Goldman Sachs Group Inc. Acquires 556,491 Shares of Consolidated Edison Inc $ED

Key Points

• Goldman Sachs boosted its stake in Consolidated Edison by 24.7% in the fourth quarter, adding 556,491 shares to bring its total holding to 2.81 million shares worth about $279.4 million.
• Consolidated Edison reported Q1 earnings of $2.18 per share, missing analysts’ estimate of $2.28, while revenue of $5.10 billion also came in below expectations.
• The utility declared a quarterly dividend of $0.8875 per share, equal to an annualized yield of about 3.3%, even as analysts maintain a cautious view with a consensus rating of “Reduce”.

Goldman Sachs Group Inc. increased its holdings in Consolidated Edison Inc (NYSE:ED - Free Report) by 24.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,813,360 shares of the utilities provider's stock after purchasing an additional 556,491 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.78% of Consolidated Edison worth $279,423,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. JPL Wealth Management LLC acquired a new stake in shares of Consolidated Edison during the 3rd quarter worth approximately $26,000. Basepoint Wealth LLC bought a new position in Consolidated Edison during the 4th quarter valued at $26,000. Aventura Private Wealth LLC bought a new position in Consolidated Edison during the 4th quarter valued at $27,000. Westfuller Advisors LLC bought a new position in Consolidated Edison during the 4th quarter valued at $27,000. Finally, Dorato Capital Management bought a new position in Consolidated Edison during the 4th quarter valued at $28,000. Institutional investors own 66.29% of the company's stock.

Consolidated Edison Stock Up 2.1%

ED stock opened at $106.31 on Friday. The company has a quick ratio of 1.09, a current ratio of 1.19 and a debt-to-equity ratio of 1.00. The firm has a market capitalization of $39.18 billion, a PE ratio of 17.90, a PEG ratio of 2.64 and a beta of 0.27. Consolidated Edison Inc has a twelve month low of $94.96 and a twelve month high of $116.23. The stock has a 50-day simple moving average of $109.20 and a two-hundred day simple moving average of $106.24.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its earnings results on Thursday, May 7th. The utilities provider reported $2.18 earnings per share for the quarter, missing analysts' consensus estimates of $2.28 by ($0.10). The company had revenue of $5.10 billion for the quarter, compared to analysts' expectations of $5.22 billion. Consolidated Edison had a net margin of 12.52% and a return on equity of 8.33%. During the same period in the previous year, the firm earned $2.26 EPS. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. On average, equities analysts predict that Consolidated Edison Inc will post 6.09 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Wednesday, May 13th will be issued a dividend of $0.8875 per share. This represents a $3.55 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Wednesday, May 13th. Consolidated Edison's payout ratio is presently 59.76%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Barclays lowered their target price on Consolidated Edison from $110.00 to $107.00 and set an "underweight" rating on the stock in a research note on Monday, May 11th. TD Cowen boosted their price objective on Consolidated Edison from $105.00 to $112.00 and gave the company a "hold" rating in a research note on Tuesday, February 24th. Mizuho restated a "neutral" rating and issued a $105.00 price objective on shares of Consolidated Edison in a research note on Tuesday. Citigroup restated a "buy" rating on shares of Consolidated Edison in a research note on Monday, February 23rd. Finally, KeyCorp boosted their price objective on Consolidated Edison from $96.00 to $97.00 and gave the company an "underweight" rating in a research note on Tuesday, April 21st. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and an average target price of $107.79.

Insiders Place Their Bets

In other Consolidated Edison news, SVP Deneen L. Donnley sold 1,922 shares of Consolidated Edison stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $113.94, for a total transaction of $218,992.68. Following the completion of the transaction, the senior vice president owned 32,453 shares of the company's stock, valued at $3,697,694.82. The trade was a 5.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.15% of the stock is owned by insiders.

Consolidated Edison Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.

Want to see what other hedge funds are holding ED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Consolidated Edison Inc (NYSE:ED - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.