Consolidated Edison, Inc. (NYSE:ED) Shares Purchased by Teacher Retirement System of Texas

Teacher Retirement System of Texas boosted its holdings in Consolidated Edison, Inc. (NYSE:ED) by 64.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 358,424 shares of the utilities provider’s stock after buying an additional 140,266 shares during the period. Teacher Retirement System of Texas’ holdings in Consolidated Edison were worth $31,982,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Royal London Asset Management Ltd. boosted its stake in Consolidated Edison by 82.9% in the 4th quarter. Royal London Asset Management Ltd. now owns 260,860 shares of the utilities provider’s stock worth $23,277,000 after buying an additional 118,260 shares during the last quarter. Vinva Investment Management Ltd boosted its stake in Consolidated Edison by 128.4% in the 4th quarter. Vinva Investment Management Ltd now owns 18,303 shares of the utilities provider’s stock worth $1,632,000 after buying an additional 10,290 shares during the last quarter. West Tower Group LLC acquired a new stake in Consolidated Edison in the 4th quarter worth about $402,000. VSM Wealth Advisory LLC acquired a new position in shares of Consolidated Edison in the 4th quarter valued at about $210,000. Finally, Xponance Inc. lifted its stake in shares of Consolidated Edison by 4.3% in the 4th quarter. Xponance Inc. now owns 52,823 shares of the utilities provider’s stock valued at $4,713,000 after purchasing an additional 2,162 shares in the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Price Performance

ED stock opened at $108.54 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 52-week low of $87.16 and a 52-week high of $109.78. The stock’s 50 day moving average is $97.52 and its two-hundred day moving average is $98.39. The company has a market capitalization of $37.64 billion, a PE ratio of 20.71, a P/E/G ratio of 3.05 and a beta of 0.30.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.63 billion. Analysts predict that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were issued a dividend of $0.85 per share. The ex-dividend date of this dividend was Wednesday, February 19th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a yield of 3.13%. Consolidated Edison’s payout ratio is currently 64.89%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ED shares. Barclays lifted their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research note on Monday, February 24th. Morgan Stanley lifted their price objective on Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a research note on Thursday. Mizuho lifted their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. UBS Group lifted their price objective on Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, February 25th. Finally, Scotiabank lifted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research note on Monday, February 24th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $102.10.

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.