Consolidated Edison Inc (ED) Price Target Raised to $80.00
Consolidated Edison Inc (NYSE:ED) had its target price increased by Morgan Stanley from $78.00 to $80.00 in a report published on Friday morning. Morgan Stanley currently has an underweight rating on the utilities provider’s stock.
A number of other research analysts have also commented on the stock. Zacks Investment Research upgraded shares of Consolidated Edison from a hold rating to a buy rating and set a $89.00 price target on the stock in a research note on Thursday, May 18th. BMO Capital Markets reiterated a hold rating and issued a $80.00 price target on shares of Consolidated Edison in a research note on Monday, May 15th. BidaskClub lowered shares of Consolidated Edison from a strong-buy rating to a buy rating in a research note on Saturday, June 24th. Finally, Jefferies Group LLC reiterated a hold rating and issued a $83.50 price target on shares of Consolidated Edison in a research note on Thursday, August 31st. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $77.27.
Consolidated Edison (NYSE ED) opened at 86.05 on Friday. The company has a market cap of $26.30 billion, a PE ratio of 20.82 and a beta of 0.09. Consolidated Edison has a 52 week low of $68.76 and a 52 week high of $86.15. The firm’s 50-day moving average is $83.48 and its 200-day moving average is $80.78.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing the Zacks’ consensus estimate of $0.61 by $0.03. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. The company had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same quarter last year, the company posted $0.60 EPS. On average, analysts expect that Consolidated Edison will post $4.09 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date is Monday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.67%.
In other news, CEO Joseph P. Oates sold 1,908 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total transaction of $160,023.96. Following the completion of the sale, the chief executive officer now owns 24,017 shares of the company’s stock, valued at approximately $2,014,305.79. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have bought 471 shares of company stock valued at $39,202. 0.20% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of the company. Fiera Capital Corp lifted its holdings in shares of Consolidated Edison by 0.3% during the 2nd quarter. Fiera Capital Corp now owns 4,895 shares of the utilities provider’s stock worth $395,000 after acquiring an additional 13 shares during the period. Sabal Trust CO lifted its holdings in shares of Consolidated Edison by 0.6% during the 2nd quarter. Sabal Trust CO now owns 2,715 shares of the utilities provider’s stock worth $219,000 after acquiring an additional 15 shares during the period. Teacher Retirement System of Texas lifted its holdings in shares of Consolidated Edison by 0.6% during the 2nd quarter. Teacher Retirement System of Texas now owns 3,186 shares of the utilities provider’s stock worth $257,000 after acquiring an additional 18 shares during the period. Financial Architects Inc lifted its holdings in shares of Consolidated Edison by 0.6% during the 2nd quarter. Financial Architects Inc now owns 3,378 shares of the utilities provider’s stock worth $273,000 after acquiring an additional 19 shares during the period. Finally, Cleararc Capital Inc. lifted its holdings in shares of Consolidated Edison by 0.3% during the 1st quarter. Cleararc Capital Inc. now owns 7,446 shares of the utilities provider’s stock worth $578,000 after acquiring an additional 21 shares during the period. 55.09% of the stock is owned by institutional investors.
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), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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