Consolidated Edison (ED) Downgraded by ValuEngine to Hold
ValuEngine lowered shares of Consolidated Edison (NYSE:ED) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.
A number of other research firms have also weighed in on ED. Zacks Investment Research raised shares of Consolidated Edison from a hold rating to a buy rating and set a $98.00 target price on the stock in a report on Tuesday, November 14th. Guggenheim reissued a hold rating and set a $88.00 target price on shares of Consolidated Edison in a report on Wednesday, January 3rd. JPMorgan Chase & Co. assumed coverage on shares of Consolidated Edison in a report on Friday, January 12th. They set an underweight rating and a $78.00 target price on the stock. UBS Group assumed coverage on shares of Consolidated Edison in a report on Friday, February 2nd. They set a neutral rating and a $80.00 target price on the stock. Finally, Morgan Stanley reduced their target price on shares of Consolidated Edison from $80.00 to $74.00 and set an underweight rating on the stock in a report on Tuesday, February 13th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $81.32.
Shares of Consolidated Edison (NYSE:ED) opened at $75.24 on Wednesday. Consolidated Edison has a 1-year low of $73.73 and a 1-year high of $89.70. The company has a current ratio of 0.72, a quick ratio of 0.65 and a debt-to-equity ratio of 0.96. The firm has a market cap of $23,354.27, a P/E ratio of 18.26, a price-to-earnings-growth ratio of 4.41 and a beta of 0.10.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Wednesday, February 14th will be paid a $0.715 dividend. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.69. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date is Tuesday, February 13th. Consolidated Edison’s dividend payout ratio is currently 57.89%.
Several large investors have recently bought and sold shares of the company. BlackRock Inc. boosted its stake in shares of Consolidated Edison by 2.7% in the 4th quarter. BlackRock Inc. now owns 25,916,294 shares of the utilities provider’s stock valued at $2,201,589,000 after purchasing an additional 680,592 shares during the last quarter. APG Asset Management N.V. boosted its stake in shares of Consolidated Edison by 28.4% in the 4th quarter. APG Asset Management N.V. now owns 5,209,155 shares of the utilities provider’s stock valued at $368,519,000 after purchasing an additional 1,153,600 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Consolidated Edison by 4.5% in the 4th quarter. Geode Capital Management LLC now owns 3,431,426 shares of the utilities provider’s stock valued at $290,908,000 after purchasing an additional 147,170 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of Consolidated Edison by 5.2% in the 3rd quarter. Legal & General Group Plc now owns 2,930,589 shares of the utilities provider’s stock valued at $236,432,000 after purchasing an additional 144,652 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of Consolidated Edison by 25.3% in the 3rd quarter. Janus Henderson Group PLC now owns 2,883,134 shares of the utilities provider’s stock valued at $232,610,000 after purchasing an additional 582,457 shares during the last quarter. 55.81% of the stock is currently owned by institutional investors.
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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).
To view ValuEngine’s full report, visit ValuEngine’s official website.
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