Drake & Associates LLC Invests $2.39 Million in Consolidated Edison Inc $ED

Key Points

• Drake & Associates LLC invested approximately $2.39 million in Consolidated Edison, acquiring 23,847 shares during the second quarter.
• Shares of Consolidated Edison are currently rated as a "Hold" by analysts, with a consensus target price of $105.92.
• The company recently announced a quarterly dividend of $0.85 per share, reflecting a 3.4% yield and a payout ratio of 61.71%.

Drake & Associates LLC bought a new stake in Consolidated Edison Inc (NYSE:ED - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 23,847 shares of the utilities provider's stock, valued at approximately $2,393,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Revolve Wealth Partners LLC raised its stake in Consolidated Edison by 13.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider's stock valued at $332,000 after buying an additional 441 shares during the period. Sivia Capital Partners LLC acquired a new position in shares of Consolidated Edison during the 1st quarter worth approximately $276,000. UMB Bank n.a. raised its stake in Consolidated Edison by 4.6% in the 1st quarter. UMB Bank n.a. now owns 10,499 shares of the utilities provider's stock valued at $1,161,000 after acquiring an additional 463 shares during the period. Wedmont Private Capital lifted its holdings in Consolidated Edison by 2.3% during the 1st quarter. Wedmont Private Capital now owns 9,168 shares of the utilities provider's stock valued at $1,007,000 after purchasing an additional 202 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC bought a new position in Consolidated Edison during the first quarter worth $231,000. Institutional investors own 66.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Scotiabank increased their price objective on shares of Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a research report on Monday, August 11th. Mizuho upped their price target on shares of Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Barclays raised their price objective on shares of Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a research report on Wednesday, August 13th. New Street Research set a $106.00 target price on Consolidated Edison in a research note on Monday. Finally, Morgan Stanley reduced their price target on Consolidated Edison from $95.00 to $93.00 and set an "underweight" rating for the company in a research note on Thursday, September 25th. Four equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $105.92.

Consolidated Edison Stock Up 0.5%

NYSE ED opened at $99.28 on Tuesday. 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 company has a market cap of $35.81 billion, a price-to-earnings ratio of 18.02, a PEG ratio of 2.75 and a beta of 0.32. The company has a 50 day moving average of $99.91 and a 200-day moving average of $103.17. 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 issued its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) 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 return on equity of 8.56% and a net margin of 11.98%.During the same quarter in the prior 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, equities research analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Wednesday, August 13th were given a dividend of $0.85 per share. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $3.40 annualized dividend and a yield of 3.4%. Consolidated Edison's dividend payout ratio 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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