Tredje AP fonden Invests $10.04 Million in Consolidated Edison Inc $ED

Tredje AP fonden purchased a new position in shares of Consolidated Edison Inc (NYSE:ED) in the 2nd quarter, Holdings Channel reports. The firm purchased 100,090 shares of the utilities provider’s stock, valued at approximately $10,044,000.

Other hedge funds also recently made changes to their positions in the company. AG2R LA Mondiale Gestion D Actifs bought a new position in shares of Consolidated Edison during the 1st quarter worth approximately $1,631,000. RDA Financial Network bought a new position in shares of Consolidated Edison during the 2nd quarter worth approximately $367,000. Nordea Investment Management AB grew its stake in shares of Consolidated Edison by 11.4% during the 2nd quarter. Nordea Investment Management AB now owns 19,850 shares of the utilities provider’s stock worth $1,973,000 after acquiring an additional 2,027 shares in the last quarter. Wesbanco Bank Inc. grew its stake in shares of Consolidated Edison by 39.8% during the 2nd quarter. Wesbanco Bank Inc. now owns 11,305 shares of the utilities provider’s stock worth $1,134,000 after acquiring an additional 3,218 shares in the last quarter. Finally, Jacobi Capital Management LLC boosted its holdings in shares of Consolidated Edison by 37.4% in the 1st quarter. Jacobi Capital Management LLC now owns 3,530 shares of the utilities provider’s stock valued at $390,000 after buying an additional 961 shares during the last quarter. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Trading Down 0.8%

Shares of Consolidated Edison stock opened at $97.44 on Friday. The business has a fifty day simple moving average of $98.94 and a two-hundred day simple moving average of $102.11. Consolidated Edison Inc has a 1 year low of $87.28 and a 1 year high of $114.87. The company has a market capitalization of $35.14 billion, a price-to-earnings ratio of 17.68, a P/E/G ratio of 2.70 and a beta of 0.32. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.10 and a quick ratio of 1.01.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.01. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%.The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter last year, the firm posted $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Research analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Wednesday, November 19th will be issued a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, November 19th. This represents a $3.40 annualized dividend and a yield of 3.5%. Consolidated Edison’s dividend payout ratio (DPR) is currently 61.71%.

Analyst Ratings Changes

Several research firms have recently commented on ED. Wells Fargo & Company raised Consolidated Edison to a “hold” rating in a report on Tuesday, October 28th. KeyCorp increased their price objective on Consolidated Edison from $88.00 to $90.00 and gave the company an “underweight” rating in a report on Wednesday, October 15th. Evercore ISI began coverage on Consolidated Edison in a report on Tuesday, October 7th. They issued an “in-line” rating and a $106.00 price objective for the company. New Street Research set a $106.00 price objective on Consolidated Edison in a report on Monday, October 6th. Finally, Scotiabank increased their price objective on Consolidated Edison from $101.00 to $106.00 and gave the company a “sector perform” rating in a report on Monday, August 11th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, Consolidated Edison has an average rating of “Reduce” and an average target price of $105.08.

Consolidated Edison Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 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 1,530 customers in parts of Manhattan.