Wedge Capital Management L L P NC Buys New Position in Consolidated Edison Inc $ED

Wedge Capital Management L L P NC acquired a new stake in shares of Consolidated Edison Inc (NYSE:ED) during the 2nd quarter, Holdings Channel reports. The fund acquired 133,433 shares of the utilities provider’s stock, valued at approximately $14,762,000.

A number of other hedge funds have also recently added to or reduced their stakes in ED. Tema ETFs LLC boosted its position in shares of Consolidated Edison by 21.5% in the second quarter. Tema ETFs LLC now owns 7,704 shares of the utilities provider’s stock worth $852,000 after acquiring an additional 1,365 shares during the last quarter. Fiduciary Financial Group LLC lifted its stake in shares of Consolidated Edison by 9.4% during the second quarter. Fiduciary Financial Group LLC now owns 3,476 shares of the utilities provider’s stock worth $385,000 after purchasing an additional 298 shares in the last quarter. G&S Capital LLC lifted its position in Consolidated Edison by 3.8% during the 2nd quarter. G&S Capital LLC now owns 9,817 shares of the utilities provider’s stock worth $1,086,000 after acquiring an additional 359 shares in the last quarter. Revolve Wealth Partners LLC boosted its stake in shares of Consolidated Edison by 6.4% in the second quarter. Revolve Wealth Partners LLC now owns 4,117 shares of the utilities provider’s stock valued at $455,000 after purchasing an additional 247 shares during the period. Finally, Key Client Fiduciary Advisors LLC boosted its position in Consolidated Edison by 17.5% in the 2nd quarter. Key Client Fiduciary Advisors LLC now owns 6,318 shares of the utilities provider’s stock valued at $699,000 after buying an additional 940 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ED has been the subject of several research analyst reports. Wells Fargo & Company increased their target price on Consolidated Edison from $106.00 to $108.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. Mizuho set a $114.00 price target on Consolidated Edison in a research report on Monday, July 27th. Argus set a $112.00 price objective on shares of Consolidated Edison in a research report on Tuesday, June 23rd. Weiss Ratings reiterated a “buy (b)” rating on shares of Consolidated Edison in a research report on Tuesday, July 21st. Finally, KeyCorp reduced their price target on shares of Consolidated Edison from $97.00 to $94.00 and set an “underweight” rating for the company in a research note on Thursday, July 23rd. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have given a Sell rating to the company’s stock. According to MarketBeat.com, Consolidated Edison has an average rating of “Reduce” and a consensus price target of $109.07.

Consolidated Edison Stock Performance

Shares of ED opened at $107.49 on Thursday. The company has a 50-day moving average of $109.67 and a two-hundred day moving average of $109.76. The stock has a market cap of $39.75 billion, a price-to-earnings ratio of 17.65, a PEG ratio of 2.79 and a beta of 0.27. Consolidated Edison Inc has a one year low of $94.96 and a one year high of $116.23. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.27 and a quick ratio of 1.17.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 6th. The utilities provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.76 by $0.07. The business had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $3.60 billion. Consolidated Edison had a return on equity of 8.44% and a net margin of 12.53%.During the same quarter 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 expect that Consolidated Edison Inc will post 6.09 earnings per share for the current year.

Consolidated Edison Announces Dividend

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

About Consolidated Edison

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.