Charles Schwab Investment Management Inc. Buys 47,936 Shares of Consolidated Edison, Inc. (NYSE:ED)

Charles Schwab Investment Management Inc. grew its stake in Consolidated Edison, Inc. (NYSE:ED) by 2.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,032,385 shares of the utilities provider’s stock after purchasing an additional 47,936 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Consolidated Edison were worth $184,886,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ED. Diversified Trust Co increased its position in Consolidated Edison by 140.8% during the 4th quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock worth $3,361,000 after buying an additional 21,604 shares during the period. abrdn plc increased its position in Consolidated Edison by 30.2% during the fourth quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock worth $28,373,000 after acquiring an additional 72,273 shares during the period. Pacer Advisors Inc. raised its stake in Consolidated Edison by 169.9% in the 4th quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock worth $5,487,000 after purchasing an additional 37,971 shares in the last quarter. Blackhawk Capital Partners LLC. bought a new stake in Consolidated Edison in the 4th quarter valued at about $1,551,000. Finally, Mariner LLC grew its position in shares of Consolidated Edison by 24.9% during the 3rd quarter. Mariner LLC now owns 91,702 shares of the utilities provider’s stock worth $7,844,000 after purchasing an additional 18,270 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on ED shares. UBS Group dropped their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. Barclays lifted their price objective on Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a report on Tuesday. Royal Bank of Canada reduced their target price on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a report on Friday, February 16th. Wells Fargo & Company boosted their price target on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. Finally, Scotiabank reduced their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research note on Monday, April 22nd. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $88.46.

Consolidated Edison Trading Up 0.6 %

ED opened at $98.11 on Friday. The company has a market cap of $33.93 billion, a P/E ratio of 18.83, a PEG ratio of 8.99 and a beta of 0.34. 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’s 50 day moving average is $90.84 and its 200-day moving average is $90.33. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $100.08.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The company’s quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter last year, the business posted $1.83 earnings per share. Equities research analysts predict that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.38%. Consolidated Edison’s payout ratio is presently 63.72%.

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.