abrdn plc Increases Stock Position in Consolidated Edison, Inc. (NYSE:ED)

abrdn plc grew its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 30.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 311,894 shares of the utilities provider’s stock after acquiring an additional 72,273 shares during the period. abrdn plc owned about 0.09% of Consolidated Edison worth $28,373,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. J.W. Cole Advisors Inc. lifted its position in shares of Consolidated Edison by 97.4% during the 4th quarter. J.W. Cole Advisors Inc. now owns 15,877 shares of the utilities provider’s stock valued at $1,444,000 after acquiring an additional 7,832 shares during the period. Onyx Bridge Wealth Group LLC lifted its position in shares of Consolidated Edison by 9.1% during the 4th quarter. Onyx Bridge Wealth Group LLC now owns 9,854 shares of the utilities provider’s stock valued at $896,000 after acquiring an additional 818 shares during the period. Greenleaf Trust lifted its position in shares of Consolidated Edison by 31.0% during the 4th quarter. Greenleaf Trust now owns 7,405 shares of the utilities provider’s stock valued at $674,000 after acquiring an additional 1,754 shares during the period. Xponance Inc. raised its position in shares of Consolidated Edison by 0.4% during the 4th quarter. Xponance Inc. now owns 53,721 shares of the utilities provider’s stock worth $4,887,000 after purchasing an additional 196 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its position in shares of Consolidated Edison by 38.7% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 975 shares of the utilities provider’s stock worth $89,000 after purchasing an additional 272 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Up 1.0 %

Shares of Consolidated Edison stock opened at $92.73 on Tuesday. The company has a fifty day moving average price of $89.03 and a 200 day moving average price of $89.76. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $100.92. The stock has a market cap of $32.04 billion, a price-to-earnings ratio of 12.92, a price-to-earnings-growth ratio of 8.65 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The firm had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.70 billion. During the same quarter in the previous year, the business posted $0.81 EPS. The firm’s revenue was down 14.6% compared to the same quarter last year. Equities research analysts forecast that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.58%. Consolidated Edison’s dividend payout ratio is currently 46.24%.

Analyst Upgrades and Downgrades

ED has been the subject of several research reports. Scotiabank cut their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday. Barclays boosted their price target on Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. Royal Bank of Canada cut their price target on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a report on Friday, February 16th. LADENBURG THALM/SH SH began coverage on Consolidated Edison in a report on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 price target for the company. Finally, UBS Group cut their price target on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a report on Friday, February 16th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $87.54.

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.