Rakuten Investment Management Inc. Makes New $6.77 Million Investment in Consolidated Edison Inc $ED

Key Points

• Rakuten Investment Management purchased 60,270 shares of Consolidated Edison worth approximately $6.77 million in the second quarter. Institutional investors collectively own 66.29% of the utility’s stock.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $108.93; three analysts rate the stock Buy, six Hold, and six Sell.
• Con Edison exceeded quarterly expectations with adjusted EPS of $0.83 versus the $0.76 consensus and revenue of $4.07 billion. The company also declared a quarterly dividend of $0.8875 per share, representing a 3.3% annualized yield.

Rakuten Investment Management Inc. bought a new stake in Consolidated Edison Inc (NYSE:ED - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 60,270 shares of the utilities provider's stock, valued at approximately $6,768,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Revolve Wealth Partners LLC grew its holdings in Consolidated Edison by 13.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider's stock valued at $332,000 after purchasing an additional 441 shares during the period. Empowered Funds LLC raised its stake in shares of Consolidated Edison by 42.1% in the first quarter. Empowered Funds LLC now owns 8,978 shares of the utilities provider's stock valued at $993,000 after buying an additional 2,659 shares during the period. Woodline Partners LP raised its stake in shares of Consolidated Edison by 40.7% in the first quarter. Woodline Partners LP now owns 29,271 shares of the utilities provider's stock valued at $3,237,000 after buying an additional 8,468 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of Consolidated Edison during the 2nd quarter valued at $3,256,000. Finally, Baird Financial Group Inc. lifted its position in shares of Consolidated Edison by 2.1% during the 2nd quarter. Baird Financial Group Inc. now owns 14,679 shares of the utilities provider's stock valued at $1,473,000 after buying an additional 296 shares during the last quarter. 66.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group reissued a "sell" rating and issued a $105.00 price objective on shares of Consolidated Edison in a report on Thursday, May 14th. KeyCorp dropped their price objective on shares of Consolidated Edison from $97.00 to $94.00 and set an "underweight" rating on the stock in a report on Thursday, July 23rd. Argus set a $112.00 target price on shares of Consolidated Edison in a research report on Tuesday, June 23rd. Morgan Stanley cut their target price on shares of Consolidated Edison from $105.00 to $101.00 and set an "underweight" rating for the company in a research report on Friday, August 21st. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Consolidated Edison in a research report on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and six have given a Sell rating to the stock. According to MarketBeat.com, Consolidated Edison presently has a consensus rating of "Reduce" and a consensus target price of $108.93.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $107.40 on Friday. Consolidated Edison Inc has a 1-year low of $94.96 and a 1-year high of $116.23. The company has a current ratio of 1.27, a quick ratio of 1.17 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $39.72 billion, a PE ratio of 17.64, a price-to-earnings-growth ratio of 2.73 and a beta of 0.27. The firm's 50 day simple moving average is $109.99 and its 200 day simple moving average is $109.88.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The utilities provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.76 by $0.07. The firm had revenue of $4.07 billion during the quarter, compared to the consensus estimate of $3.60 billion. Consolidated Edison had a net margin of 12.53% and a return on equity of 8.44%. During the same period last year, the firm earned $0.67 EPS. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. As a group, analysts expect that Consolidated Edison Inc will post 6.09 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th will be paid a dividend of $0.8875 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 annualized dividend and a yield of 3.3%. Consolidated Edison's dividend payout ratio (DPR) is currently 58.29%.

Consolidated Edison Profile

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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