Zimmer Partners LP Trims Stock Position in Consolidated Edison Inc $ED

Key Points

• Zimmer Partners LP reduced its stock holdings in Consolidated Edison Inc by 51.5%, ending the first quarter with approximately 127,000 shares valued at $14,045,000 after selling 134,875 shares.
• Several hedge funds, including Vanguard and Deutsche Bank, increased their stakes in Consolidated Edison, indicating a mixed interest among institutional investors, with 66.29% of the stock owned by such funds.
• Consolidated Edison announced a quarterly dividend of $0.85 per share, yielding 3.5%, with an earnings per share forecast of 5.62 for the current fiscal year.

Zimmer Partners LP lessened its stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 51.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 127,000 shares of the utilities provider's stock after selling 134,875 shares during the quarter. Zimmer Partners LP's holdings in Consolidated Edison were worth $14,045,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of ED. Alpine Bank Wealth Management bought a new stake in Consolidated Edison during the 1st quarter valued at $32,000. Fort Vancouver Investment Management LLC bought a new stake in Consolidated Edison during the 1st quarter valued at $33,000. Financial Network Wealth Advisors LLC bought a new stake in 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 valued at $34,000 after acquiring an additional 120 shares in the last quarter. Finally, Wood Tarver Financial Group LLC bought a new stake in Consolidated Edison during the 4th quarter valued at $35,000. Institutional investors own 66.29% of the company's stock.

Consolidated Edison Stock Performance

ED traded down $0.16 on Friday, reaching $97.54. 1,249,436 shares of the stock were exchanged, compared to its average volume of 2,634,055. The company's 50-day moving average price is $100.92 and its 200 day moving average price is $103.90. Consolidated Edison Inc has a fifty-two week low of $87.28 and a fifty-two week high of $114.87. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.10 and a quick ratio of 1.01. The firm has a market capitalization of $35.18 billion, a PE ratio of 17.70, a PEG ratio of 2.72 and a beta of 0.28.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $3.39 billion. During the same quarter in the previous year, the firm posted $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. As a group, sell-side analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be given a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $3.40 dividend on an annualized basis and a yield of 3.5%. Consolidated Edison's payout ratio is currently 61.71%.

Wall Street Analysts Forecast Growth

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

About Consolidated Edison

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.