Varma Mutual Pension Insurance Co Buys Shares of 137,915 Consolidated Edison Inc $ED

Key Points

• Varma Mutual Pension Insurance Co. acquired 137,915 shares of Consolidated Edison during the second quarter, valued at approximately $15.3 million. Institutional investors collectively own 66.29% of the utility’s stock.
• Analysts remain cautious, with Consolidated Edison carrying an average “Reduce” rating and a consensus price target of $108.93. Recent ratings include price targets ranging from $94 to $112.
• Con Edison exceeded quarterly earnings expectations, reporting $0.83 per share versus the $0.76 consensus and revenue of $4.07 billion. The company also declared a quarterly dividend of $0.8875 per share, equivalent to a 3.3% annualized yield.

Varma Mutual Pension Insurance Co bought a new position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 137,915 shares of the utilities provider's stock, valued at approximately $15,258,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in ED. QRG Capital Management Inc. lifted its stake in shares of Consolidated Edison by 16.9% in the 1st quarter. QRG Capital Management Inc. now owns 204,989 shares of the utilities provider's stock valued at $23,201,000 after acquiring an additional 29,635 shares during the last quarter. North Dakota State Investment Board acquired a new stake in shares of Consolidated Edison during the 4th quarter valued at $1,228,000. Los Angeles Capital Management LLC grew its position in Consolidated Edison by 9.0% during the 4th quarter. Los Angeles Capital Management LLC now owns 253,230 shares of the utilities provider's stock worth $24,865,000 after acquiring an additional 20,972 shares during the last quarter. M3 Wealth Management LLC bought a new stake in Consolidated Edison during the 4th quarter worth $1,380,000. Finally, Dougherty & Associates LLC acquired a new position in Consolidated Edison in the 4th quarter worth about $1,965,000. Institutional investors own 66.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ED shares. Wells Fargo & Company increased their target price on Consolidated Edison from $106.00 to $108.00 and gave the company an "equal weight" rating in a research report on Friday, August 7th. The Goldman Sachs Group reaffirmed a "sell" rating and issued a $105.00 price objective on shares of Consolidated Edison in a research note on Thursday, May 14th. Evercore reiterated a "positive" rating and issued a $112.00 price objective on shares of Consolidated Edison in a report on Monday, August 17th. KeyCorp cut their target price on shares of Consolidated Edison from $97.00 to $94.00 and set an "underweight" rating on the stock in a research report on Thursday, July 23rd. Finally, Morgan Stanley reduced their target price on shares of Consolidated Edison from $105.00 to $101.00 and set an "underweight" rating on the stock in a report on Friday. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and six have given a Sell rating to the company. According to MarketBeat.com, Consolidated Edison currently has an average rating of "Reduce" and an average price target of $108.93.

Consolidated Edison Stock Up 0.2%

Shares of ED opened at $106.52 on Monday. The stock's 50-day moving average price is $109.96 and its two-hundred day moving average price is $109.91. Consolidated Edison Inc has a 12 month low of $94.96 and a 12 month high of $116.23. The company has a market capitalization of $39.39 billion, a PE ratio of 17.49, a PEG ratio of 2.76 and a beta of 0.27. The company has a current ratio of 1.27, a quick ratio of 1.17 and a debt-to-equity ratio of 1.04.

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

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be given a dividend of $0.8875 per share. This represents a $3.55 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Wednesday, August 19th. Consolidated Edison's dividend payout ratio is currently 58.29%.

Consolidated Edison Company 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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