abrdn plc Has $28.37 Million Stake in Consolidated Edison, Inc. (NYSE:ED)

abrdn plc lifted its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 30.2% in the 4th quarter, Holdings Channel reports. The institutional investor owned 311,894 shares of the utilities provider’s stock after acquiring an additional 72,273 shares during the period. abrdn plc’s holdings in Consolidated Edison were worth $28,373,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the company. J.W. Cole Advisors Inc. grew its holdings in Consolidated Edison by 97.4% during the fourth quarter. J.W. Cole Advisors Inc. now owns 15,877 shares of the utilities provider’s stock valued at $1,444,000 after purchasing an additional 7,832 shares during the period. Onyx Bridge Wealth Group LLC grew its holdings in Consolidated Edison by 9.1% during the fourth quarter. Onyx Bridge Wealth Group LLC now owns 9,854 shares of the utilities provider’s stock valued at $896,000 after purchasing an additional 818 shares during the period. Greenleaf Trust grew its holdings in Consolidated Edison by 31.0% during the fourth quarter. Greenleaf Trust now owns 7,405 shares of the utilities provider’s stock valued at $674,000 after purchasing an additional 1,754 shares during the period. Xponance Inc. grew its holdings in Consolidated Edison by 0.4% during the fourth quarter. Xponance Inc. now owns 53,721 shares of the utilities provider’s stock valued at $4,887,000 after purchasing an additional 196 shares during the period. Finally, Livforsakringsbolaget Skandia Omsesidigt grew its holdings in Consolidated Edison by 38.7% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 975 shares of the utilities provider’s stock valued at $89,000 after purchasing an additional 272 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Royal Bank of Canada decreased their price objective on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a report on Friday, February 16th. KeyCorp upgraded shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. Scotiabank reduced their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a report on Monday. LADENBURG THALM/SH SH initiated coverage on shares of Consolidated Edison in a report on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 price target for the company. Finally, UBS Group reduced their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a report on Friday, February 16th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Consolidated Edison has a consensus rating of “Hold” and an average target price of $87.54.

Consolidated Edison Trading Up 1.0 %

ED stock opened at $92.73 on Tuesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. The company’s 50-day simple moving average is $89.03 and its 200 day simple moving average is $89.76. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $100.92. The company has a market capitalization of $32.04 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 8.65 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. The firm had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.70 billion. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The business’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.81 earnings per share. As a group, sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.58%. Consolidated Edison’s payout ratio is 46.24%.

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.