Wealthfront Advisers LLC Makes New $22.65 Million Investment in Consolidated Edison Inc $ED

Key Points

• Wealthfront Advisers purchased 204,723 shares of Consolidated Edison, valued at approximately $22.65 million, giving it a 0.06% stake. Institutional investors collectively own 66.29% of the utility.
• Analyst sentiment remains cautious: Consolidated Edison has a consensus rating of “Reduce” from 15 analysts, with an average price target of $108.80.
• Con Edison exceeded quarterly earnings expectations, reporting $0.83 in EPS versus the $0.76 consensus and $4.07 billion in revenue. The company also declared a quarterly dividend of $0.8875, implying a 3.3% annual yield.

Wealthfront Advisers LLC bought a new position in Consolidated Edison Inc (NYSE:ED - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 204,723 shares of the utilities provider's stock, valued at approximately $22,648,000. Wealthfront Advisers LLC owned about 0.06% of Consolidated Edison as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Consolidated Edison during the second quarter valued at approximately $4,609,491,000. Deutsche Bank AG purchased a new position in Consolidated Edison in the second quarter worth $749,184,000. Lazard Asset Management LLC grew its stake in Consolidated Edison by 121,543.9% in the 3rd quarter. Lazard Asset Management LLC now owns 5,960,553 shares of the utilities provider's stock valued at $599,155,000 after purchasing an additional 5,955,653 shares during the period. Norges Bank bought a new position in Consolidated Edison in the 4th quarter valued at $489,806,000. Finally, Bank of New York Mellon Corp bought a new position in Consolidated Edison in the 2nd quarter valued at $231,014,000. 66.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on ED shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Consolidated Edison in a research note on Tuesday, July 21st. Evercore restated a "positive" rating and set a $112.00 price target on shares of Consolidated Edison in a research report on Monday. Barclays decreased their price objective on shares of Consolidated Edison from $112.00 to $106.00 and set an "underweight" rating for the company in a report on Friday, August 7th. Morgan Stanley reaffirmed an "underweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 22nd. Finally, Mizuho set a $114.00 target price on shares of Consolidated Edison in a research note on Monday, July 27th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus target price of $108.80.

Consolidated Edison Price Performance

NYSE ED opened at $109.13 on Wednesday. The company has a quick ratio of 1.17, a current ratio of 1.27 and a debt-to-equity ratio of 1.04. The company has a market cap of $40.36 billion, a PE ratio of 17.92, a price-to-earnings-growth ratio of 2.83 and a beta of 0.27. Consolidated Edison Inc has a 52 week low of $94.96 and a 52 week high of $116.23. The firm's 50-day simple moving average is $109.95 and its two-hundred day simple moving average is $109.88.

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

Consolidated Edison Announces Dividend

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

Consolidated Edison 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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