VIRGINIA RETIREMENT SYSTEMS ET Al Acquires New Shares in Consolidated Edison Inc $ED

Key Points

• VIRGINIA RETIREMENT SYSTEMS ET Al purchased 340,300 shares of Consolidated Edison Inc, valued at approximately $34.15 million, increasing their ownership to 0.09% of the company.
• Consolidated Edison recently reported $0.67 EPS for the quarter, surpassing estimates of $0.66, with total revenue of $3.60 billion.
• The company declared a quarterly dividend of $0.85 per share, with a 3.4% yield, to be paid on December 15th to investors of record on November 19th.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Consolidated Edison Inc (NYSE:ED - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 340,300 shares of the utilities provider's stock, valued at approximately $34,149,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.09% of Consolidated Edison at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of ED. Alpine Bank Wealth Management acquired a new stake in shares of Consolidated Edison in the 1st quarter worth about $32,000. Capital Advisors Ltd. LLC increased its stake in shares of Consolidated Edison by 53.2% in the second quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider's stock valued at $32,000 after purchasing an additional 109 shares during the period. Fort Vancouver Investment Management LLC bought a new stake in shares of Consolidated Edison during the first quarter valued at approximately $33,000. Financial Network Wealth Advisors LLC acquired a new position in shares of Consolidated Edison during the first quarter worth approximately $33,000. Finally, Cary Street Partners Investment Advisory LLC grew its holdings in Consolidated Edison by 64.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock worth $34,000 after buying an additional 120 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on ED shares. Mizuho lifted their target price on Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Barclays boosted their price target on shares of Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a research report on Wednesday, August 13th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Consolidated Edison in a report on Wednesday, October 8th. Morgan Stanley lowered their price objective on shares of Consolidated Edison from $95.00 to $93.00 and set an "underweight" rating on the stock in a research note on Thursday, September 25th. Finally, New Street Research set a $106.00 target price on Consolidated Edison in a research report on Monday, October 6th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, Consolidated Edison presently has a consensus rating of "Reduce" and an average price target of $105.92.

Consolidated Edison Trading Up 0.1%

Shares of NYSE:ED opened at $101.14 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.10. The stock has a market capitalization of $36.48 billion, a price-to-earnings ratio of 18.36, a PEG ratio of 2.82 and a beta of 0.32. Consolidated Edison Inc has a 1-year low of $87.28 and a 1-year high of $114.87. The company has a 50 day moving average price of $99.41 and a 200 day moving average price of $102.69.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, beating analysts' consensus estimates of $0.66 by $0.01. The company had revenue of $3.60 billion during 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 in the prior year, the firm earned $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. On average, research analysts anticipate that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Wednesday, November 19th will be paid a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, November 19th. This represents a $3.40 dividend on an annualized basis and a yield of 3.4%. Consolidated Edison's dividend payout ratio (DPR) is currently 61.71%.

Consolidated Edison 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.

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