Bridgewater Advisors Inc. Raises Position in Consolidated Edison Inc $ED

Bridgewater Advisors Inc. raised its stake in shares of Consolidated Edison Inc (NYSE:ED) by 16.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,423 shares of the utilities provider’s stock after purchasing an additional 905 shares during the period. Bridgewater Advisors Inc.’s holdings in Consolidated Edison were worth $657,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Financial Network Wealth Advisors LLC purchased a new stake in Consolidated Edison during the first quarter valued at approximately $33,000. Cary Street Partners Investment Advisory LLC raised its position in Consolidated Edison by 64.9% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider’s stock valued at $34,000 after purchasing an additional 120 shares during the period. Capital Advisors Ltd. LLC raised its position in Consolidated Edison by 53.2% during the second quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider’s stock valued at $32,000 after purchasing an additional 109 shares during the period. Bogart Wealth LLC raised its position in Consolidated Edison by 886.5% during the second quarter. Bogart Wealth LLC now owns 365 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 328 shares during the period. Finally, SJS Investment Consulting Inc. raised its position in Consolidated Edison by 1,677.3% during the second quarter. SJS Investment Consulting Inc. now owns 391 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 369 shares during the period. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ED shares. Bank of America cut Consolidated Edison from a “buy” rating to an “underperform” rating and cut their target price for the company from $112.00 to $101.00 in a research note on Friday, August 15th. Scotiabank upped their target price on Consolidated Edison from $101.00 to $106.00 and gave the company a “sector perform” rating in a research note on Monday, August 11th. KeyCorp upped their target price on Consolidated Edison from $88.00 to $90.00 and gave the company an “underweight” rating in a research note on Wednesday, October 15th. New Street Research set a $106.00 target price on Consolidated Edison in a research note on Monday, October 6th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Consolidated Edison in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $105.08.

Consolidated Edison Stock Down 0.8%

Shares of NYSE:ED opened at $96.63 on Tuesday. Consolidated Edison Inc has a 52-week low of $87.28 and a 52-week high of $114.87. The stock has a market cap of $34.85 billion, a P/E ratio of 17.54, a price-to-earnings-growth ratio of 2.70 and a beta of 0.32. The business’s 50 day moving average is $98.88 and its 200 day moving average is $101.93. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04.

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

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Wednesday, November 19th will be paid a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, November 19th. This represents a $3.40 annualized dividend and a yield of 3.5%. Consolidated Edison’s dividend payout ratio is 61.71%.

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.