Drive Wealth Management LLC Buys Shares of 2,403 Consolidated Edison Inc $ED

Drive Wealth Management LLC purchased a new position in shares of Consolidated Edison Inc (NYSE:ED) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 2,403 shares of the utilities provider’s stock, valued at approximately $241,000.

Several other large investors have also made changes to their positions in ED. Alpine Bank Wealth Management acquired a new position in Consolidated Edison during the first quarter valued at approximately $32,000. Capital Advisors Ltd. LLC increased its stake in shares of Consolidated Edison by 53.2% in the 2nd 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 last quarter. Fort Vancouver Investment Management LLC acquired a new position in shares of Consolidated Edison during the 1st quarter worth $33,000. Financial Network Wealth Advisors LLC bought a new stake in shares of Consolidated Edison during the 1st quarter worth $33,000. Finally, Cary Street Partners Investment Advisory LLC boosted its stake in Consolidated Edison by 64.9% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider’s stock valued at $34,000 after buying an additional 120 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $101.76 on Tuesday. The stock has a market cap of $36.70 billion, a price-to-earnings ratio of 18.47, a P/E/G ratio of 2.82 and a beta of 0.32. Consolidated Edison Inc has a twelve month low of $87.28 and a twelve month high of $114.87. The company’s fifty day moving average is $99.36 and its 200 day moving average is $102.64. 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 earnings results 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 business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.39 billion. During the same period last year, the company earned $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Sell-side analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Wednesday, November 19th will be issued a $0.85 dividend. The ex-dividend date is Wednesday, November 19th. This represents a $3.40 annualized dividend and a yield of 3.3%. Consolidated Edison’s dividend payout ratio is presently 61.71%.

Analyst Ratings Changes

Several research analysts have commented on ED shares. Mizuho boosted their target price on Consolidated Edison from $107.00 to $112.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Bank of America cut shares of Consolidated Edison from a “buy” rating to an “underperform” rating and lowered their price objective for the stock from $112.00 to $101.00 in a research report on Friday, August 15th. New Street Research set a $106.00 target price on shares of Consolidated Edison in a research report on Monday, October 6th. Scotiabank upped their price target on shares of Consolidated Edison from $101.00 to $106.00 and gave the stock a “sector perform” rating in a report on Monday, August 11th. Finally, Morgan Stanley dropped their price target on Consolidated Edison from $95.00 to $93.00 and set an “underweight” rating for the company in a research note on Thursday, September 25th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $105.92.

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.