edison Inc (NYSE:ED - Free Report) by 13.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 614,384 shares of the utilities provider's stock after selling 98,933 shares during the period. Canada Pension Plan Investment Board owned 0.17% of Consolidated Edison worth $67,945,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Glen Eagle Advisors LLC lifted its holdings in shares of Consolidated Edison by 6.2% in the 4th quarter. Glen Eagle Advisors LLC now owns 1,902 shares of the utilities provider's stock valued at $170,000 after purchasing an additional 111 shares during the last quarter. Western Wealth Management LLC lifted its stake in Consolidated Edison by 0.7% in the first quarter. Western Wealth Management LLC now owns 16,101 shares of the utilities provider's stock valued at $1,781,000 after buying an additional 116 shares during the last quarter. Eastern Bank boosted its holdings in shares of Consolidated Edison by 2.9% in the first quarter. Eastern Bank now owns 4,294 shares of the utilities provider's stock valued at $475,000 after acquiring an additional 120 shares during the period. Cary Street Partners Investment Advisory LLC increased its holdings 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, Integrated Advisors Network LLC raised its position in Consolidated Edison by 1.6% in the 1st quarter. Integrated Advisors Network LLC now owns 7,842 shares of the utilities provider's stock valued at $867,000 after purchasing an additional 121 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Bank of America downgraded shares of Consolidated Edison from a "buy" rating to an "underperform" rating and lowered their price objective for the stock from $112.00 to $101.00 in a research report on Friday, August 15th. Barclays increased their price objective on Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a research report on Wednesday, August 13th. Scotiabank increased their price target on Consolidated Edison from $101.00 to $106.00 and gave the stock a "sector perform" rating in a report on Monday, August 11th. KeyCorp reissued an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Finally, Morgan Stanley restated an "underweight" rating on shares of Consolidated Edison in a research report on Thursday, August 21st. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $105.82.

Consolidated Edison Trading Down 0.3%

ED stock traded down $0.31 during trading on Thursday, reaching $97.54. 869,800 shares of the stock traded hands, compared to its average volume of 2,765,394. The firm has a market capitalization of $35.18 billion, a PE ratio of 17.70, a P/E/G ratio of 2.73 and a beta of 0.28. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.10 and a quick ratio of 1.01. The business's 50 day moving average price is $101.24 and its 200-day moving average price is $103.87. Consolidated Edison Inc has a 52-week low of $87.28 and a 52-week high of $114.87.

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

Consolidated Edison Announces Dividend

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

Consolidated Edison Company 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.