UBS Group Raises Consolidated Edison (NYSE:ED) Price Target to $106.00

Consolidated Edison (NYSE:ED) had its price objective upped by UBS Group from $105.00 to $106.00 in a report published on Friday morning, Benzinga reports. They currently have a neutral rating on the utilities provider’s stock.

A number of other analysts also recently commented on ED. Scotiabank upped their target price on Consolidated Edison from $85.00 to $90.00 and gave the stock a sector underperform rating in a research note on Tuesday, August 20th. Bank of America increased their price target on Consolidated Edison from $97.00 to $109.00 and gave the stock a buy rating in a research report on Monday, August 5th. Mizuho increased their price target on Consolidated Edison from $93.00 to $95.00 and gave the stock a neutral rating in a research report on Tuesday, May 28th. Morgan Stanley increased their price target on Consolidated Edison from $75.00 to $82.00 and gave the stock an underweight rating in a research report on Friday, August 23rd. Finally, Argus upgraded Consolidated Edison to a strong-buy rating in a research report on Friday, June 7th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Hold and an average price target of $93.42.

Consolidated Edison Stock Up 1.2 %

Shares of ED opened at $103.35 on Friday. Consolidated Edison has a 52 week low of $80.46 and a 52 week high of $105.99. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The company has a market capitalization of $35.74 billion, a price-to-earnings ratio of 19.84, a PEG ratio of 3.50 and a beta of 0.36. The stock’s 50-day moving average price is $100.08 and its 200-day moving average price is $94.69.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the prior year, the business earned $0.61 earnings per share. On average, sell-side analysts predict that Consolidated Edison will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were issued a dividend of $0.83 per share. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.21%. Consolidated Edison’s payout ratio is currently 63.72%.

Hedge Funds Weigh In On Consolidated Edison

Hedge funds have recently made changes to their positions in the company. Corient Private Wealth LLC increased its holdings in shares of Consolidated Edison by 4.6% in the fourth quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock valued at $15,958,000 after purchasing an additional 7,725 shares during the last quarter. UBS Group AG increased its holdings in shares of Consolidated Edison by 14.7% in the fourth quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock valued at $44,437,000 after purchasing an additional 62,519 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its holdings in shares of Consolidated Edison by 2,486.2% in the first quarter. Massmutual Trust Co. FSB ADV now owns 21,776 shares of the utilities provider’s stock valued at $1,977,000 after purchasing an additional 20,934 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Consolidated Edison by 35.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 47,466 shares of the utilities provider’s stock valued at $4,318,000 after purchasing an additional 12,307 shares during the last quarter. Finally, Sei Investments Co. increased its holdings in shares of Consolidated Edison by 57.4% in the first quarter. Sei Investments Co. now owns 244,404 shares of the utilities provider’s stock valued at $22,193,000 after purchasing an additional 89,080 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

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.