Consolidated Edison Inc. (ED) PT Lowered to $70.00 at Goldman Sachs Group Inc.
Consolidated Edison Inc. (NYSE:ED) had its price target decreased by Goldman Sachs Group Inc. from $72.00 to $70.00 in a report released on Wednesday morning. Goldman Sachs Group Inc. currently has a sell rating on the stock.
Several other equities analysts have also recently issued reports on the company. Vetr upgraded Consolidated Edison from a sell rating to a hold rating and set a $74.71 price target on the stock in a research report on Wednesday, September 7th. Citigroup Inc. began coverage on Consolidated Edison in a research report on Friday, August 12th. They set a neutral rating and a $76.00 price target on the stock. They noted that the move was a valuation call. Mizuho lifted their price target on Consolidated Edison from $72.00 to $75.00 and gave the company a neutral rating in a research report on Monday, August 8th. Jefferies Group reiterated a hold rating on shares of Consolidated Edison in a research report on Monday, August 1st. Finally, Evercore ISI cut Consolidated Edison from a hold rating to a sell rating and lifted their price target for the company from $69.50 to $72.50 in a research report on Wednesday, July 6th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $74.26.
Consolidated Edison (NYSE:ED) opened at 76.40 on Wednesday. The stock has a 50 day moving average price of $76.41 and a 200-day moving average price of $76.06. Consolidated Edison has a 12-month low of $60.30 and a 12-month high of $81.88. The stock has a market capitalization of $23.26 billion and a P/E ratio of 19.80.
Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 4th. The company reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.69 by $0.09. Consolidated Edison had a net margin of 9.47% and a return on equity of 8.88%. During the same period in the prior year, the company posted $0.78 EPS. Equities research analysts expect that Consolidated Edison will post $3.97 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 17th were given a $0.67 dividend. The ex-dividend date of this dividend was Monday, August 15th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.51%. Consolidated Edison’s dividend payout ratio is currently 69.25%.
Hedge funds have recently made changes to their positions in the company. Macquarie Group Ltd. boosted its stake in shares of Consolidated Edison by 5.0% in the second quarter. Macquarie Group Ltd. now owns 84,600 shares of the company’s stock worth $6,805,000 after buying an additional 4,000 shares in the last quarter. Williams Jones & Associates LLC boosted its stake in shares of Consolidated Edison by 55.1% in the second quarter. Williams Jones & Associates LLC now owns 2,947 shares of the company’s stock worth $237,000 after buying an additional 1,047 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Consolidated Edison during the second quarter worth $988,000. Kentucky Retirement Systems bought a new stake in shares of Consolidated Edison during the second quarter worth $2,081,000. Finally, Nomura Holdings Inc. boosted its stake in shares of Consolidated Edison by 4.8% in the second quarter. Nomura Holdings Inc. now owns 43,701 shares of the company’s stock worth $3,501,000 after buying an additional 2,001 shares in the last quarter. 54.89% of the stock is owned by institutional investors.
Consolidated Edison Company Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).
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