BlackRock Fund Advisors recently announced the acquisition of new stake in Consolidated Edison Inc. (NYSE:ED). The institutional investor has increased its shareholding in the Utilities company by 1.02% to 23.89 million shares with purchase of 0.24 million shares. This fresh investment now brings its stake to 7.15% valued currently at $1.72 billion. In addition, SSgA Funds Management, Inc. raised its holdings by 0.47 million to 23.0 million shares. And Geode Capital Management LLC has lifted its position by 1.95% or 0.11 million shares – to 5.63 million shares.
With over 1.52 million Consolidated Edison Inc. (ED) shares trading Tuesday and a closing price of $76.36 on the day, the dollar volume was approximately $116.11 million. The shares have shown a positive weekly performance of 2.80% and its price on 07/28/20 gained nearly 2.14%. Currently, there are 333.60M common shares owned by the public and among those 333.23M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 18 analysts who have offered their price forecasts for ED have a consensus price objective of $77.59. The analysts have set the share’s price value over the next 12 months at a high of $86.00 and a low of $71.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Consolidated Edison Inc. stock is 3.40 for the next 12 months. The average price target is 1.98% above its last price level and an upside to the estimated low will see the stock lose -7.55% over that period. But an upside of 11.21% will see the stock hit the forecast high price target while mean target price for the stock is $76.00.
Insiders at the company have transacted a total of 158 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 144 of these insider trades were purchases, accounting for 174,929 shares. Insider sales of the common stock occurred on 14 occasions, with total insider shares sold totaling 140,192 shares.
The top 3 mutual fund holders in Consolidated Edison Inc. are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and SPDR Series – Utilities Select Se. Vanguard Total Stock Market Index owns 9.52 million shares of the company’s stock, all valued at over $684.66 million. The company sold 74544.0 shares recently to bring their total holdings to about 2.85% of the shares outstanding. Vanguard 500 Index Fund bought 0.14 million shares to see its total holdings expand to 6.93 million shares valued at over $498.44 million and representing 2.07% of the shares outstanding. SPDR Series – Utilities Select Se bought 40800.0 shares to bring its total holdings to over 4.76 million shares at a value of $342.62 million. SPDR Series – Utilities Select Se now owns shares totaling to 1.43% of the shares outstanding.
Shares of Consolidated Edison Inc. (NYSE: ED) opened at $74.43, down -$0.33 from a prior closing price of $74.76. However, the script later closed the day at $76.36, up 2.14%. The company’s stock has a 5-day price change of 2.80% and -8.11% over the past three months. ED shares are trading -15.60% year to date (YTD), with the 12-month market performance down to -11.89% lower. It has a 12-month low price of $62.03 and touched a high of $95.10 over the same period. Currently, 1.52 million shares have been traded, compared to an average intraday trading volume of 2.01 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 4.22%, 4.10%, and -8.41% respectively.
Institutional ownership of Consolidated Edison Inc. (NYSE: ED) shares accounts for 62.90% of the company’s 333.60M shares outstanding. Mutual fund holders own 29.44%, while other institutional holders and individual stakeholders account for 32.88% and 0.34% respectively.
It has a market capitalization of $25.74B and a beta (3y monthly) value of 0.20. The stock’s trailing 12-month PE ratio is 19.64, while the earnings-per-share (ttm) stands at $3.89. The company has a PEG of 7.42 and a Quick Ratio of 0.70 with the debt-to-equity ratio at 1.24. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.63% over the week and 2.27% over the month.
Analysts forecast that Consolidated Edison Inc. (ED) will achieve an EPS of $0.54 for the current quarter, $1.54 for the next quarter and $4.53 for 2021. The lowest estimate earnings-per-share for the quarter is $0.48 while analysts give the company a high EPS estimate of $0.56. Comparatively, EPS for the current quarter was $0.58 a year ago. Earnings per share for the fiscal year are expected to decrease by -10.40%, and 6.54% over the next financial year. EPS should grow at an annualized rate of 2.65% over the next five years, compared to 1.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 18 brokerage firm advisors rate Consolidated Edison Inc. (ED) as a “Hold” at a consensus score of 3.40. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 8 of the 18 advise that investors “hold,” and 7 rated it as a “Sell.”
Looking at the support for the ED, a number of firms have released research notes about the stock. BofA/Merrill stated their Buy rating for the stock in a research note on April 29, 2020, with the firm’s price target at $91. Mizuho coverage for the Consolidated Edison Inc. (ED) stock in a research note released on February 24, 2020 offered a Neutral rating with a price target of $91. Guggenheim was of a view on January 08, 2020 that the stock is Sell, while Barclays gave the stock Underweight rating on November 21, 2019, issuing a price target of $95- $88. BofA/Merrill on their part issued Neutral rating on November 14, 2019.