Wealth Enhancement Advisory Services LLC Acquires 26,443 Shares of Consolidated Edison Inc $ED

Key Points

• Wealth Enhancement Advisory Services LLC increased its stake in Consolidated Edison Inc (NYSE:ED) by 10.6%, owning 276,457 shares valued at approximately $27.73 million.
• Morgan Stanley has reissued an "underweight" rating for Consolidated Edison, while Bank of America has lowered its rating from "buy" to "underperform" with a price target reduction from $112 to $101.
• Consolidated Edison recently declared a quarterly dividend of $0.85, which represents an annualized payout of $3.40, giving a dividend yield of 3.5%.

Wealth Enhancement Advisory Services LLC grew its stake in Consolidated Edison Inc (NYSE:ED - Free Report) by 10.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 276,457 shares of the utilities provider's stock after purchasing an additional 26,443 shares during the quarter. Wealth Enhancement Advisory Services LLC owned approximately 0.08% of Consolidated Edison worth $27,731,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Alpine Bank Wealth Management bought a new stake in shares of Consolidated Edison during the first quarter worth approximately $32,000. Fort Vancouver Investment Management LLC acquired a new position in Consolidated Edison in the 1st quarter valued at $33,000. Financial Network Wealth Advisors LLC acquired a new stake in Consolidated Edison in the 1st quarter worth about $33,000. Cary Street Partners Investment Advisory LLC boosted 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 valued at $34,000 after purchasing an additional 120 shares during the period. Finally, Wood Tarver Financial Group LLC acquired a new position in shares of Consolidated Edison during the 4th quarter worth approximately $35,000. Institutional investors own 66.29% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Mizuho boosted their price target on Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Bank of America cut Consolidated Edison from a "buy" rating to an "underperform" rating and decreased their price target for the stock from $112.00 to $101.00 in a research report on Friday, August 15th. KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Scotiabank raised their target price on shares of Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a report on Monday, August 11th. Finally, Morgan Stanley reaffirmed an "underweight" rating on shares of Consolidated Edison in a report on Thursday, August 21st. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Consolidated Edison has an average rating of "Hold" and a consensus price target of $105.82.

Consolidated Edison Price Performance

Shares of NYSE:ED traded up $0.48 during trading on Monday, hitting $96.81. 1,004,429 shares of the company were exchanged, compared to its average volume of 2,709,426. The company has a market capitalization of $34.91 billion, a P/E ratio of 17.58, a price-to-earnings-growth ratio of 2.68 and a beta of 0.28. Consolidated Edison Inc has a 1-year low of $87.28 and a 1-year high of $114.87. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04. The business's 50 day moving average is $100.53 and its 200-day moving average is $103.74.

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

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th were given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Wednesday, August 13th. Consolidated Edison's dividend payout ratio (DPR) is 61.71%.

Consolidated Edison Company 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.