abrdn plc Increases Holdings in Consolidated Edison, Inc. (NYSE:ED)

abrdn plc increased its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.4% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 354,995 shares of the utilities provider’s stock after purchasing an additional 11,721 shares during the period. abrdn plc owned 0.10% of Consolidated Edison worth $36,911,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Retirement Planning Co of New England Inc. lifted its holdings in shares of Consolidated Edison by 4.2% in the second quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock worth $224,000 after buying an additional 100 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its stake in Consolidated Edison by 13.0% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock worth $78,000 after purchasing an additional 100 shares in the last quarter. Brookstone Capital Management boosted its holdings in Consolidated Edison by 0.6% in the 3rd quarter. Brookstone Capital Management now owns 24,173 shares of the utilities provider’s stock valued at $2,517,000 after purchasing an additional 136 shares during the period. Checchi Capital Advisers LLC grew its position in shares of Consolidated Edison by 2.6% during the 2nd quarter. Checchi Capital Advisers LLC now owns 5,627 shares of the utilities provider’s stock valued at $503,000 after purchasing an additional 141 shares in the last quarter. Finally, Center For Asset Management LLC increased its holdings in shares of Consolidated Edison by 3.5% in the second quarter. Center For Asset Management LLC now owns 4,358 shares of the utilities provider’s stock worth $390,000 after purchasing an additional 147 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. UBS Group lifted their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Morgan Stanley boosted their price objective on Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a report on Wednesday, September 25th. Scotiabank upped their price objective on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Bank of America lifted their target price on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, Jefferies Financial Group assumed coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target on the stock. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $98.73.

Consolidated Edison Stock Performance

NYSE ED opened at $102.74 on Thursday. The company has a 50-day simple moving average of $103.54 and a two-hundred day simple moving average of $97.50. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The firm has a market cap of $35.53 billion, a price-to-earnings ratio of 19.72, a PEG ratio of 3.57 and a beta of 0.36. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same period last year, the company earned $0.61 EPS. On average, equities analysts forecast that Consolidated Edison, Inc. will post 5.3 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.23%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is 63.72%.

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.