Consolidated Edison, Inc. (ED) Receives $74.14 Consensus Target Price from Brokerages
Shares of Consolidated Edison, Inc. (NYSE:ED) have earned an average rating of “Hold” from the thirteen ratings firms that are covering the stock. Four analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and one has given a buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $74.14.
Several research firms have recently commented on ED. Royal Bank of Canada reiterated a “hold” rating and issued a $77.00 price target on shares of Consolidated Edison in a research report on Wednesday, January 4th. Zacks Investment Research lowered shares of Consolidated Edison from a “hold” rating to a “sell” rating in a research report on Wednesday, January 11th. Jefferies Group LLC lowered their price target on shares of Consolidated Edison from $82.50 to $81.50 and set a “buy” rating on the stock in a research report on Tuesday, February 21st. Credit Suisse Group AG began coverage on shares of Consolidated Edison in a research report on Wednesday, January 25th. They issued an “underperform” rating and a $68.00 price target on the stock. Finally, Barclays PLC set a $76.00 price target on shares of Consolidated Edison and gave the company a “hold” rating in a research report on Saturday, February 18th.
A number of institutional investors have recently bought and sold shares of ED. Norges Bank bought a new position in Consolidated Edison during the fourth quarter worth $242,900,000. State Street Corp increased its position in Consolidated Edison by 4.5% in the fourth quarter. State Street Corp now owns 19,885,000 shares of the company’s stock worth $1,465,139,000 after buying an additional 852,401 shares in the last quarter. AQR Capital Management LLC increased its position in Consolidated Edison by 16.1% in the fourth quarter. AQR Capital Management LLC now owns 4,245,808 shares of the company’s stock worth $312,831,000 after buying an additional 588,602 shares in the last quarter. Asset Management One Co. Ltd. increased its position in Consolidated Edison by 1,995.1% in the fourth quarter. Asset Management One Co. Ltd. now owns 579,031 shares of the company’s stock worth $42,678,000 after buying an additional 551,393 shares in the last quarter. Finally, Russell Investments Group Ltd. bought a new position in Consolidated Edison during the fourth quarter worth $39,832,000. 53.92% of the stock is currently owned by institutional investors.
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Shares of Consolidated Edison (NYSE:ED) opened at 76.09 on Thursday. The stock has a market cap of $23.21 billion, a price-to-earnings ratio of 18.47 and a beta of 0.02. The stock’s 50 day moving average is $75.27 and its 200 day moving average is $73.78. Consolidated Edison has a 52-week low of $68.76 and a 52-week high of $81.88.
Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, February 16th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.03. Consolidated Edison had a net margin of 10.06% and a return on equity of 8.94%. The company earned $2.71 billion during the quarter, compared to analysts’ expectations of $2.74 billion. During the same period last year, the company posted $0.61 earnings per share. The firm’s quarterly revenue was up .0% compared to the same quarter last year. On average, equities analysts expect that Consolidated Edison will post $4.08 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Wednesday, February 15th were paid a dividend of $0.69 per share. The ex-dividend date was Monday, February 13th. This represents a $2.76 dividend on an annualized basis and a yield of 3.63%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.67. Consolidated Edison’s dividend payout ratio (DPR) is currently 68.32%.
About Consolidated Edison
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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