Federation des caisses Desjardins du Quebec Buys 12,912 Shares of Consolidated Edison Inc $ED

Key Points

• The Federation des caisses Desjardins du Quebec increased its stake in Consolidated Edison Inc by 41.7%, owning a total of 43,895 shares valued at approximately $4.86 million.
• Consolidated Edison announced a quarterly dividend of $0.85 per share, with a dividend yield of 3.5%, paid to stockholders on September 15th.
• Analysts have varying ratings on the stock, with three rating it as a Buy and an average target price updated to $105.82, reflecting mixed sentiment towards its future performance.

Federation des caisses Desjardins du Quebec lifted its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 41.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,895 shares of the utilities provider's stock after acquiring an additional 12,912 shares during the period. Federation des caisses Desjardins du Quebec's holdings in Consolidated Edison were worth $4,855,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ED. Alpine Bank Wealth Management acquired a new stake in shares of Consolidated Edison in the 1st quarter valued at approximately $32,000. Fort Vancouver Investment Management LLC acquired a new stake in shares of Consolidated Edison in the 1st quarter valued at approximately $33,000. Financial Network Wealth Advisors LLC acquired a new stake in shares of Consolidated Edison in the 1st quarter valued at approximately $33,000. Cary Street Partners Investment Advisory LLC raised its position 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, Wood Tarver Financial Group LLC acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at approximately $35,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Bank of America downgraded shares of Consolidated Edison from a "buy" rating to an "underperform" rating and dropped their target price for the stock from $112.00 to $101.00 in a report on Friday, August 15th. 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. Morgan Stanley restated an "underweight" rating on shares of Consolidated Edison in a report on Thursday, August 21st. Mizuho raised their target price on shares of Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Finally, KeyCorp restated an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Consolidated Edison has a consensus rating of "Hold" and a consensus target price of $105.82.

Consolidated Edison Stock Down 0.4%

ED traded down $0.42 during trading hours on Wednesday, hitting $96.56. 276,034 shares of the company's stock were exchanged, compared to its average volume of 2,739,666. Consolidated Edison Inc has a 1-year low of $87.28 and a 1-year high of $114.87. The stock's 50-day moving average is $101.07 and its two-hundred day moving average is $103.96. The stock has a market cap of $34.83 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 2.69 and a beta of 0.28. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.01. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate 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 company earned $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Sell-side analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, August 13th will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Wednesday, August 13th. Consolidated Edison's payout ratio is presently 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.