Consolidated Edison Inc $ED Shares Sold by National Pension Service

Key Points

• The National Pension Service has reduced its stake in Consolidated Edison Inc by 8.6%, selling 37,006 shares to own approximately 394,331 shares valued at $43.6 million.
• Analysts have adjusted price targets for Consolidated Edison, with Wells Fargo increasing its target from $103 to $114, while Barclays raised its target from $101 to $107, indicating a mix of ratings from sell to buy.
• Consolidated Edison announced a quarterly dividend of $0.85 per share, translating to an annual yield of 3.4%, with the ex-dividend date set for August 13th.

National Pension Service reduced its stake in Consolidated Edison Inc (NYSE:ED - Free Report) by 8.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 394,331 shares of the utilities provider's stock after selling 37,006 shares during the period. National Pension Service owned 0.11% of Consolidated Edison worth $43,609,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Merit Financial Group LLC grew its stake in Consolidated Edison by 16.8% in the 1st quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock worth $1,180,000 after acquiring an additional 1,533 shares in the last quarter. Ritholtz Wealth Management bought a new position in shares of Consolidated Edison during the first quarter valued at approximately $227,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Consolidated Edison by 2.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider's stock valued at $27,649,000 after purchasing an additional 6,869 shares in the last quarter. Flagship Harbor Advisors LLC bought a new position in shares of Consolidated Edison during the first quarter valued at approximately $217,000. Finally, GAMMA Investing LLC boosted its stake in shares of Consolidated Edison by 45.0% during the first quarter. GAMMA Investing LLC now owns 9,242 shares of the utilities provider's stock valued at $1,022,000 after purchasing an additional 2,869 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ED has been the subject of several recent analyst reports. Mizuho raised their target price on shares of Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Barclays raised their target price on shares of Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a research note on Wednesday, August 13th. Guggenheim raised their target price on shares of Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research note 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 company from $112.00 to $101.00 in a research note on Friday, August 15th. Finally, KeyCorp restated an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $105.82.

Consolidated Edison Stock Performance

ED traded up $0.8170 on Wednesday, reaching $101.9170. The stock had a trading volume of 1,588,505 shares, compared to its average volume of 2,740,332. Consolidated Edison Inc has a 12-month low of $87.28 and a 12-month high of $114.87. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04. The business's 50-day moving average price is $101.65 and its two-hundred day moving average price is $103.63. The company has a market cap of $36.76 billion, a P/E ratio of 18.49, a price-to-earnings-growth ratio of 2.77 and a beta of 0.24.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.66 by $0.01. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. The company had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.39 billion. During the same quarter in the previous year, the company earned $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Sell-side analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $3.40 dividend on an annualized basis and a yield of 3.3%. Consolidated Edison's payout ratio is presently 61.71%.

Consolidated Edison 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.