Consolidated Edison Inc. (ED) Receives $75.33 Average PT from Analysts
Consolidated Edison Inc. (NYSE:ED) has been assigned a consensus rating of “Hold” from the eleven ratings firms that are currently covering the firm. Three investment analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and one has given a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $75.33.
A number of research firms have recently weighed in on ED. Barclays PLC lowered their price objective on Consolidated Edison from $80.00 to $77.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 21st. Vetr raised Consolidated Edison from a “strong sell” rating to a “sell” rating and set a $75.75 price objective for the company in a research report on Monday, July 18th. Mizuho raised their price objective on Consolidated Edison from $72.00 to $75.00 and gave the stock a “neutral” rating in a research report on Monday, August 8th. Jefferies Group raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $82.00 price objective for the company in a research report on Wednesday, September 14th. Finally, Goldman Sachs Group Inc. lowered their price objective on Consolidated Edison from $72.00 to $70.00 and set a “sell” rating for the company in a research report on Wednesday, September 14th.
Several institutional investors have recently added to or reduced their stakes in ED. LPL Financial LLC raised its position in Consolidated Edison by 4.1% in the first quarter. LPL Financial LLC now owns 230,617 shares of the company’s stock worth $17,469,000 after buying an additional 9,177 shares during the last quarter. Halsey Associates Inc. CT bought a new position in Consolidated Edison during the first quarter worth $207,000. Silvercrest Asset Management Group LLC raised its position in Consolidated Edison by 2.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 5,073 shares of the company’s stock worth $389,000 after buying an additional 100 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in Consolidated Edison during the first quarter worth $1,837,000. Finally, Envestnet Asset Management Inc. boosted its stake in Consolidated Edison by 275.2% in the first quarter. Envestnet Asset Management Inc. now owns 30,602 shares of the company’s stock worth $2,345,000 after buying an additional 22,445 shares during the period. Institutional investors and hedge funds own 54.62% of the company’s stock.
Shares of Consolidated Edison (NYSE:ED) opened at 70.69 on Tuesday. Consolidated Edison has a 12-month low of $60.30 and a 12-month high of $81.88. The firm’s 50-day moving average price is $74.08 and its 200 day moving average price is $75.90. The company has a market cap of $21.54 billion and a price-to-earnings ratio of 17.42.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Wednesday, November 16th will be paid a dividend of $0.67 per share. The ex-dividend date of this dividend is Monday, November 14th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.79%. Consolidated Edison’s payout ratio is currently 66.34%.
Consolidated Edison Company Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).
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