Procyon Advisors LLC Trims Stock Position in Consolidated Edison Inc $ED

Procyon Advisors LLC trimmed its stake in shares of Consolidated Edison Inc (NYSE:ED) by 66.6% in the fourth quarter, Holdings Channel reports. The fund owned 6,579 shares of the utilities provider’s stock after selling 13,137 shares during the period. Procyon Advisors LLC’s holdings in Consolidated Edison were worth $653,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of ED. JPL Wealth Management LLC acquired a new position in shares of Consolidated Edison in the third quarter valued at approximately $26,000. Aventura Private Wealth LLC acquired a new stake in shares of Consolidated Edison during the fourth quarter worth $27,000. Salomon & Ludwin LLC lifted its holdings in shares of Consolidated Edison by 270.4% during the third quarter. Salomon & Ludwin LLC now owns 300 shares of the utilities provider’s stock worth $30,000 after purchasing an additional 219 shares during the period. Turning Point Benefit Group Inc. purchased a new position in Consolidated Edison in the 3rd quarter valued at $32,000. Finally, Palisade Asset Management LLC purchased a new position in Consolidated Edison in the 3rd quarter valued at $37,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Consolidated Edison

In other Consolidated Edison news, SVP Deneen L. Donnley sold 1,922 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $113.94, for a total value of $218,992.68. Following the completion of the transaction, the senior vice president directly owned 32,453 shares of the company’s stock, valued at approximately $3,697,694.82. This trade represents a 5.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on ED. Wells Fargo & Company cut their price objective on shares of Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 20th. JPMorgan Chase & Co. lifted their target price on shares of Consolidated Edison from $107.00 to $113.00 and gave the company an “underweight” rating in a report on Thursday, March 12th. Mizuho set a $118.00 price target on shares of Consolidated Edison in a research note on Monday, February 23rd. Citigroup reissued a “buy” rating on shares of Consolidated Edison in a report on Monday, February 23rd. Finally, Barclays raised their price objective on shares of Consolidated Edison from $100.00 to $110.00 and gave the company an “underweight” rating in a research report on Tuesday, February 24th. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $108.80.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $108.98 on Tuesday. The company has a market cap of $39.37 billion, a P/E ratio of 19.29, a price-to-earnings-growth ratio of 2.79 and a beta of 0.38. Consolidated Edison Inc has a one year low of $94.96 and a one year high of $116.23. The business has a fifty day moving average of $109.14 and a two-hundred day moving average of $102.53. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.94 and a current ratio of 1.02.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, February 19th. The utilities provider reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The business had revenue of $4 billion for the quarter, compared to analysts’ expectations of $3.71 billion. Consolidated Edison had a net margin of 11.95% and a return on equity of 8.50%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.98 EPS. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. As a group, analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Wednesday, February 18th were given a dividend of $0.8875 per share. The ex-dividend date was Wednesday, February 18th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.85. This represents a $3.55 annualized dividend and a yield of 3.3%. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.83%.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.