Commonwealth of Pennsylvania Public School Empls Retrmt SYS Raises Stake in Consolidated Edison, Inc. (NYSE:ED)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 6.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 695,377 shares of the utilities provider’s stock after buying an additional 43,234 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS owned about 0.20% of Consolidated Edison worth $63,147,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Diversified Trust Co raised its stake in Consolidated Edison by 140.8% during the 4th quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock valued at $3,361,000 after acquiring an additional 21,604 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Consolidated Edison by 3.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 418,244 shares of the utilities provider’s stock valued at $38,897,000 after acquiring an additional 12,953 shares during the period. Corient Private Wealth LLC grew its stake in shares of Consolidated Edison by 4.6% in the 4th quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock valued at $15,958,000 after purchasing an additional 7,725 shares during the period. abrdn plc increased its holdings in shares of 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 buying an additional 72,273 shares in the last quarter. Finally, UBS Group AG raised its stake in shares of Consolidated Edison by 14.7% in the fourth quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock worth $44,437,000 after acquiring an additional 62,519 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Argus upgraded Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Scotiabank reduced their price objective 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. Barclays raised their price target on shares of Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 7th. Morgan Stanley cut their price target on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a report on Monday, June 24th. Finally, Wells Fargo & Company raised their target price on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $89.27.

Consolidated Edison Trading Up 1.4 %

Consolidated Edison stock traded up $1.29 during trading hours on Tuesday, hitting $91.55. The company had a trading volume of 1,523,280 shares, compared to its average volume of 1,881,542. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99. The firm has a market cap of $31.66 billion, a P/E ratio of 17.57, a P/E/G ratio of 2.34 and a beta of 0.34. The company has a 50-day moving average price of $92.43 and a two-hundred day moving average price of $91.08. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $98.85.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.26. The company had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The firm’s quarterly revenue was down 2.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.83 EPS. On average, sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.33 earnings per share for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th were given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date was Tuesday, May 14th. Consolidated Edison’s payout ratio is presently 63.72%.

About Consolidated Edison

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.