Kentucky Retirement Systems Has $2.38 Million Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Kentucky Retirement Systems cut its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 5.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 26,217 shares of the utilities provider’s stock after selling 1,404 shares during the quarter. Kentucky Retirement Systems’ holdings in Consolidated Edison were worth $2,381,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of ED. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Consolidated Edison by 3.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 418,244 shares of the utilities provider’s stock valued at $38,897,000 after acquiring an additional 12,953 shares in the last quarter. Corient Private Wealth LLC lifted its position in Consolidated Edison by 4.6% during the 4th quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock worth $15,958,000 after acquiring an additional 7,725 shares during the last quarter. abrdn plc boosted its holdings in Consolidated Edison by 30.2% during the fourth quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock valued at $28,373,000 after acquiring an additional 72,273 shares during the period. UBS Group AG grew its position in shares of Consolidated Edison by 14.7% in the fourth quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock valued at $44,437,000 after purchasing an additional 62,519 shares during the last quarter. Finally, Pacer Advisors Inc. increased its stake in shares of Consolidated Edison by 169.9% in the fourth quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock worth $5,487,000 after purchasing an additional 37,971 shares during the period. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Trading Up 0.2 %

ED stock traded up $0.19 during trading on Monday, hitting $96.63. The company had a trading volume of 351,789 shares, compared to its average volume of 1,865,496. The stock has a market cap of $33.42 billion, a price-to-earnings ratio of 18.51, a PEG ratio of 2.45 and a beta of 0.34. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. The firm has a 50-day moving average price of $92.02 and a 200-day moving average price of $91.17. Consolidated Edison, Inc. has a 12 month low of $80.46 and a 12 month high of $98.55.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.26. The business had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.83 earnings per share. As a group, analysts predict that Consolidated Edison, Inc. will post 5.32 earnings per share for the current year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $3.32 annualized dividend and a yield of 3.44%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ED. Morgan Stanley decreased their target price on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a research note on Monday, June 24th. Scotiabank lowered their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research note on Monday, April 22nd. Wells Fargo & Company boosted their target price on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. Argus upgraded shares of Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Finally, Mizuho upped their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $89.04.

Consolidated Edison Company 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.