Consolidated Edison Inc $ED Position Boosted by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. increased its stake in Consolidated Edison by 215.3% during the first quarter, owning approximately 1.69 million shares valued at $186.73 million.
• Consolidated Edison reported quarterly earnings of $0.67 per share, surpassing analysts' expectations of $0.66, with a revenue of $3.60 billion for the quarter.
• The company recently announced a quarterly dividend of $0.85 per share, resulting in an annualized dividend yield of 3.3%.

Price T Rowe Associates Inc. MD lifted its stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 215.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,688,480 shares of the utilities provider's stock after purchasing an additional 1,152,892 shares during the period. Price T Rowe Associates Inc. MD owned about 0.47% of Consolidated Edison worth $186,730,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Merit Financial Group LLC lifted its position in shares of Consolidated Edison by 16.8% during the first quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock worth $1,180,000 after purchasing an additional 1,533 shares during the last quarter. Ritholtz Wealth Management bought a new position in shares of Consolidated Edison during the first quarter worth about $227,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Consolidated Edison by 2.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider's stock worth $27,649,000 after purchasing an additional 6,869 shares during the last quarter. Flagship Harbor Advisors LLC bought a new position in shares of Consolidated Edison during the first quarter worth about $217,000. Finally, GAMMA Investing LLC lifted its position in shares of Consolidated Edison by 45.0% during the first quarter. GAMMA Investing LLC now owns 9,242 shares of the utilities provider's stock worth $1,022,000 after purchasing an additional 2,869 shares during the last quarter. Institutional investors own 66.29% of the company's stock.

Consolidated Edison Stock Performance

ED opened at $101.5520 on Monday. The business's 50 day moving average is $101.54 and its 200-day moving average is $103.82. The stock has a market cap of $36.62 billion, a PE ratio of 18.43, a price-to-earnings-growth ratio of 2.83 and a beta of 0.24. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04. Consolidated Edison Inc has a twelve month low of $87.28 and a twelve month high of $114.87.

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

Consolidated Edison Dividend Announcement

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

Wall Street Analysts Forecast Growth

ED has been the topic of a number of recent research reports. KeyCorp reissued an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Morgan Stanley cut their target price on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating on the stock in a report on Wednesday, June 18th. Scotiabank raised their target price on shares of Consolidated Edison from $101.00 to $106.00 and gave the stock a "sector perform" rating in a report on Monday, August 11th. 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 report on Friday, August 15th. Finally, Barclays raised their target price on shares of Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a report on Wednesday, August 13th. Three 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. Based on data from MarketBeat, Consolidated Edison has an average rating of "Hold" and a consensus 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.

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