Consolidated Edison Inc $ED Shares Sold by Panagora Asset Management Inc.

Key Points

• Panagora Asset Management Inc. has reduced its holdings in Consolidated Edison Inc by 27.8% during the first quarter, now owning 18,177 shares worth approximately $2.01 million.
• Consolidated Edison reported earnings of $0.67 per share for the last quarter, exceeding analyst expectations of $0.66, and had revenue of $3.60 billion compared to an anticipated $3.39 billion.
• The company recently announced a quarterly dividend of $0.85 per share, resulting in an annualized dividend yield of 3.5%, with a current dividend payout ratio of 61.71%.

Panagora Asset Management Inc. trimmed its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 27.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,177 shares of the utilities provider's stock after selling 7,008 shares during the quarter. Panagora Asset Management Inc.'s holdings in Consolidated Edison were worth $2,010,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Alpine Bank Wealth Management bought a new position in Consolidated Edison during the 1st quarter valued at about $32,000. Fort Vancouver Investment Management LLC bought a new position in Consolidated Edison during the 1st quarter valued at about $33,000. Financial Network Wealth Advisors LLC bought a new position in Consolidated Edison during the 1st quarter valued at about $33,000. Cary Street Partners Investment Advisory LLC grew its holdings in Consolidated Edison by 64.9% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock valued at $34,000 after purchasing an additional 120 shares during the last quarter. Finally, Wood Tarver Financial Group LLC bought a new position in Consolidated Edison during the 4th quarter valued at about $35,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Consolidated Edison Stock Performance

Shares of NYSE ED traded up $0.21 during midday trading on Friday, reaching $98.01. The company had a trading volume of 1,724,453 shares, compared to its average volume of 2,841,150. The business's 50-day simple moving average is $101.22 and its 200 day simple moving average is $103.96. The stock has a market cap of $35.35 billion, a P/E ratio of 17.79, a P/E/G ratio of 2.72 and a beta of 0.28. Consolidated Edison Inc has a 1 year low of $87.28 and a 1 year 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.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.39 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. During the same quarter last year, the company posted $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. On average, analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share 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 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 dividend yield of 3.5%. Consolidated Edison's dividend payout ratio (DPR) is currently 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.