Consolidated Edison Inc $ED Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in Consolidated Edison Inc by 5.6%, now holding 108,748 shares valued at approximately $12 million.
• Consolidated Edison reported an earnings per share (EPS) of $0.67 for the recent quarter, surpassing analysts' expectations of $0.66, alongside a revenue of $3.60 billion.
• The company has announced a quarterly dividend of $0.85 per share, which will be paid to investors of record, representing a 3.4% dividend yield.

State of New Jersey Common Pension Fund D lessened its position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 5.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 108,748 shares of the utilities provider's stock after selling 6,449 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Consolidated Edison were worth $12,026,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Merit Financial Group LLC boosted its stake in shares of Consolidated Edison by 16.8% in the first quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock worth $1,180,000 after buying an additional 1,533 shares during the last quarter. Ritholtz Wealth Management purchased a new stake in shares of Consolidated Edison in the first quarter worth about $227,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Consolidated Edison by 2.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider's stock worth $27,649,000 after buying an additional 6,869 shares during the last quarter. Flagship Harbor Advisors LLC purchased a new stake in shares of Consolidated Edison in the first quarter worth about $217,000. Finally, GAMMA Investing LLC boosted its stake in shares of Consolidated Edison by 45.0% in the first quarter. GAMMA Investing LLC now owns 9,242 shares of the utilities provider's stock worth $1,022,000 after buying an additional 2,869 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Morgan Stanley lowered their target price on Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating on the stock in a research note on Wednesday, June 18th. 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. KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Guggenheim increased their price target on Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Finally, Barclays increased their price target on Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a research report on Wednesday, August 13th. Three investment 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's stock. Based on data from MarketBeat.com, Consolidated Edison currently has a consensus rating of "Hold" and an average price target of $105.82.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock traded down $0.3060 during mid-day trading on Thursday, reaching $101.4540. 2,251,707 shares of the stock traded hands, compared to its average volume of 2,742,965. The business has a 50-day moving average of $101.63 and a 200 day moving average of $103.62. Consolidated Edison Inc has a fifty-two week low of $87.28 and a fifty-two week high of $114.87. The stock has a market capitalization of $36.59 billion, a PE ratio of 18.41, a PEG ratio of 2.81 and a beta of 0.24. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its earnings results on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, beating 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 business had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.39 billion. During the same quarter in the prior year, the firm earned $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. On average, analysts predict that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be issued a dividend of $0.85 per share. 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 3.4%. Consolidated Edison's dividend payout ratio is presently 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.