Meiji Yasuda Asset Management Co Ltd. bought a new stake in Consolidated Edison Inc (NYSE:ED - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 98,231 shares of the utilities provider's stock, valued at approximately $10,867,000.
A number of other hedge funds also recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Consolidated Edison during the second quarter worth approximately $4,609,491,000. Deutsche Bank AG purchased a new position in shares of Consolidated Edison during the 2nd quarter worth $749,184,000. Lazard Asset Management LLC grew its holdings in shares of Consolidated Edison by 121,543.9% in the third 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 during the period. Norges Bank purchased a new position in Consolidated Edison during the fourth quarter worth about $489,806,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Consolidated Edison during the 2nd quarter worth approximately $231,014,000. Institutional investors and hedge funds own 66.29% of the company's stock.
Analysts Set New Price Targets
ED has been the topic of a number of recent analyst reports. Wells Fargo & Company upped their price objective on Consolidated Edison from $106.00 to $108.00 and gave the company an "equal weight" rating in a report on Friday, August 7th. Evercore reaffirmed a "positive" rating and issued a $112.00 price target on shares of Consolidated Edison in a research note on Monday, August 17th. Argus set a $112.00 price target on Consolidated Edison in a report on Tuesday, June 23rd. Mizuho set a $114.00 price objective on Consolidated Edison in a research report on Monday, July 27th. Finally, Morgan Stanley reduced their price objective on shares of Consolidated Edison from $105.00 to $101.00 and set an "underweight" rating on the stock in a report on Friday. Three research 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's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus price target of $108.93.
Get Our Latest Analysis on Consolidated Edison
Consolidated Edison Stock Up 0.2%
NYSE:ED opened at $106.52 on Monday. Consolidated Edison Inc has a 52 week low of $94.96 and a 52 week high of $116.23. The stock's fifty day moving average is $109.96 and its two-hundred day moving average is $109.91. The stock has a market capitalization of $39.39 billion, a price-to-earnings ratio of 17.49, a price-to-earnings-growth ratio of 2.76 and a beta of 0.27. The company has a quick ratio of 1.17, a current ratio of 1.27 and a debt-to-equity ratio of 1.04.
Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The utilities provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.07. The firm had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $3.60 billion. Consolidated Edison had a return on equity of 8.44% and a net margin of 12.53%.During the same quarter in the previous year, the business earned $0.67 EPS. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. Research analysts anticipate that Consolidated Edison Inc will post 6.09 EPS for the current year.
Consolidated Edison Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be issued a dividend of $0.8875 per share. The ex-dividend date is Wednesday, August 19th. This represents a $3.55 dividend on an annualized basis and a yield of 3.3%. Consolidated Edison's dividend payout ratio is 58.29%.
About Consolidated Edison
(
Free Report)
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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