Texas Permanent School Fund lessened its holdings in Consolidated Edison, Inc. (NYSE:ED) by 0.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,464 shares of the utilities provider’s stock after selling 185 shares during the period. Texas Permanent School Fund’s holdings in Consolidated Edison were worth $5,298,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in ED. Millennium Management LLC increased its stake in Consolidated Edison by 2,195.8% during the 4th quarter. Millennium Management LLC now owns 1,142,312 shares of the utilities provider’s stock worth $87,341,000 after buying an additional 1,092,555 shares in the last quarter. Raymond James & Associates increased its stake in Consolidated Edison by 4.2% during the 4th quarter. Raymond James & Associates now owns 165,079 shares of the utilities provider’s stock worth $12,622,000 after buying an additional 6,653 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in Consolidated Edison by 18.2% during the 4th quarter. Public Employees Retirement System of Ohio now owns 150,692 shares of the utilities provider’s stock worth $11,522,000 after buying an additional 23,201 shares in the last quarter. Arvest Bank Trust Division purchased a new stake in Consolidated Edison during the 1st quarter worth approximately $209,000. Finally, Vanguard Group Inc increased its stake in Consolidated Edison by 1.5% during the 3rd quarter. Vanguard Group Inc now owns 23,911,264 shares of the utilities provider’s stock worth $1,821,799,000 after buying an additional 356,339 shares in the last quarter. Hedge funds and other institutional investors own 59.57% of the company’s stock.
Several research analysts have recently weighed in on the company. Credit Suisse Group boosted their target price on Consolidated Edison from $77.00 to $78.00 and gave the stock an “underperform” rating in a report on Monday, February 25th. ValuEngine upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a report on Friday, March 1st. Bank of America upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $96.00 to $94.00 in a report on Friday, April 26th. They noted that the move was a valuation call. Zacks Investment Research cut Consolidated Edison from a “buy” rating to a “hold” rating in a report on Monday, February 25th. Finally, Morgan Stanley boosted their target price on Consolidated Edison from $78.00 to $81.00 and gave the stock an “underweight” rating in a report on Tuesday, February 12th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $78.42.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.04. Consolidated Edison had a return on equity of 8.31% and a net margin of 11.03%. The firm had revenue of $3.51 billion for the quarter, compared to analysts’ expectations of $3.39 billion. During the same period in the prior year, the firm posted $1.38 earnings per share. As a group, analysts anticipate that Consolidated Edison, Inc. will post 4.35 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Wednesday, May 15th will be issued a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is presently 68.52%.
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Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in 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 1,622 customers in parts of Manhattan.
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