Element Capital Management LLC Buys Shares of 25,380 Consolidated Edison Inc $ED

Key Points

• Element Capital Management LLC acquired a new stake in Consolidated Edison, purchasing 25,380 shares valued at approximately $2.8 million, making it the firm's 13th largest holding.
• Analysts have recently adjusted price targets for Consolidated Edison, with Wells Fargo raising theirs from $103 to $114, while Mizuho increased their target from $107 to $112, reflecting positive sentiment.
• Consolidated Edison has declared a quarterly dividend of $0.85 per share to be paid on September 15th, representing an annualized yield of 3.3%.

Element Capital Management LLC purchased a new stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 25,380 shares of the utilities provider's stock, valued at approximately $2,807,000. Consolidated Edison comprises about 0.7% of Element Capital Management LLC's investment portfolio, making the stock its 13th biggest position.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings 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 valued at $4,768,319,000 after purchasing an additional 661,432 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Consolidated Edison by 6.0% in 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 buying an additional 271,088 shares during the last quarter. Northern Trust Corp grew its position in shares of Consolidated Edison by 10.2% in the 4th quarter. Northern Trust Corp now owns 4,207,753 shares of the utilities provider's stock valued at $375,458,000 after buying an additional 390,708 shares during the last quarter. Deutsche Bank AG increased its stake in shares of Consolidated Edison by 130.6% in the first quarter. Deutsche Bank AG now owns 3,926,814 shares of the utilities provider's stock valued at $434,266,000 after buying an additional 2,223,959 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of 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 during the last quarter. Institutional investors and hedge funds own 66.29% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on ED shares. Wells Fargo & Company raised their price target on shares of Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Bank of America downgraded shares of Consolidated Edison from a "buy" rating to an "underperform" rating and lowered their target price for the stock from $112.00 to $101.00 in a research note on Friday, August 15th. Morgan Stanley dropped 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. Barclays increased their price target on Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a report on Wednesday, August 13th. Finally, Guggenheim lifted their price objective on Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $105.82.

Consolidated Edison Stock Up 0.6%

Shares of NYSE:ED traded up $0.5850 during midday trading on Wednesday, hitting $101.6850. 3,216,438 shares of the company's stock were exchanged, compared to its average volume of 2,444,447. 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 Inc has a 12 month low of $87.28 and a 12 month high of $114.87. The company has a market cap of $36.67 billion, a PE ratio of 18.45, a price-to-earnings-growth ratio of 2.81 and a beta of 0.24. The stock has a 50 day moving average price of $101.63 and a 200-day moving average price of $103.62.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.01. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%.The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter in the previous year, the business earned $0.59 EPS. 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 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

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