Goldman Sachs Group Inc. Boosts Stock Position in Consolidated Edison Inc $ED

Goldman Sachs Group Inc. raised its position in Consolidated Edison Inc (NYSE:ED) by 8.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,944,993 shares of the utilities provider’s stock after purchasing an additional 155,211 shares during the period. Goldman Sachs Group Inc.’s holdings in Consolidated Edison were worth $215,097,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Merit Financial Group LLC raised its position in shares of Consolidated Edison by 16.8% in the first quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider’s stock valued at $1,180,000 after buying an additional 1,533 shares during the last quarter. Ritholtz Wealth Management purchased a new stake in Consolidated Edison in the 1st quarter worth approximately $227,000. Wealth Enhancement Advisory Services LLC raised its holdings in Consolidated Edison by 2.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider’s stock valued at $27,649,000 after acquiring an additional 6,869 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new position in Consolidated Edison in the 1st quarter valued at $217,000. Finally, GAMMA Investing LLC lifted its stake in shares of Consolidated Edison by 45.0% during the 1st quarter. GAMMA Investing LLC now owns 9,242 shares of the utilities provider’s stock worth $1,022,000 after purchasing an additional 2,869 shares during the period. 66.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Morgan Stanley reaffirmed an “underweight” rating on shares of Consolidated Edison in a research report on Thursday, August 21st. Scotiabank lifted their price target on Consolidated Edison from $101.00 to $106.00 and gave the company a “sector perform” rating in a report on Monday, August 11th. KeyCorp reiterated an “overweight” rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Mizuho boosted their target price on shares of Consolidated Edison from $107.00 to $112.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Finally, Bank of America lowered shares of Consolidated Edison from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $112.00 to $101.00 in a research report on Friday, August 15th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $105.82.

Consolidated Edison Stock Up 0.1%

Shares of NYSE:ED opened at $97.05 on Thursday. The stock has a 50-day simple moving average of $101.02 and a 200-day simple moving average of $103.91. The stock has a market capitalization of $35.00 billion, a P/E ratio of 17.61, a PEG ratio of 2.69 and a beta of 0.28. Consolidated Edison Inc has a 1 year low of $87.28 and a 1 year high of $114.87. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.10.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share 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 firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.39 billion. During the same period in the previous year, the company posted $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Equities analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, August 13th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.5%. The ex-dividend date is Wednesday, August 13th. Consolidated Edison’s dividend payout ratio is currently 61.71%.

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.