Vanguard Group Inc. grew its holdings in Consolidated Edison, Inc. (NYSE:ED) by 3.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,943,155 shares of the utilities provider’s stock after purchasing an additional 781,260 shares during the period. Vanguard Group Inc. owned about 0.08% of Consolidated Edison worth $2,362,375,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of ED. Dimensional Fund Advisors LP raised its holdings in shares of Consolidated Edison by 11.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 796,222 shares of the utilities provider’s stock valued at $60,879,000 after purchasing an additional 79,173 shares during the last quarter. Interactive Financial Advisors acquired a new stake in shares of Consolidated Edison in the first quarter valued at approximately $34,000. ETF Managers Group LLC acquired a new stake in shares of Consolidated Edison in the first quarter valued at approximately $329,000. TD Asset Management Inc. raised its holdings in shares of Consolidated Edison by 5.5% in the first quarter. TD Asset Management Inc. now owns 124,462 shares of the utilities provider’s stock valued at $10,556,000 after purchasing an additional 6,484 shares during the last quarter. Finally, Keybank National Association OH raised its holdings in shares of Consolidated Edison by 31.9% in the first quarter. Keybank National Association OH now owns 16,731 shares of the utilities provider’s stock valued at $1,419,000 after purchasing an additional 4,043 shares during the last quarter. Institutional investors own 59.75% of the company’s stock.
A number of analysts have recently issued reports on the stock. KeyCorp assumed coverage on shares of Consolidated Edison in a report on Tuesday, June 4th. They issued a “sector weight” rating on the stock. ValuEngine downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Morgan Stanley lowered their target price on shares of Consolidated Edison from $93.00 to $91.00 and set an “underweight” rating on the stock in a report on Friday, August 16th. Credit Suisse Group lowered their target price on shares of Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating on the stock in a report on Thursday, August 8th. Finally, Barclays restated a “hold” rating and set a $90.00 target price on shares of Consolidated Edison in a report on Thursday, June 20th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $84.91.
Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 1st. The utilities provider reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.02). Consolidated Edison had a return on equity of 8.04% and a net margin of 10.71%. The firm had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same quarter in the previous year, the firm posted $0.61 earnings per share. Equities research analysts predict that Consolidated Edison, Inc. will post 4.34 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were issued a $0.74 dividend. The ex-dividend date was Tuesday, August 13th. This represents a $2.96 annualized dividend and a dividend yield of 3.21%. Consolidated Edison’s dividend payout ratio is currently 68.52%.
Consolidated Edison 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 3.5 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 1,622 customers in parts of Manhattan.
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