Spire Wealth Management Cuts Stock Position in Consolidated Edison Inc $ED

Spire Wealth Management lowered its holdings in Consolidated Edison Inc (NYSE:ED) by 73.4% during the 2nd quarter, Holdings Channel reports. The firm owned 2,855 shares of the utilities provider’s stock after selling 7,898 shares during the period. Spire Wealth Management’s holdings in Consolidated Edison were worth $286,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of ED. Revolve Wealth Partners LLC boosted its position in Consolidated Edison by 13.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider’s stock worth $332,000 after purchasing an additional 441 shares during the last quarter. Principal Financial Group Inc. boosted its position in Consolidated Edison by 2.7% in the first quarter. Principal Financial Group Inc. now owns 473,350 shares of the utilities provider’s stock worth $52,348,000 after purchasing an additional 12,476 shares during the last quarter. D.A. Davidson & CO. boosted its position in Consolidated Edison by 55.1% in the first quarter. D.A. Davidson & CO. now owns 17,295 shares of the utilities provider’s stock worth $1,913,000 after purchasing an additional 6,145 shares during the last quarter. OneDigital Investment Advisors LLC boosted its position in Consolidated Edison by 6.2% in the first quarter. OneDigital Investment Advisors LLC now owns 16,568 shares of the utilities provider’s stock worth $1,832,000 after purchasing an additional 966 shares during the last quarter. Finally, Strategic Blueprint LLC raised its stake in shares of Consolidated Edison by 11.0% in the first quarter. Strategic Blueprint LLC now owns 4,215 shares of the utilities provider’s stock valued at $466,000 after buying an additional 418 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on ED. Morgan Stanley boosted their target price on Consolidated Edison from $93.00 to $100.00 and gave the company an “underweight” rating in a research note on Wednesday, October 22nd. Evercore ISI began coverage on Consolidated Edison in a research note on Tuesday, October 7th. They issued an “in-line” rating and a $106.00 target price on the stock. Mizuho boosted their target price on Consolidated Edison from $107.00 to $112.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. Barclays lowered their target price on Consolidated Edison from $107.00 to $105.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 21st. Finally, Bank of America lowered Consolidated Edison from a “buy” rating to an “underperform” rating and lowered their target price for the company from $112.00 to $101.00 in a research note on Friday, August 15th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, Consolidated Edison currently has a consensus rating of “Reduce” and a consensus price target of $105.08.

Consolidated Edison Stock Performance

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

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

Consolidated Edison Dividend Announcement

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

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.