M&G Plc Makes New $1.65 Million Investment in Consolidated Edison, Inc. (NYSE:ED)

M&G Plc purchased a new stake in Consolidated Edison, Inc. (NYSE:ED) in the second quarter, Holdings Channel reports. The firm purchased 18,506 shares of the utilities provider’s stock, valued at approximately $1,647,000.

Several other large investors also recently added to or reduced their stakes in ED. Beacon Capital Management LLC raised its position in Consolidated Edison by 2,307.7% in the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 300 shares during the period. Raleigh Capital Management Inc. purchased a new position in Consolidated Edison during the fourth quarter worth about $29,000. Tidemark LLC acquired a new stake in shares of Consolidated Edison during the fourth quarter valued at about $29,000. Pathway Financial Advisers LLC purchased a new stake in shares of Consolidated Edison in the 1st quarter valued at approximately $33,000. Finally, Atlantic Edge Private Wealth Management LLC acquired a new position in shares of Consolidated Edison in the 4th quarter worth approximately $33,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Stock Down 0.3 %

Shares of Consolidated Edison stock traded down $0.35 during trading hours on Tuesday, hitting $101.59. The company had a trading volume of 1,505,442 shares, compared to its average volume of 1,885,258. The company’s 50-day moving average is $93.28 and its two-hundred day moving average is $91.94. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $105.99. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92. The company has a market cap of $35.13 billion, a P/E ratio of 19.57, a price-to-earnings-growth ratio of 2.56 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.03%. The business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the previous year, the firm earned $0.61 earnings per share. Analysts anticipate that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be given 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 3.27%. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

Analysts Set New Price Targets

Several research firms have recently commented on ED. Barclays raised their price target on Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research report on Monday, August 5th. Scotiabank dropped their target price on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. Guggenheim increased their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Mizuho lifted their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Finally, Bank of America raised their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and a consensus price target of $91.81.

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.