State Board of Administration of Florida Retirement System lifted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 440,464 shares of the utilities provider’s stock after purchasing an additional 580 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Consolidated Edison were worth $37,356,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in ED. Shufro Rose & Co. LLC increased its stake in Consolidated Edison by 2.8% in the first quarter. Shufro Rose & Co. LLC now owns 7,332 shares of the utilities provider’s stock valued at $622,000 after purchasing an additional 200 shares in the last quarter. Stevens Capital Management LP bought a new stake in Consolidated Edison in the first quarter valued at approximately $907,000. Candriam Luxembourg S.C.A. increased its stake in Consolidated Edison by 9.9% in the first quarter. Candriam Luxembourg S.C.A. now owns 145,846 shares of the utilities provider’s stock valued at $12,370,000 after purchasing an additional 13,122 shares in the last quarter. Joseph P. Lucia & Associates LLC bought a new stake in Consolidated Edison in the first quarter valued at approximately $9,767,000. Finally, Savant Capital LLC increased its stake in Consolidated Edison by 6.7% in the first quarter. Savant Capital LLC now owns 7,961 shares of the utilities provider’s stock valued at $675,000 after purchasing an additional 500 shares in the last quarter. Institutional investors own 59.57% of the company’s stock.
ED has been the subject of several research reports. Zacks Investment Research downgraded shares of Consolidated Edison from a “hold” rating to a “sell” rating in a research report on Monday, January 14th. Bank of America downgraded shares of Consolidated Edison from a “buy” rating to a “neutral” rating in a research report on Friday, January 18th. Morgan Stanley increased their price objective on shares of Consolidated Edison from $78.00 to $81.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 12th. Evercore ISI downgraded shares of Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $78.07 price objective for the company. in a research report on Tuesday, February 12th. Finally, Credit Suisse Group increased their price objective on shares of Consolidated Edison from $77.00 to $78.00 and gave the stock an “underperform” rating in a research report on Monday, February 25th. Five analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. Consolidated Edison presently has a consensus rating of “Hold” and a consensus price target of $78.42.
Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $1.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.04. Consolidated Edison had a net margin of 11.03% and a return on equity of 8.31%. The business had revenue of $3.51 billion during the quarter, compared to analysts’ expectations of $3.39 billion. During the same quarter in the prior year, the company posted $1.38 earnings per share. On average, research analysts anticipate that Consolidated Edison, Inc. will post 4.35 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Wednesday, May 15th will be issued a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s payout ratio is 68.52%.
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Consolidated Edison 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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