Legal & General Group Plc Purchases New Holdings in Consolidated Edison Inc $ED

Legal & General Group Plc purchased a new position in shares of Consolidated Edison Inc (NYSE:ED) during the second quarter, Holdings Channel reports. The institutional investor purchased 4,468,517 shares of the utilities provider’s stock, valued at approximately $494,352,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Basepoint Wealth LLC purchased a new stake in shares of Consolidated Edison during the 4th quarter valued at $26,000. JPL Wealth Management LLC bought a new stake in shares of Consolidated Edison during the 3rd quarter worth $26,000. Sachetta LLC boosted its holdings in shares of Consolidated Edison by 72.9% in the 1st quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock worth $27,000 after buying an additional 102 shares during the last quarter. Aberdeen Wealth Management LLC purchased a new position in shares of Consolidated Edison in the 2nd quarter worth about $27,000. Finally, Keating Financial Advisory Services Inc. bought a new position in Consolidated Edison during the second quarter valued at about $30,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Down 0.5%

Shares of ED opened at $107.15 on Wednesday. The business has a 50-day moving average of $109.94 and a 200 day moving average of $109.91. Consolidated Edison Inc has a fifty-two week low of $94.96 and a fifty-two week high of $116.23. The firm has a market cap of $39.63 billion, a P/E ratio of 17.59, a price-to-earnings-growth ratio of 2.73 and a beta of 0.27. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.17 and a current ratio of 1.27.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 6th. The utilities provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.76 by $0.07. The business had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $3.60 billion. Consolidated Edison had a net margin of 12.53% and a return on equity of 8.44%. During the same period in the prior year, the firm earned $0.67 earnings per share. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. As a group, research analysts forecast that Consolidated Edison Inc will post 6.09 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be issued a dividend of $0.8875 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 dividend on an annualized basis and a yield of 3.3%. Consolidated Edison’s payout ratio is presently 58.29%.

Wall Street Analysts Forecast Growth

ED has been the subject of a number of research analyst reports. Evercore reaffirmed a “positive” rating and issued a $112.00 price objective on shares of Consolidated Edison in a research report on Monday, August 17th. The Goldman Sachs Group reissued a “sell” rating and set a $105.00 target price on shares of Consolidated Edison in a research report on Thursday, May 14th. KeyCorp decreased their price target on shares of Consolidated Edison from $97.00 to $94.00 and set an “underweight” rating for the company in a research note on Thursday, July 23rd. Wells Fargo & Company lifted their price target on shares of Consolidated Edison from $106.00 to $108.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. Finally, Argus set a $112.00 price objective on Consolidated Edison in a research note on Tuesday, June 23rd. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and six have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $108.93.

Consolidated Edison Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.