Commonwealth Bank of Australia Purchases 1,200 Shares of Consolidated Edison, Inc. (ED)
Commonwealth Bank of Australia lifted its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,687 shares of the utilities provider’s stock after buying an additional 1,200 shares during the period. Commonwealth Bank of Australia’s holdings in Consolidated Edison were worth $3,931,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Consolidated Edison by 7.0% in the second quarter. BlackRock Inc. now owns 27,689,373 shares of the utilities provider’s stock worth $2,159,218,000 after acquiring an additional 1,815,861 shares during the period. Legal & General Group Plc raised its position in shares of Consolidated Edison by 4.9% during the 2nd quarter. Legal & General Group Plc now owns 3,247,049 shares of the utilities provider’s stock valued at $253,203,000 after purchasing an additional 152,883 shares during the period. Swiss National Bank raised its position in shares of Consolidated Edison by 4.1% during the 2nd quarter. Swiss National Bank now owns 2,279,371 shares of the utilities provider’s stock valued at $177,745,000 after purchasing an additional 90,600 shares during the period. Tobam raised its position in shares of Consolidated Edison by 3.9% during the 2nd quarter. Tobam now owns 1,358,723 shares of the utilities provider’s stock valued at $105,953,000 after purchasing an additional 50,388 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its holdings in Consolidated Edison by 5.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,224,458 shares of the utilities provider’s stock valued at $95,484,000 after acquiring an additional 59,601 shares during the last quarter. Institutional investors and hedge funds own 58.75% of the company’s stock.
ED has been the topic of a number of research reports. Zacks Investment Research upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $90.00 price target on the stock in a report on Wednesday, September 12th. Bank of America lifted their price target on shares of Consolidated Edison from $84.50 to $85.00 and gave the company a “buy” rating in a report on Wednesday, September 26th. ValuEngine upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating in a report on Tuesday, October 2nd. Wells Fargo & Co lifted their price target on shares of Consolidated Edison from $81.00 to $83.00 and gave the company a “market perform” rating in a report on Monday, September 17th. Finally, UBS Group lifted their price target on shares of Consolidated Edison from $83.00 to $84.00 and gave the company a “neutral” rating in a report on Friday, September 21st. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $77.18.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, November 1st. The utilities provider reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.11. Consolidated Edison had a net margin of 12.60% and a return on equity of 8.64%. The business had revenue of $3.33 billion during the quarter, compared to analysts’ expectations of $3.17 billion. During the same period last year, the company posted $1.47 EPS. As a group, research analysts expect that Consolidated Edison, Inc. will post 4.28 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Wednesday, November 14th will be paid a $0.715 dividend. The ex-dividend date of this dividend is Tuesday, November 13th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.71%. Consolidated Edison’s payout ratio is currently 69.93%.
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Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 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 1,600 customers in parts of Manhattan.
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