Modern Wealth Management LLC Boosts Stock Holdings in Consolidated Edison Inc $ED

Modern Wealth Management LLC grew its position in shares of Consolidated Edison Inc (NYSE:ED) by 15.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,986 shares of the utilities provider’s stock after purchasing an additional 392 shares during the quarter. Modern Wealth Management LLC’s holdings in Consolidated Edison were worth $330,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Alpine Bank Wealth Management purchased a new position in shares of Consolidated Edison during the first quarter worth about $32,000. Fort Vancouver Investment Management LLC purchased a new position in shares of Consolidated Edison during the first quarter worth about $33,000. Financial Network Wealth Advisors LLC purchased a new position in shares of Consolidated Edison during the first quarter worth about $33,000. Cary Street Partners Investment Advisory LLC grew its holdings in shares of Consolidated Edison by 64.9% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider’s stock worth $34,000 after purchasing an additional 120 shares during the last quarter. Finally, Wood Tarver Financial Group LLC purchased a new position in shares of Consolidated Edison during the fourth quarter worth about $35,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

ED stock opened at $96.98 on Tuesday. The firm has a 50 day moving average of $100.86 and a 200-day moving average of $103.90. Consolidated Edison Inc has a 12-month low of $87.28 and a 12-month high of $114.87. 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 has a market cap of $34.98 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 2.71 and a beta of 0.28.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.39 billion. During the same period last year, the firm earned $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. As a group, equities analysts expect that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th were given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Wednesday, August 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 61.71%.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. KeyCorp reaffirmed an “overweight” rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Barclays raised their price target on Consolidated Edison from $101.00 to $107.00 and gave the stock an “underweight” rating in a report on Wednesday, August 13th. Scotiabank raised their price target on Consolidated Edison from $101.00 to $106.00 and gave the stock a “sector perform” rating in a report on Monday, August 11th. Morgan Stanley reissued an “underweight” rating on shares of Consolidated Edison in a report on Thursday, August 21st. Finally, Mizuho raised their price target on Consolidated Edison from $107.00 to $112.00 and gave the stock an “outperform” rating in a report on Friday, August 8th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $105.82.

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.