Magellan Asset Management Ltd Increases Holdings in Consolidated Edison Inc $ED

Key Points

• Magellan Asset Management boosted its stake in Consolidated Edison by 6.1% in Q4, adding 18,140 shares to reach 313,902 shares valued at about $31.2 million.
• Institutional ownership remains very high, with hedge funds and other investors holding about 66.29% of the company. Several major firms, including Vanguard and State Street, also increased their positions.
• Consolidated Edison recently missed earnings and revenue estimates for the quarter, though it reaffirmed FY2026 EPS guidance of 6.00 to 6.20. The company also declared a quarterly dividend of $0.8875 per share, implying an annual yield of about 3.4%.

Magellan Asset Management Ltd lifted its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 6.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 313,902 shares of the utilities provider's stock after purchasing an additional 18,140 shares during the period. Magellan Asset Management Ltd owned 0.09% of Consolidated Edison worth $31,177,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Consolidated Edison by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 45,636,041 shares of the utilities provider's stock worth $4,532,572,000 after buying an additional 461,108 shares during the period. State Street Corp lifted its holdings in Consolidated Edison by 0.3% during the third quarter. State Street Corp now owns 24,050,572 shares of the utilities provider's stock worth $2,417,563,000 after buying an additional 63,346 shares during the period. Lazard Asset Management LLC lifted its holdings in Consolidated Edison by 121,543.9% during the third quarter. Lazard Asset Management LLC now owns 5,960,553 shares of the utilities provider's stock worth $599,155,000 after buying an additional 5,955,653 shares during the period. Norges Bank purchased a new stake in Consolidated Edison during the fourth quarter worth $489,806,000. Finally, Legal & General Group Plc lifted its holdings in Consolidated Edison by 1.1% during the fourth quarter. Legal & General Group Plc now owns 4,399,844 shares of the utilities provider's stock worth $436,993,000 after buying an additional 48,314 shares during the period. Hedge funds and other institutional investors own 66.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Mizuho restated a "neutral" rating and set a $105.00 target price on shares of Consolidated Edison in a report on Tuesday. The Goldman Sachs Group restated a "sell" rating and set a $105.00 target price on shares of Consolidated Edison in a report on Thursday, May 14th. Evercore set a $116.00 target price on Consolidated Edison in a report on Monday, May 11th. Scotiabank upped their target price on Consolidated Edison from $113.00 to $117.00 and gave the stock a "sector perform" rating in a report on Friday, February 20th. Finally, TD Cowen upped their target price on Consolidated Edison from $105.00 to $112.00 and gave the stock a "hold" rating in a report on Tuesday, February 24th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have issued a Sell rating to the company. According to MarketBeat, Consolidated Edison has a consensus rating of "Reduce" and an average price target of $107.79.

Consolidated Edison Stock Performance

Shares of ED stock opened at $104.16 on Friday. The business's fifty day simple moving average is $109.28 and its 200-day simple moving average is $106.24. The company has a market cap of $38.39 billion, a PE ratio of 17.54, a PEG ratio of 2.63 and a beta of 0.27. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00. Consolidated Edison Inc has a 12-month low of $94.96 and a 12-month high of $116.23.

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

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Wednesday, May 13th will be given a dividend of $0.8875 per share. The ex-dividend date of this dividend is Wednesday, May 13th. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.4%. Consolidated Edison's dividend payout ratio is presently 59.76%.

Insider Activity

In other news, SVP Deneen L. Donnley sold 1,922 shares of the company's stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $113.94, for a total transaction of $218,992.68. Following the transaction, the senior vice president directly owned 32,453 shares of the company's stock, valued at approximately $3,697,694.82. This represents a 5.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.15% of the company's stock.

Consolidated Edison Company 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.