Meeder Asset Management Inc. Invests $3.11 Million in Consolidated Edison Inc $ED

Meeder Asset Management Inc. purchased a new position in Consolidated Edison Inc (NYSE:ED) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 30,917 shares of the utilities provider’s stock, valued at approximately $3,108,000.

Several other institutional investors also recently added to or reduced their stakes in ED. Revolve Wealth Partners LLC grew its stake in Consolidated Edison by 13.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider’s stock worth $332,000 after acquiring an additional 441 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Consolidated Edison by 42.1% in the first quarter. Empowered Funds LLC now owns 8,978 shares of the utilities provider’s stock valued at $993,000 after purchasing an additional 2,659 shares during the period. Woodline Partners LP boosted its holdings in shares of Consolidated Edison by 40.7% in the first quarter. Woodline Partners LP now owns 29,271 shares of the utilities provider’s stock valued at $3,237,000 after purchasing an additional 8,468 shares during the period. Integrity Alliance LLC. bought a new position in Consolidated Edison in the first quarter worth approximately $281,000. Finally, Focus Partners Wealth increased its holdings in Consolidated Edison by 0.4% during the 1st quarter. Focus Partners Wealth now owns 55,342 shares of the utilities provider’s stock worth $6,120,000 after purchasing an additional 228 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Down 1.0%

Shares of Consolidated Edison stock opened at $99.21 on Monday. The company has a quick ratio of 0.97, a current ratio of 1.08 and a debt-to-equity ratio of 1.03. The company has a market cap of $35.81 billion, a P/E ratio of 17.34, a PEG ratio of 2.71 and a beta of 0.39. The firm’s 50 day moving average price is $98.87 and its 200-day moving average price is $99.74. Consolidated Edison Inc has a 52-week low of $87.28 and a 52-week high of $114.87.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, November 6th. The utilities provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.14. The company had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.22 billion. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.27%.During the same period last year, the business posted $1.68 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. On average, sell-side analysts predict that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Wednesday, November 19th were given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Wednesday, November 19th. Consolidated Edison’s dividend payout ratio (DPR) is currently 59.44%.

Insider Buying and Selling at Consolidated Edison

In other news, Director John F. Killian sold 2,276 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $96.89, for a total value of $220,521.64. Following the completion of the transaction, the director owned 38,661 shares of the company’s stock, valued at $3,745,864.29. The trade was a 5.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ED. Morgan Stanley set a $92.00 price target on Consolidated Edison in a research report on Tuesday, December 16th. Evercore ISI began coverage on shares of Consolidated Edison in a report on Tuesday, October 7th. They set an “in-line” rating and a $106.00 target price on the stock. Wells Fargo & Company upgraded shares of Consolidated Edison to a “hold” rating in a report on Tuesday, October 28th. TD Cowen started coverage on shares of Consolidated Edison in a report on Friday. They issued a “hold” rating and a $105.00 price target for the company. Finally, UBS Group upped their price target on shares of Consolidated Edison from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday. Three research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Consolidated Edison currently has a consensus rating of “Reduce” and a consensus target price of $103.53.

Consolidated Edison Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.