Drive Wealth Management LLC Buys New Shares in Consolidated Edison Inc $ED

Drive Wealth Management LLC purchased a new stake in shares of Consolidated Edison Inc (NYSE:ED) during the second quarter, Holdings Channel reports. The fund purchased 2,403 shares of the utilities provider’s stock, valued at approximately $241,000.

Several other hedge funds have also recently made changes to their positions in the business. Alpine Bank Wealth Management bought a new stake in shares of Consolidated Edison during the 1st quarter valued at about $32,000. Capital Advisors Ltd. LLC increased its holdings in Consolidated Edison by 53.2% in the second quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider’s stock worth $32,000 after purchasing an additional 109 shares in the last quarter. Fort Vancouver Investment Management LLC acquired a new position in Consolidated Edison in the first quarter valued at approximately $33,000. Financial Network Wealth Advisors LLC bought a new position in shares of Consolidated Edison during the 1st quarter worth approximately $33,000. Finally, Cary Street Partners Investment Advisory LLC grew its position in shares of Consolidated Edison by 64.9% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider’s stock worth $34,000 after buying an additional 120 shares during the period. 66.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ED has been the topic of a number of research reports. Bank of America downgraded shares of Consolidated Edison from a “buy” rating to an “underperform” rating and dropped their target price for the company from $112.00 to $101.00 in a research report on Friday, August 15th. Scotiabank lifted their price target on shares of Consolidated Edison from $101.00 to $106.00 and gave the company a “sector perform” rating in a research note on Monday, August 11th. Barclays increased their price objective on shares of Consolidated Edison from $101.00 to $107.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 13th. Mizuho boosted their target price on Consolidated Edison from $107.00 to $112.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. Finally, New Street Research set a $106.00 price target on Consolidated Edison in a research note on Monday, October 6th. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat, Consolidated Edison presently has an average rating of “Reduce” and a consensus price target of $105.92.

Consolidated Edison Stock Up 0.6%

Consolidated Edison stock opened at $101.76 on Tuesday. The firm has a market capitalization of $36.70 billion, a price-to-earnings ratio of 18.47, a price-to-earnings-growth ratio of 2.82 and a beta of 0.32. The firm’s fifty day moving average price is $99.36 and its two-hundred day moving average price is $102.64. Consolidated Edison Inc has a 1-year low of $87.28 and a 1-year high of $114.87. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, topping 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 company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.39 billion. During the same quarter in the prior year, the business posted $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. On average, equities research analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Wednesday, November 19th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Wednesday, November 19th. Consolidated Edison’s dividend payout ratio (DPR) 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.