Capital Investment Advisors LLC Sells 9,806 Shares of Consolidated Edison Inc $ED

Key Points

• Capital Investment Advisors LLC reduced its stake in Consolidated Edison Inc by 28.5% during the second quarter, selling 9,806 shares and leaving it with 24,568 shares valued at approximately $2.47 million.
• Analysts have mixed ratings on the stock, with prices targets ranging from $101.00 to $112.00, and the average rating being a "Hold".
• The company reported a $0.67 EPS for the latest quarter, outperforming market expectations and generating revenue of $3.60 billion, also exceeding analyst estimates.

Capital Investment Advisors LLC lessened its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 28.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,568 shares of the utilities provider's stock after selling 9,806 shares during the quarter. Capital Investment Advisors LLC's holdings in Consolidated Edison were worth $2,465,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Alpine Bank Wealth Management bought a new stake in Consolidated Edison during the first quarter valued at approximately $32,000. Fort Vancouver Investment Management LLC bought a new stake in Consolidated Edison during the first quarter valued at approximately $33,000. Financial Network Wealth Advisors LLC purchased a new position in shares of Consolidated Edison during the first quarter worth approximately $33,000. Cary Street Partners Investment Advisory LLC raised its stake in shares of Consolidated Edison by 64.9% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock worth $34,000 after acquiring an additional 120 shares in the last quarter. Finally, Elite Financial Inc. purchased a new position in shares of Consolidated Edison in the first quarter worth $38,000. 66.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on ED. Scotiabank lifted their target price on shares of Consolidated Edison from $101.00 to $106.00 and gave the stock a "sector perform" rating in a research note on Monday, August 11th. Bank of America cut shares of Consolidated Edison from a "buy" rating to an "underperform" rating and dropped their target price for the company from $112.00 to $101.00 in a report on Friday, August 15th. KeyCorp restated an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Mizuho boosted their target price on shares of Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Finally, Barclays upped their price target 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. 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 stock. Based on data from MarketBeat, Consolidated Edison has an average rating of "Hold" and an average target price of $105.91.

Consolidated Edison Stock Performance

Shares of NYSE ED opened at $100.51 on Wednesday. The firm has a 50 day moving average of $100.19 and a 200 day moving average of $103.46. 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 market capitalization of $36.25 billion, a price-to-earnings ratio of 18.24, a price-to-earnings-growth ratio of 2.77 and a beta of 0.28. Consolidated Edison Inc has a 12-month low of $87.28 and a 12-month high of $114.87.

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

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Wednesday, August 13th were given a $0.85 dividend. The ex-dividend date was Wednesday, August 13th. This represents a $3.40 dividend on an annualized basis and a yield of 3.4%. Consolidated Edison's dividend payout ratio (DPR) is currently 61.71%.

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.

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