NewEdge Advisors LLC Sells 3,582 Shares of Consolidated Edison Inc $ED

Key Points

• NewEdge Advisors LLC reduced its stake in Consolidated Edison Inc by 16.6%, selling 3,582 shares and now holding 18,002 shares valued at approximately $1,991,000.
• Several analysts have rated Consolidated Edison with a mix of perspectives, with three Buy ratings, six Hold ratings, and three Sell ratings, positioning the stock as having a consensus rating of "Hold" and an average price target of $105.82.
• Consolidated Edison reported earnings of $0.67 per share, surpassing expectations, and declared a quarterly dividend of $0.85 per share, equating to an annualized yield of 3.5%.

NewEdge Advisors LLC cut its stake in Consolidated Edison Inc (NYSE:ED - Free Report) by 16.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,002 shares of the utilities provider's stock after selling 3,582 shares during the quarter. NewEdge Advisors LLC's holdings in Consolidated Edison were worth $1,991,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Alpine Bank Wealth Management bought a new stake in shares of Consolidated Edison in the 1st quarter valued at about $32,000. Fort Vancouver Investment Management LLC bought a new stake in shares of Consolidated Edison in the 1st quarter valued at about $33,000. Financial Network Wealth Advisors LLC bought a new stake in shares of Consolidated Edison in the 1st quarter valued at about $33,000. Cary Street Partners Investment Advisory LLC increased its stake in shares of Consolidated Edison by 64.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock valued at $34,000 after acquiring an additional 120 shares during the last quarter. Finally, Elite Financial Inc. bought a new stake in shares of Consolidated Edison in the 1st quarter valued at about $38,000. 66.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Scotiabank lifted their price objective on Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a report on Monday, August 11th. Morgan Stanley reiterated an "underweight" rating on shares of Consolidated Edison in a report on Thursday, August 21st. Mizuho lifted their price objective on Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Finally, Bank of America cut Consolidated Edison from a "buy" rating to an "underperform" rating and cut their price objective for the company from $112.00 to $101.00 in a report on Friday, August 15th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Consolidated Edison presently has a consensus rating of "Hold" and an average price target of $105.82.

Consolidated Edison Trading Up 0.6%

NYSE:ED opened at $97.71 on Friday. Consolidated Edison Inc has a twelve month low of $87.28 and a twelve month high of $114.87. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04. The business has a 50 day moving average price of $100.97 and a two-hundred day moving average price of $103.90. The company has a market cap of $35.24 billion, a P/E ratio of 17.73, a price-to-earnings-growth ratio of 2.70 and a beta of 0.28.

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

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be given a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $3.40 annualized dividend and a dividend yield of 3.5%. Consolidated Edison's payout ratio is 61.71%.

Consolidated Edison Company 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.

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