Analysts Set Consolidated Edison, Inc. (NYSE:ED) Target Price at $75.08
Consolidated Edison, Inc. (NYSE:ED) has been assigned a consensus recommendation of “Hold” from the fourteen research firms that are covering the company, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and one has given a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $75.08.
ED has been the subject of a number of analyst reports. Royal Bank of Canada lowered their target price on shares of Consolidated Edison from $80.00 to $77.00 and set a “sector perform” rating for the company in a research note on Friday, January 22nd. Morgan Stanley boosted their target price on shares of Consolidated Edison from $65.00 to $67.00 and gave the stock an “underweight” rating in a research note on Thursday, March 25th. TheStreet downgraded shares of Consolidated Edison from a “b-” rating to a “c” rating in a research note on Monday, March 22nd. Evercore ISI downgraded shares of Consolidated Edison from an “in-line” rating to an “underperform” rating in a research note on Thursday, January 21st. Finally, Mizuho lowered their target price on shares of Consolidated Edison from $71.00 to $68.00 and set a “neutral” rating for the company in a research note on Friday, January 22nd. They noted that the move was a valuation call.
Shares of Consolidated Edison stock traded up $0.27 during trading hours on Monday, reaching $75.58. 14,932 shares of the company were exchanged, compared to its average volume of 2,806,540. Consolidated Edison has a 1 year low of $65.56 and a 1 year high of $90.00. The stock’s fifty day moving average is $70.81 and its 200 day moving average is $74.07. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.54 and a current ratio of 0.59. The firm has a market cap of $25.88 billion, a PE ratio of 18.64, a PEG ratio of 7.80 and a beta of 0.11.
The firm also recently announced a quarterly dividend, which was paid on Monday, March 15th. Stockholders of record on Wednesday, February 17th were paid a dividend of $0.775 per share. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.77. The ex-dividend date was Tuesday, February 16th. This represents a $3.10 annualized dividend and a dividend yield of 4.10%. Consolidated Edison’s dividend payout ratio is 70.94%.
Institutional investors and hedge funds have recently made changes to their positions in the company. LPL Financial LLC boosted its stake in shares of Consolidated Edison by 5.4% during the fourth quarter. LPL Financial LLC now owns 180,204 shares of the utilities provider’s stock worth $13,023,000 after buying an additional 9,186 shares during the period. Verition Fund Management LLC purchased a new position in Consolidated Edison during the fourth quarter worth about $1,556,000. ExodusPoint Capital Management LP purchased a new position in Consolidated Edison during the fourth quarter worth about $3,152,000. Illinois Municipal Retirement Fund raised its holdings in Consolidated Edison by 206.8% during the fourth quarter. Illinois Municipal Retirement Fund now owns 20,424 shares of the utilities provider’s stock worth $1,476,000 after purchasing an additional 13,767 shares in the last quarter. Finally, G&S Capital LLC raised its holdings in Consolidated Edison by 16.6% during the fourth quarter. G&S Capital LLC now owns 6,887 shares of the utilities provider’s stock worth $498,000 after purchasing an additional 982 shares in the last quarter. Institutional investors and hedge funds own 62.44% of the company’s stock.
Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,576 customers in parts of Manhattan.
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