American Century Companies Inc. Cuts Stock Position in Consolidated Edison Inc $ED

Key Points

• American Century Companies Inc. reduced its stake in Consolidated Edison Inc by 1.2%, ending the quarter with 262,159 shares valued at approximately $28.99 million.
• The company's recent earnings report showed $0.67 EPS, exceeding analysts' expectations of $0.66, with revenues of $3.60 billion for the quarter.
• Consolidated Edison announced a quarterly dividend of $0.85 per share, providing investors with an annual yield of 3.4%.

American Century Companies Inc. lowered its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 1.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 262,159 shares of the utilities provider's stock after selling 3,224 shares during the quarter. American Century Companies Inc. owned 0.07% of Consolidated Edison worth $28,993,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in ED. Ethic Inc. raised its position in shares of Consolidated Edison by 179.9% during the 1st quarter. Ethic Inc. now owns 106,004 shares of the utilities provider's stock valued at $11,667,000 after buying an additional 68,129 shares in the last quarter. Element Capital Management LLC purchased a new position in shares of Consolidated Edison in the 1st quarter worth approximately $2,807,000. Aberdeen Group plc increased its position in shares of Consolidated Edison by 40.4% during the 1st quarter. Aberdeen Group plc now owns 459,484 shares of the utilities provider's stock valued at $50,575,000 after purchasing an additional 132,155 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Consolidated Edison by 3.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,363,023 shares of the utilities provider's stock valued at $150,720,000 after buying an additional 48,560 shares during the period. Finally, Horizon Investments LLC lifted its position in Consolidated Edison by 4.2% in the first quarter. Horizon Investments LLC now owns 6,577 shares of the utilities provider's stock worth $727,000 after buying an additional 265 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ED has been the topic of a number of analyst reports. Morgan Stanley cut their price objective on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating on the stock in a research report on Wednesday, June 18th. Scotiabank upped their price target on shares of Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a report on Monday, August 11th. KeyCorp reissued an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Barclays boosted their target price on Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a research report on Wednesday, August 13th. Finally, Bank of America downgraded Consolidated Edison from a "buy" rating to an "underperform" rating and reduced their price target for the stock from $112.00 to $101.00 in a report on Friday, August 15th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Consolidated Edison has an average rating of "Hold" and an average target price of $105.82.

Consolidated Edison Trading Up 0.1%

Consolidated Edison stock traded up $0.0520 during trading hours on Friday, hitting $101.5520. The company had a trading volume of 2,753,050 shares, compared to its average volume of 2,536,725. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.10. The firm has a market cap of $36.62 billion, a P/E ratio of 18.43, a P/E/G ratio of 2.83 and a beta of 0.24. The company has a 50-day moving average price of $101.54 and a two-hundred day moving average price of $103.76. Consolidated Edison Inc has a 1 year low of $87.28 and a 1 year high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $3.60 billion during 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 quarter in the previous year, the firm posted $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. On average, sell-side analysts anticipate that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Wednesday, August 13th. Consolidated Edison's dividend payout ratio 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.