QRG Capital Management Inc. Acquires 16,167 Shares of Consolidated Edison Inc $ED

QRG Capital Management Inc. increased its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 5.0% during the 2nd quarter, Holdings Channel.com reports. The fund owned 337,403 shares of the utilities provider’s stock after acquiring an additional 16,167 shares during the period. QRG Capital Management Inc.’s holdings in Consolidated Edison were worth $33,858,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Merit Financial Group LLC grew its stake in shares of Consolidated Edison by 16.8% in the 1st quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider’s stock valued at $1,180,000 after purchasing an additional 1,533 shares during the period. Ritholtz Wealth Management acquired a new stake in Consolidated Edison in the 1st quarter valued at $227,000. Wealth Enhancement Advisory Services LLC grew its position in Consolidated Edison by 2.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider’s stock valued at $27,649,000 after acquiring an additional 6,869 shares during the period. Flagship Harbor Advisors LLC acquired a new position in Consolidated Edison during the first quarter worth $217,000. Finally, AG2R LA Mondiale Gestion D Actifs bought a new position in shares of Consolidated Edison during the first quarter valued at $1,631,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on ED shares. Bank of America lowered shares of Consolidated Edison from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $112.00 to $101.00 in a report on Friday, August 15th. Scotiabank boosted 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 report on Monday, August 11th. KeyCorp reaffirmed an “overweight” rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Morgan Stanley cut their target price on shares of Consolidated Edison from $95.00 to $93.00 and set an “underweight” rating for the company in a research note on Thursday, September 25th. Finally, Mizuho boosted their target price on Consolidated Edison from $107.00 to $112.00 and gave the stock an “outperform” rating in a report on Friday, August 8th. Four analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and an average price target of $105.91.

Consolidated Edison Price Performance

ED opened at $98.83 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.10 and a quick ratio of 1.01. The stock has a market capitalization of $35.64 billion, a P/E ratio of 17.94, a price-to-earnings-growth ratio of 2.71 and a beta of 0.32. The company’s 50 day simple moving average is $99.95 and its 200-day simple moving average is $103.29. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.01. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.39 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. During the same quarter in the previous year, the company posted $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Sell-side analysts anticipate that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th were given a dividend of $0.85 per share. The ex-dividend date was Wednesday, August 13th. This represents a $3.40 annualized dividend and a dividend yield of 3.4%. Consolidated Edison’s payout ratio is currently 61.71%.

Consolidated Edison 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.