Rakuten Investment Management Inc. Purchases New Holdings in Consolidated Edison Inc $ED

Rakuten Investment Management Inc. acquired a new stake in shares of Consolidated Edison Inc (NYSE:ED) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 601,840 shares of the utilities provider’s stock, valued at approximately $60,497,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Consolidated Edison in the second quarter valued at approximately $462,218,000. Vanguard Group Inc. increased its stake in Consolidated Edison by 4.5% in the 2nd quarter. Vanguard Group Inc. now owns 45,040,811 shares of the utilities provider’s stock valued at $4,519,845,000 after buying an additional 1,923,717 shares during the period. Qube Research & Technologies Ltd increased its stake in Consolidated Edison by 2,190.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 978,160 shares of the utilities provider’s stock valued at $98,158,000 after buying an additional 935,463 shares during the period. Robeco Institutional Asset Management B.V. raised its position in Consolidated Edison by 103.7% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,327,643 shares of the utilities provider’s stock worth $133,229,000 after buying an additional 675,852 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Consolidated Edison by 6.1% in the 2nd quarter. Geode Capital Management LLC now owns 9,796,782 shares of the utilities provider’s stock worth $979,204,000 after acquiring an additional 566,358 shares during the period. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Morgan Stanley set a $92.00 price target on shares of Consolidated Edison in a research note on Tuesday, December 16th. Royal Bank Of Canada began coverage on Consolidated Edison in a report on Wednesday, January 7th. They issued a “sector perform” rating and a $114.00 price objective on the stock. TD Cowen started coverage on Consolidated Edison in a research note on Friday, January 9th. They issued a “hold” rating and a $105.00 price target on the stock. JPMorgan Chase & Co. cut their price objective on Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating for the company in a research report on Friday, December 12th. Finally, New Street Research set a $106.00 target price on Consolidated Edison in a report on Monday, October 6th. Three research analysts have rated the stock with a Buy rating, eight have given a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $103.27.

Insider Buying and Selling

In other Consolidated Edison news, Director John F. Killian sold 2,276 shares of the firm’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $96.89, for a total transaction of $220,521.64. Following the completion of the transaction, the director directly owned 38,661 shares in the company, valued at approximately $3,745,864.29. This trade represents a 5.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.17% of the company’s stock.

Consolidated Edison Stock Performance

NYSE ED opened at $104.98 on Wednesday. The business has a 50 day moving average price of $99.50 and a 200 day moving average price of $99.87. The company has a market capitalization of $37.89 billion, a P/E ratio of 18.35, a PEG ratio of 2.83 and a beta of 0.39. Consolidated Edison Inc has a 1-year low of $90.35 and a 1-year high of $114.87. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.08 and a quick ratio of 0.97.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 6th. The utilities provider reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.14. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.27%.The company had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the previous year, the business earned $1.68 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. Sell-side analysts expect that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

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.