Mackenzie Financial Corp Trims Position in Consolidated Edison Inc $ED

Mackenzie Financial Corp lowered its stake in shares of Consolidated Edison Inc (NYSE:ED) by 16.0% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 73,789 shares of the utilities provider’s stock after selling 14,003 shares during the period. Mackenzie Financial Corp’s holdings in Consolidated Edison were worth $7,405,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Consolidated Edison by 4.5% during the 2nd quarter. Vanguard Group Inc. now owns 45,040,811 shares of the utilities provider’s stock worth $4,519,845,000 after acquiring an additional 1,923,717 shares during the period. Geode Capital Management LLC raised its stake in shares of Consolidated Edison by 6.1% during the second quarter. Geode Capital Management LLC now owns 9,796,782 shares of the utilities provider’s stock worth $979,204,000 after purchasing an additional 566,358 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Consolidated Edison by 1.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,868,772 shares of the utilities provider’s stock worth $538,437,000 after purchasing an additional 48,323 shares during the period. Norges Bank purchased a new position in Consolidated Edison in the 2nd quarter valued at $462,218,000. Finally, Deutsche Bank AG increased its stake in Consolidated Edison by 130.6% in the 1st quarter. Deutsche Bank AG now owns 3,926,814 shares of the utilities provider’s stock valued at $434,266,000 after buying an additional 2,223,959 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

Shares of NYSE:ED opened at $96.95 on Wednesday. The business’s 50-day simple moving average is $99.74 and its 200 day simple moving average is $100.56. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.97 and a current ratio of 1.08. The company has a market cap of $34.99 billion, a P/E ratio of 16.95, a PEG ratio of 2.84 and a beta of 0.37.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, November 6th. The utilities provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.76 by $0.14. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.27%.During the same quarter last year, the firm 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 forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Wednesday, November 19th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Wednesday, November 19th. Consolidated Edison’s payout ratio is currently 59.44%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Mizuho raised their target price on shares of Consolidated Edison from $107.00 to $112.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Morgan Stanley restated an “underweight” rating and issued a $98.00 price objective on shares of Consolidated Edison in a research report on Thursday, November 20th. Wells Fargo & Company raised Consolidated Edison to a “hold” rating in a report on Tuesday, October 28th. Evercore ISI began coverage on Consolidated Edison in a research note on Tuesday, October 7th. They set an “in-line” rating and a $106.00 target price for the company. Finally, Barclays reduced their price target on Consolidated Edison from $105.00 to $101.00 and set an “underweight” rating for the company in a report on Monday, November 10th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Consolidated Edison presently has an average rating of “Reduce” and an average price target of $104.58.

About Consolidated Edison

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.