Ransom Advisory Ltd Buys New Position in Consolidated Edison Inc $ED

Key Points

• Ransom Advisory Ltd has acquired a new position in Consolidated Edison Inc, purchasing 4,600 shares valued at approximately $509,000 during the 1st quarter.
• Significant institutional interest is noted, with 66.29% of the stock owned by hedge funds and institutional investors.
• Consolidated Edison announced a quarterly dividend of $0.85, representing a 3.5% yield, with the ex-dividend date on August 13th.

Ransom Advisory Ltd purchased a new stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 4,600 shares of the utilities provider's stock, valued at approximately $509,000.

A number of other hedge funds have also modified their holdings of the company. Plato Investment Management Ltd increased its holdings in shares of Consolidated Edison by 0.9% in the first quarter. Plato Investment Management Ltd now owns 22,930 shares of the utilities provider's stock valued at $2,563,000 after purchasing an additional 210 shares during the period. Bayforest Capital Ltd acquired a new stake in Consolidated Edison during the 1st quarter worth about $273,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Consolidated Edison by 1.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,868,772 shares of the utilities provider's stock worth $538,437,000 after buying an additional 48,323 shares during the last quarter. Woodline Partners LP boosted 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 worth $3,237,000 after buying an additional 8,468 shares during the last quarter. Finally, Empowered Funds LLC boosted 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 worth $993,000 after buying an additional 2,659 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Scotiabank upped their target price on Consolidated Edison from $101.00 to $106.00 and gave the stock a "sector perform" rating in a research note on Monday, August 11th. Barclays upped their target price on Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a research note on Wednesday, August 13th. Morgan Stanley restated an "underweight" rating on shares of Consolidated Edison in a research note on Thursday, August 21st. KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Finally, Mizuho increased their price target on Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $105.82.

Consolidated Edison Stock Performance

NYSE ED opened at $97.00 on Wednesday. The company has a market cap of $34.98 billion, a PE ratio of 17.60, a price-to-earnings-growth ratio of 2.69 and a beta of 0.28. The stock's 50 day simple moving average is $101.07 and its 200-day simple moving average is $103.96. Consolidated Edison Inc has a 1-year low of $87.28 and a 1-year high of $114.87. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.10 and a quick ratio of 1.01.

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

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be given a $0.85 dividend. 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 dividend payout ratio (DPR) is 61.71%.

About Consolidated Edison

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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