Aviva PLC Cuts Stake in Consolidated Edison Inc $ED

Aviva PLC lessened its position in Consolidated Edison Inc (NYSE:ED) by 6.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 496,351 shares of the utilities provider’s stock after selling 35,197 shares during the period. Aviva PLC’s holdings in Consolidated Edison were worth $49,809,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in ED. Financial Network Wealth Advisors LLC purchased a new position in Consolidated Edison during the first quarter worth about $33,000. Cary Street Partners Investment Advisory LLC increased its position in 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 purchasing an additional 120 shares during the period. Capital Advisors Ltd. LLC raised its stake in shares of Consolidated Edison by 53.2% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider’s stock worth $32,000 after buying an additional 109 shares in the last quarter. Bogart Wealth LLC lifted its holdings in shares of Consolidated Edison by 886.5% in the 2nd quarter. Bogart Wealth LLC now owns 365 shares of the utilities provider’s stock valued at $37,000 after buying an additional 328 shares during the period. Finally, SJS Investment Consulting Inc. boosted its stake in shares of Consolidated Edison by 1,677.3% in the second quarter. SJS Investment Consulting Inc. now owns 391 shares of the utilities provider’s stock valued at $39,000 after buying an additional 369 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Bank of America cut Consolidated Edison from a “buy” rating to an “underperform” rating and cut their price objective for the stock from $112.00 to $101.00 in a research report on Friday, August 15th. Wells Fargo & Company upgraded shares of Consolidated Edison to a “hold” rating in a report on Tuesday, October 28th. KeyCorp boosted their price objective on shares of Consolidated Edison from $88.00 to $90.00 and gave the stock an “underweight” rating in a report on Wednesday, October 15th. Evercore ISI initiated coverage on shares of Consolidated Edison in a research report on Tuesday, October 7th. They set an “in-line” rating and a $106.00 target price on the stock. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Consolidated Edison in a research report on Wednesday. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $105.08.

Consolidated Edison Stock Performance

NYSE:ED opened at $98.43 on Friday. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04. The firm has a 50-day moving average price of $98.74 and a two-hundred day moving average price of $101.59. Consolidated Edison Inc has a twelve month low of $87.28 and a twelve month high of $114.87. The company has a market capitalization of $35.50 billion, a P/E ratio of 17.86, a price-to-earnings-growth ratio of 2.70 and a beta of 0.32.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 6th. The utilities provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.14. The company had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.22 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. During the same quarter in the prior year, the firm earned $1.68 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. As a group, research analysts expect 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. Shareholders of record on Wednesday, November 19th will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Wednesday, November 19th. Consolidated Edison’s dividend payout ratio is 59.44%.

About Consolidated Edison

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.