AMF Tjanstepension AB Acquires 56,535 Shares of Consolidated Edison Inc $ED

AMF Tjanstepension AB raised its stake in Consolidated Edison Inc (NYSE:ED) by 24.6% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 286,622 shares of the utilities provider’s stock after acquiring an additional 56,535 shares during the period. AMF Tjanstepension AB’s holdings in Consolidated Edison were worth $28,780,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Merit Financial Group LLC increased its holdings in Consolidated Edison by 16.8% during the 1st quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider’s stock worth $1,180,000 after purchasing an additional 1,533 shares in the last quarter. Ritholtz Wealth Management acquired a new position in shares of Consolidated Edison during the first quarter worth about $227,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Consolidated Edison by 2.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider’s stock worth $27,649,000 after buying an additional 6,869 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new stake in Consolidated Edison in the 1st quarter valued at approximately $217,000. Finally, AG2R LA Mondiale Gestion D Actifs bought a new stake in Consolidated Edison in the 1st quarter valued at approximately $1,631,000. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Price Performance

Shares of ED opened at $98.83 on Friday. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04. The company’s fifty day simple moving average is $99.95 and its 200 day simple moving average is $103.29. Consolidated Edison Inc has a 1-year low of $87.28 and a 1-year high of $114.87. The company has a market cap of $35.64 billion, a price-to-earnings ratio of 17.94, a PEG ratio of 2.71 and a beta of 0.32.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.39 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. 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. On average, research analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th were paid a $0.85 dividend. The ex-dividend date was Wednesday, August 13th. This represents a $3.40 annualized dividend and a yield of 3.4%. Consolidated Edison’s dividend payout ratio is currently 61.71%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Barclays raised their price target on shares of Consolidated Edison from $101.00 to $107.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 13th. Mizuho increased their target price on shares of Consolidated Edison from $107.00 to $112.00 and gave the stock an “outperform” rating in a report on Friday, August 8th. KeyCorp reaffirmed an “overweight” rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Bank of America cut shares of Consolidated Edison from a “buy” rating to an “underperform” rating and cut their price target for the stock from $112.00 to $101.00 in a research report on Friday, August 15th. Finally, Scotiabank increased their price objective on shares of Consolidated Edison from $101.00 to $106.00 and gave the stock a “sector perform” rating in a research note on Monday, August 11th. Four research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Consolidated Edison currently has a consensus rating of “Hold” and an average price target of $105.91.

About Consolidated Edison

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.