Rafferty Asset Management LLC Trims Position in Consolidated Edison Inc $ED

Key Points

• Rafferty Asset Management LLC decreased its holdings in Consolidated Edison Inc by 19.8%, selling 7,712 shares and holding 31,177 shares valued at approximately $3.45 million.
• A number of institutional investors have significantly increased their positions in Consolidated Edison, with Deutsche Bank AG boosting its stake by 130.6%.
• Consolidated Edison announced a quarterly dividend of $0.85 per share, representing an annualized dividend of $3.40 and a yield of 3.5%.

Rafferty Asset Management LLC decreased its position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 19.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,177 shares of the utilities provider's stock after selling 7,712 shares during the quarter. Rafferty Asset Management LLC's holdings in Consolidated Edison were worth $3,448,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Consolidated Edison by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 43,117,094 shares of the utilities provider's stock worth $4,768,319,000 after purchasing an additional 661,432 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Consolidated Edison by 6.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,820,449 shares of the utilities provider's stock valued at $430,129,000 after buying an additional 271,088 shares in the last quarter. Deutsche Bank AG lifted its position in shares of Consolidated Edison by 130.6% during the 1st quarter. Deutsche Bank AG now owns 3,926,814 shares of the utilities provider's stock valued at $434,266,000 after buying an additional 2,223,959 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Consolidated Edison by 106.9% during the 1st quarter. JPMorgan Chase & Co. now owns 2,790,876 shares of the utilities provider's stock valued at $308,643,000 after buying an additional 1,441,785 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Consolidated Edison by 2.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,271,594 shares of the utilities provider's stock valued at $251,216,000 after buying an additional 45,605 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company's stock.

Consolidated Edison Price Performance

ED stock traded down $0.10 during midday trading on Thursday, reaching $97.75. The stock had a trading volume of 2,033,303 shares, compared to its average volume of 2,868,370. The company's fifty day simple moving average is $101.22 and its 200 day simple moving average is $103.89. 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 company has a market cap of $35.25 billion, a price-to-earnings ratio of 17.74, a price-to-earnings-growth ratio of 2.72 and a beta of 0.28. Consolidated Edison Inc has a 52-week low of $87.28 and a 52-week high of $114.87.

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

Consolidated Edison Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ED. KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Barclays increased their target price on Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a research report on Wednesday, August 13th. Mizuho increased their target price on Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Scotiabank increased their target price on Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a research report on Monday, August 11th. Finally, Bank of America lowered Consolidated Edison from a "buy" rating to an "underperform" rating and decreased their target price for the company from $112.00 to $101.00 in a research report on Friday, August 15th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $105.82.

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.