Consolidated Edison (NYSE:ED) Price Target Raised to $109.00

Consolidated Edison (NYSE:ED) had its price objective upped by Bank of America from $97.00 to $109.00 in a report issued on Monday morning, Benzinga reports. They currently have a buy rating on the utilities provider’s stock.

Several other analysts also recently issued reports on the company. Argus upgraded Consolidated Edison to a strong-buy rating in a research report on Friday, June 7th. UBS Group raised their price target on shares of Consolidated Edison from $92.00 to $96.00 and gave the stock a neutral rating in a research note on Friday, July 19th. Scotiabank cut their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating for the company in a research report on Monday, April 22nd. Mizuho raised their target price on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a neutral rating in a research report on Tuesday, May 28th. Finally, Morgan Stanley cut their price target on Consolidated Edison from $80.00 to $76.00 and set an underweight rating for the company in a report on Monday, June 24th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $91.81.

Consolidated Edison Stock Performance

NYSE:ED opened at $100.50 on Monday. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $34.76 billion, a P/E ratio of 19.29, a price-to-earnings-growth ratio of 2.56 and a beta of 0.34. The firm has a 50-day moving average price of $92.99 and a two-hundred day moving average price of $91.72. Consolidated Edison has a twelve month low of $80.46 and a twelve month high of $105.99.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.70%. The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period last year, the company posted $0.61 EPS. As a group, research analysts expect that Consolidated Edison will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be given a dividend of $0.83 per share. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.30%. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

Institutional Investors Weigh In On Consolidated Edison

Several hedge funds have recently modified their holdings of ED. Retirement Planning Co of New England Inc. boosted its holdings in Consolidated Edison by 4.2% in the 2nd quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock worth $224,000 after acquiring an additional 100 shares during the period. Wealthspire Advisors LLC increased its position in shares of Consolidated Edison by 4.2% during the second quarter. Wealthspire Advisors LLC now owns 8,583 shares of the utilities provider’s stock worth $768,000 after acquiring an additional 346 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of Consolidated Edison by 12.1% in the second quarter. Parallel Advisors LLC now owns 8,032 shares of the utilities provider’s stock worth $718,000 after acquiring an additional 869 shares in the last quarter. Meeder Advisory Services Inc. raised its position in shares of Consolidated Edison by 32.1% in the 2nd quarter. Meeder Advisory Services Inc. now owns 9,473 shares of the utilities provider’s stock valued at $847,000 after purchasing an additional 2,301 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its position in shares of Consolidated Edison by 15.5% during the second quarter. DekaBank Deutsche Girozentrale now owns 236,317 shares of the utilities provider’s stock worth $21,210,000 after buying an additional 31,698 shares in the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

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.