StockNews.com initiated coverage on shares of Consolidated Edison (NYSE:ED – Free Report) in a report issued on Thursday morning. The brokerage issued a hold rating on the utilities provider’s stock.

A number of other equities research analysts have also weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of Consolidated Edison from $102.00 to $96.00 and set an underweight rating on the stock in a report on Friday, August 4th. JPMorgan Chase & Co. dropped their price objective on shares of Consolidated Edison from $89.00 to $80.00 in a report on Wednesday, June 7th. 3M reissued a maintains rating on shares of Consolidated Edison in a report on Friday, May 5th. Bank of America dropped their price objective on shares of Consolidated Edison from $103.00 to $96.00 and set a buy rating on the stock in a report on Wednesday. Finally, Mizuho upped their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a neutral rating in a report on Friday, July 21st. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Consolidated Edison presently has a consensus rating of Hold and an average target price of $90.77.

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Consolidated Edison Stock Up 0.8 %

NYSE ED traded up $0.70 on Thursday, hitting $88.95. The stock had a trading volume of 164,642 shares, compared to its average volume of 1,826,161. The business’s fifty day moving average price is $92.37 and its 200 day moving average price is $94.02. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.02 and a quick ratio of 0.95. Consolidated Edison has a 52-week low of $78.10 and a 52-week high of $102.21. The stock has a market cap of $30.68 billion, a price-to-earnings ratio of 12.70, a price-to-earnings-growth ratio of 9.14 and a beta of 0.36.

Consolidated Edison (NYSE:ED – Get Free Report) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.03. Consolidated Edison had a net margin of 15.84% and a return on equity of 8.27%. The business had revenue of $2.94 billion for the quarter, compared to analyst estimates of $3.31 billion. During the same period in the previous year, the company earned $0.64 earnings per share. Equities research analysts anticipate that Consolidated Edison will post 4.86 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th will be given a $0.81 dividend. The ex-dividend date is Tuesday, August 15th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.64%. Consolidated Edison’s dividend payout ratio (DPR) is currently 46.62%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Dark Forest Capital Management LP acquired a new position in shares of Consolidated Edison during the 4th quarter worth about $25,000. Retirement Group LLC raised its position in shares of Consolidated Edison by 74.8% during the 4th quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 116 shares during the last quarter. Missouri Trust & Investment Co acquired a new position in shares of Consolidated Edison during the 2nd quarter worth about $27,000. Venturi Wealth Management LLC acquired a new position in shares of Consolidated Edison during the 1st quarter worth about $28,000. Finally, Tyler Stone Wealth Management acquired a new position in shares of Consolidated Edison during the 2nd quarter worth about $28,000. Institutional investors and hedge funds own 67.30% of the company’s stock.

About Consolidated Edison

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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 3.6 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.

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