Procyon Advisors LLC Reduces Position in Consolidated Edison Inc $ED

Procyon Advisors LLC trimmed its position in Consolidated Edison Inc (NYSE:ED) by 66.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,579 shares of the utilities provider’s stock after selling 13,137 shares during the quarter. Procyon Advisors LLC’s holdings in Consolidated Edison were worth $653,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Consolidated Edison by 13.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,819 shares of the utilities provider’s stock worth $7,320,000 after buying an additional 8,562 shares during the last quarter. Bryce Point Capital LLC purchased a new position in shares of Consolidated Edison in the 3rd quarter valued at about $556,000. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Consolidated Edison by 3.0% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,028,686 shares of the utilities provider’s stock valued at $103,404,000 after acquiring an additional 29,606 shares during the last quarter. Nuance Investments LLC acquired a new stake in shares of Consolidated Edison during the 3rd quarter worth about $4,017,000. Finally, Caprock Group LLC acquired a new stake in shares of Consolidated Edison during the 3rd quarter worth about $2,586,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ED has been the subject of a number of research analyst reports. Morgan Stanley reaffirmed an “underweight” rating and issued a $102.00 price target on shares of Consolidated Edison in a report on Friday, February 20th. UBS Group raised their price objective on shares of Consolidated Edison from $108.00 to $112.00 and gave the stock a “neutral” rating in a report on Friday, January 23rd. TD Cowen boosted their price objective on shares of Consolidated Edison from $105.00 to $112.00 and gave the stock a “hold” rating in a research report on Tuesday, February 24th. JPMorgan Chase & Co. upped their target price on shares of Consolidated Edison from $107.00 to $113.00 and gave the company an “underweight” rating in a report on Thursday, March 12th. Finally, Barclays increased their target price on shares of Consolidated Edison from $100.00 to $110.00 and gave the company an “underweight” rating in a research report on Tuesday, February 24th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat, Consolidated Edison currently has an average rating of “Reduce” and a consensus target price of $108.80.

Insider Buying and Selling

In other Consolidated Edison news, SVP Deneen L. Donnley sold 1,922 shares of Consolidated Edison stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $113.94, for a total value of $218,992.68. Following the transaction, the senior vice president directly owned 32,453 shares in the company, valued at approximately $3,697,694.82. The trade was a 5.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

Consolidated Edison Price Performance

Shares of NYSE ED opened at $108.98 on Tuesday. The stock has a market cap of $39.37 billion, a P/E ratio of 19.29, a P/E/G ratio of 2.79 and a beta of 0.38. Consolidated Edison Inc has a twelve month low of $94.96 and a twelve month high of $116.23. The stock has a 50 day moving average of $109.14 and a two-hundred day moving average of $102.53. The company has a current ratio of 1.02, a quick ratio of 0.94 and a debt-to-equity ratio of 1.06.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, February 19th. The utilities provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The business had revenue of $4 billion for the quarter, compared to analyst estimates of $3.71 billion. Consolidated Edison had a net margin of 11.95% and a return on equity of 8.50%. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period last year, the firm posted $0.98 earnings per share. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. On average, research analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Wednesday, February 18th were given a dividend of $0.8875 per share. This represents a $3.55 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Wednesday, February 18th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.85. Consolidated Edison’s payout ratio is 62.83%.

Consolidated Edison Company 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.