Investors Buy Consolidated Edison (ED) on Weakness
Traders purchased shares of Consolidated Edison, Inc. (NYSE:ED) on weakness during trading on Wednesday. $48.18 million flowed into the stock on the tick-up and $28.66 million flowed out of the stock on the tick-down, for a money net flow of $19.52 million into the stock. Of all stocks tracked, Consolidated Edison had the 27th highest net in-flow for the day. Consolidated Edison traded down ($0.11) for the day and closed at $87.98
Several brokerages have issued reports on ED. Zacks Investment Research downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. BidaskClub upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a report on Tuesday, August 22nd. Evercore ISI downgraded Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 price target for the company. in a report on Tuesday, September 26th. KeyCorp restated a “hold” rating on shares of Consolidated Edison in a report on Friday, October 20th. Finally, Bank of America began coverage on Consolidated Edison in a report on Tuesday, October 24th. They issued a “buy” rating and a $92.00 price target for the company. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $80.32.
The company has a quick ratio of 0.70, a current ratio of 0.79 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $27,800.77, a price-to-earnings ratio of 22.36, a PEG ratio of 7.30 and a beta of 0.10.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 15th will be issued a dividend of $0.69 per share. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.14%. Consolidated Edison’s payout ratio is presently 69.00%.
Several large investors have recently bought and sold shares of the stock. BlackRock Inc. grew its holdings in shares of Consolidated Edison by 1.8% during the second quarter. BlackRock Inc. now owns 24,544,339 shares of the utilities provider’s stock worth $1,983,672,000 after buying an additional 439,840 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Consolidated Edison by 2.4% during the second quarter. Vanguard Group Inc. now owns 21,821,324 shares of the utilities provider’s stock worth $1,763,600,000 after buying an additional 516,860 shares in the last quarter. APG Asset Management N.V. grew its holdings in shares of Consolidated Edison by 38.2% during the third quarter. APG Asset Management N.V. now owns 4,055,555 shares of the utilities provider’s stock worth $327,202,000 after buying an additional 1,121,200 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Consolidated Edison by 5.2% during the third quarter. Legal & General Group Plc now owns 2,930,589 shares of the utilities provider’s stock worth $236,432,000 after buying an additional 144,652 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in shares of Consolidated Edison by 25.3% during the third quarter. Janus Henderson Group PLC now owns 2,883,134 shares of the utilities provider’s stock worth $232,610,000 after buying an additional 582,457 shares in the last quarter. Institutional investors and hedge funds own 55.69% of the company’s stock.
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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), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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