Wellington Management Group LLP Takes $3.53 Million Position in Consolidated Edison Inc $ED

Key Points

• Wellington Management Group LLP has invested approximately $3.53 million in Consolidated Edison Inc by acquiring 31,900 shares during the first quarter.
• The company reported $3.60 billion in revenue for the last quarter, exceeding analysts' expectations, and announced a quarterly dividend of $0.85.
• Consolidated Edison stock has received mixed ratings from analysts, with an overall average rating of "Hold" and a target price of $105.82.

Wellington Management Group LLP purchased a new stake in Consolidated Edison Inc (NYSE:ED - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 31,900 shares of the utilities provider's stock, valued at approximately $3,528,000.

Several other hedge funds have also modified their holdings of the stock. Alpine Bank Wealth Management acquired a new position in Consolidated Edison during the first quarter valued at approximately $32,000. Fort Vancouver Investment Management LLC purchased a new position in shares of Consolidated Edison in the 1st quarter valued at $33,000. Financial Network Wealth Advisors LLC acquired a new position in shares of Consolidated Edison during the 1st quarter valued at $33,000. Cary Street Partners Investment Advisory LLC boosted its position in Consolidated Edison by 64.9% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock worth $34,000 after purchasing an additional 120 shares during the period. Finally, Wood Tarver Financial Group LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter worth about $35,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ED shares. Mizuho upped their price target on Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. KeyCorp restated an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Scotiabank raised their price target 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. Bank of America lowered shares of Consolidated Edison from a "buy" rating to an "underperform" rating and cut their price objective for the stock from $112.00 to $101.00 in a report on Friday, August 15th. Finally, Morgan Stanley restated an "underweight" rating on shares of Consolidated Edison in a research note on Thursday, August 21st. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $105.82.

Consolidated Edison Stock Down 0.1%

ED stock traded down $0.13 during mid-day trading on Wednesday, hitting $97.07. 2,170,728 shares of the company were exchanged, compared to its average volume of 2,762,430. The firm has a fifty day simple moving average of $101.24 and a 200 day simple moving average of $103.91. The company has a market capitalization of $35.01 billion, a PE ratio of 17.62, a price-to-earnings-growth ratio of 2.73 and a beta of 0.28. Consolidated Edison Inc has a twelve month low of $87.28 and a twelve month high of $114.87. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04.

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

Consolidated Edison Announces Dividend

The firm 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. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison's dividend payout ratio 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.