Amundi Decreases Stock Position in Consolidated Edison Inc $ED

Key Points

• Amundi has reduced its holdings in Consolidated Edison Inc by 16.0%, selling 355,706 shares to own 1,866,023 shares valued at approximately $210 million.
• Consolidated Edison recently reported a net revenue of $3.60 billion for the quarter, surpassing expectations, with earnings per share (EPS) of $0.67 compared to the consensus estimate of $0.66.
• The company has announced a quarterly dividend of $0.85, representing an annual yield of 3.5% based on the current payout ratio of 61.71%.

Amundi cut its holdings in Consolidated Edison Inc (NYSE:ED - Free Report) by 16.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,866,023 shares of the utilities provider's stock after selling 355,706 shares during the period. Amundi owned 0.52% of Consolidated Edison worth $210,338,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Consolidated Edison by 1.6% in the first quarter. Vanguard Group Inc. now owns 43,117,094 shares of the utilities provider's stock worth $4,768,319,000 after acquiring an additional 661,432 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Consolidated Edison by 6.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,820,449 shares of the utilities provider's stock valued at $430,129,000 after purchasing an additional 271,088 shares during the period. Deutsche Bank AG boosted its position in Consolidated Edison by 130.6% during the 1st quarter. Deutsche Bank AG now owns 3,926,814 shares of the utilities provider's stock valued at $434,266,000 after acquiring an additional 2,223,959 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Consolidated Edison by 106.9% during the first quarter. JPMorgan Chase & Co. now owns 2,790,876 shares of the utilities provider's stock worth $308,643,000 after acquiring an additional 1,441,785 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Consolidated Edison by 2.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,271,594 shares of the utilities provider's stock valued at $251,216,000 after buying an additional 45,605 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Price Performance

ED traded down $0.16 on Wednesday, reaching $96.82. 319,496 shares of the company's stock were exchanged, compared to its average volume of 2,739,839. Consolidated Edison Inc has a twelve month low of $87.28 and a twelve month high of $114.87. The stock has a market cap of $34.92 billion, a PE ratio of 17.57, a P/E/G ratio of 2.69 and a beta of 0.28. The stock's fifty day moving average price is $101.07 and its 200-day moving average price is $103.96. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.10 and a quick ratio of 1.01.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its 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. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter last year, the firm earned $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Sell-side analysts expect that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders 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 3.5%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison's dividend payout ratio is presently 61.71%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Bank of America cut Consolidated Edison from a "buy" rating to an "underperform" rating and lowered their price objective for the company from $112.00 to $101.00 in a research report on Friday, August 15th. Mizuho raised their price objective on Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Barclays increased their target price on shares of Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a research note on Wednesday, August 13th. KeyCorp restated an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Finally, Morgan Stanley restated an "underweight" rating on shares of Consolidated Edison in a research note on Thursday, August 21st. 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 MarketBeat, the company presently has an average rating of "Hold" and an average price target of $105.82.

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.