Consolidated Edison, Inc. (NYSE:ED) CFO Robert N. Hoglund bought 143 shares of Consolidated Edison stock in a transaction on Tuesday, June 30th. The stock was acquired at an average cost of $74.81 per share, with a total value of $10,697.83. Following the acquisition, the chief financial officer now owns 42,035 shares in the company, valued at approximately $3,144,638.35. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
ED opened at $71.71 on Friday. The company’s 50 day moving average is $73.35 and its 200 day moving average is $82.36. The company has a current ratio of 0.80, a quick ratio of 0.74 and a debt-to-equity ratio of 1.10. The company has a market cap of $23.96 billion, a price-to-earnings ratio of 16.60, a PEG ratio of 8.39 and a beta of 0.19. Consolidated Edison, Inc. has a 12-month low of $62.03 and a 12-month high of $95.10.
Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 7th. The utilities provider reported $1.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.43 by ($0.08). The business had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.60 billion. Consolidated Edison had a return on equity of 7.92% and a net margin of 10.53%. During the same quarter in the previous year, the business posted $1.39 earnings per share. As a group, analysts predict that Consolidated Edison, Inc. will post 4.28 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Wednesday, May 13th were given a dividend of $0.765 per share. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $3.06 annualized dividend and a yield of 4.27%. Consolidated Edison’s dividend payout ratio (DPR) is presently 70.02%.
ED has been the topic of a number of research analyst reports. Zacks Investment Research downgraded Consolidated Edison from a “hold” rating to a “sell” rating and set a $76.00 price target on the stock. in a report on Tuesday, June 23rd. Royal Bank of Canada reaffirmed a “hold” rating and set a $85.00 price target on shares of Consolidated Edison in a report on Thursday, April 30th. Credit Suisse Group reiterated a “sell” rating and issued a $76.00 price target on shares of Consolidated Edison in a research note on Friday, May 8th. Barclays lowered their price objective on shares of Consolidated Edison from $83.00 to $64.00 and set an “underweight” rating on the stock in a research report on Thursday, March 26th. Finally, Morgan Stanley dropped their target price on shares of Consolidated Edison from $77.00 to $71.00 and set an “underweight” rating on the stock in a report on Thursday, July 2nd. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $78.42.
A number of large investors have recently added to or reduced their stakes in ED. Golden State Wealth Management LLC purchased a new stake in Consolidated Edison in the first quarter worth about $26,000. Pacitti Group Inc. bought a new position in shares of Consolidated Edison during the 4th quarter valued at approximately $27,000. Gradient Investments LLC increased its holdings in Consolidated Edison by 269.0% in the 1st quarter. Gradient Investments LLC now owns 369 shares of the utilities provider’s stock worth $29,000 after acquiring an additional 269 shares in the last quarter. Balentine LLC purchased a new stake in Consolidated Edison in the 1st quarter worth approximately $29,000. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new stake in Consolidated Edison during the 4th quarter worth approximately $32,000. 59.88% of the stock is owned by institutional investors and hedge funds.
About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
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