LGT Group Foundation Purchases New Shares in Consolidated Edison, Inc. (NYSE:ED)

LGT Group Foundation purchased a new stake in shares of Consolidated Edison, Inc. (NYSE:ED) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,027 shares of the utilities provider’s stock, valued at approximately $274,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Diversified Trust Co lifted its stake in shares of Consolidated Edison by 140.8% in the fourth quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock worth $3,361,000 after buying an additional 21,604 shares in the last quarter. abrdn plc raised its stake in Consolidated Edison by 30.2% during the fourth quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock worth $28,373,000 after purchasing an additional 72,273 shares during the period. Pacer Advisors Inc. raised its stake in Consolidated Edison by 169.9% during the fourth quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock worth $5,487,000 after purchasing an additional 37,971 shares during the period. Blackhawk Capital Partners LLC. purchased a new position in Consolidated Edison during the fourth quarter worth about $1,551,000. Finally, Mariner LLC increased its position in shares of Consolidated Edison by 24.9% during the third quarter. Mariner LLC now owns 91,702 shares of the utilities provider’s stock valued at $7,844,000 after acquiring an additional 18,270 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

ED has been the subject of a number of recent analyst reports. Scotiabank dropped their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. Royal Bank of Canada dropped their price objective on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a report on Friday, February 16th. Wells Fargo & Company lifted their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a report on Friday. Barclays lifted their price objective on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. Finally, UBS Group dropped their price objective on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a report on Friday, February 16th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $87.75.

Consolidated Edison Stock Up 0.3 %

Shares of NYSE:ED opened at $95.56 on Friday. The company has a market capitalization of $33.02 billion, a PE ratio of 18.34, a P/E/G ratio of 8.97 and a beta of 0.34. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $100.44. The firm has a 50 day simple moving average of $90.06 and a 200-day simple moving average of $90.08.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, beating the consensus estimate of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.86%. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.40 billion. During the same quarter in the prior year, the firm earned $1.83 EPS. Consolidated Edison’s revenue for the quarter was down 2.8% on a year-over-year basis. On average, equities analysts predict that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.47%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Consolidated Edison 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.