Mystic Asset Management Inc. Buys New Shares in Consolidated Edison Inc $ED

Mystic Asset Management Inc. purchased a new stake in shares of Consolidated Edison Inc (NYSE:ED) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 8,920 shares of the utilities provider’s stock, valued at approximately $987,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Consolidated Edison by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 45,636,041 shares of the utilities provider’s stock worth $4,532,572,000 after buying an additional 461,108 shares during the period. BlackRock Inc. purchased a new stake in shares of Consolidated Edison in the 2nd quarter worth approximately $4,609,491,000. State Street Corp increased its position in Consolidated Edison by 3.6% during the 4th quarter. State Street Corp now owns 24,905,440 shares of the utilities provider’s stock valued at $2,473,608,000 after buying an additional 854,868 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in Consolidated Edison by 14.8% in the first quarter. Lazard Asset Management LLC now owns 7,075,838 shares of the utilities provider’s stock worth $800,843,000 after acquiring an additional 910,244 shares in the last quarter. Finally, Deutsche Bank AG purchased a new stake in shares of Consolidated Edison in the second quarter worth $749,184,000. 66.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. KeyCorp lowered their price target on Consolidated Edison from $97.00 to $94.00 and set an “underweight” rating for the company in a research report on Thursday, July 23rd. Mizuho set a $114.00 target price on shares of Consolidated Edison in a report on Monday, July 27th. Morgan Stanley restated an “underweight” rating on shares of Consolidated Edison in a research note on Wednesday, July 22nd. Wells Fargo & Company raised their target price on Consolidated Edison from $106.00 to $108.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. Finally, Argus set a $112.00 price target on shares of Consolidated Edison in a report on Tuesday, June 23rd. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and six have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $108.80.

Consolidated Edison Price Performance

NYSE:ED opened at $108.33 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.17 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $40.06 billion, a P/E ratio of 17.79, a P/E/G ratio of 2.80 and a beta of 0.27. Consolidated Edison Inc has a 12 month low of $94.96 and a 12 month high of $116.23. The business’s 50-day moving average is $109.99 and its 200 day moving average is $109.91.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 6th. The utilities provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.07. Consolidated Edison had a net margin of 12.53% and a return on equity of 8.44%. The firm had revenue of $4.07 billion during the quarter, compared to analyst estimates of $3.60 billion. During the same period last year, the firm posted $0.67 earnings per share. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. On average, equities research analysts forecast that Consolidated Edison Inc will post 6.09 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th will be given a dividend of $0.8875 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 annualized dividend and a dividend yield of 3.3%. Consolidated Edison’s payout ratio is currently 58.29%.

Consolidated Edison Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.