Magellan Asset Management Ltd Invests $45.40 Million in Consolidated Edison Inc $ED

Key Points

• Magellan Asset Management initiated a $45.4 million position in Consolidated Edison, purchasing 410,364 shares, while institutional investors collectively own 66.29% of the company.
• Analyst sentiment remains cautious: Consolidated Edison has an average “Reduce” rating and a consensus price target of $108.93, below several recent targets.
• The utility exceeded quarterly expectations with $0.83 in EPS versus $0.76 expected and $4.07 billion in revenue, while declaring a quarterly dividend of $0.8875, or $3.55 annually, yielding about 3.3%.

Magellan Asset Management Ltd bought a new position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 410,364 shares of the utilities provider's stock, valued at approximately $45,399,000. Magellan Asset Management Ltd owned approximately 0.11% of Consolidated Edison as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Consolidated Edison in the second quarter valued at about $4,609,491,000. Deutsche Bank AG acquired a new stake in shares of Consolidated Edison in the 2nd quarter worth approximately $749,184,000. Lazard Asset Management LLC increased its stake in Consolidated Edison by 121,543.9% in the 3rd quarter. Lazard Asset Management LLC now owns 5,960,553 shares of the utilities provider's stock valued at $599,155,000 after purchasing an additional 5,955,653 shares in the last quarter. Norges Bank purchased a new position in Consolidated Edison in the 4th quarter valued at approximately $489,806,000. Finally, Bank of New York Mellon Corp acquired a new position in Consolidated Edison during the second quarter worth $231,014,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Wall Street Analysts Forecast Growth

ED has been the topic of several research reports. Morgan Stanley lowered their target price on Consolidated Edison from $105.00 to $101.00 and set an "underweight" rating on the stock in a report on Friday. Argus set a $112.00 price objective on shares of Consolidated Edison in a research report on Tuesday, June 23rd. Evercore restated a "positive" rating and set a $112.00 target price on shares of Consolidated Edison in a report on Monday, August 17th. Barclays cut their target price on shares of Consolidated Edison from $112.00 to $106.00 and set an "underweight" rating for the company in a research report on Friday, August 7th. Finally, Mizuho set a $114.00 price target on shares of Consolidated Edison in a research report on Monday, July 27th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat.com, Consolidated Edison presently has an average rating of "Reduce" and an average target price of $108.93.

Consolidated Edison Stock Up 0.2%

Shares of NYSE ED opened at $106.52 on Monday. The firm's 50 day moving average price is $109.96 and its 200 day moving average price is $109.91. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.17 and a current ratio of 1.27. The firm has a market cap of $39.39 billion, a P/E ratio of 17.49, a price-to-earnings-growth ratio of 2.76 and a beta of 0.27. Consolidated Edison Inc has a 1 year low of $94.96 and a 1 year high of $116.23.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The utilities provider reported $0.83 earnings per share for the quarter, topping analysts' consensus estimates of $0.76 by $0.07. Consolidated Edison had a return on equity of 8.44% and a net margin of 12.53%.The company had revenue of $4.07 billion for the quarter, compared to analyst estimates of $3.60 billion. During the same quarter in the prior year, the company posted $0.67 EPS. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. As a group, sell-side analysts anticipate that Consolidated Edison Inc will post 6.09 earnings per share for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be paid a $0.8875 dividend. 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, August 19th. Consolidated Edison's dividend payout ratio (DPR) is presently 58.29%.

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.

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