Today, Consolidated Edison Inc. (ED) Price Target Cut to $72.00

Today, Consolidated Edison Inc. (ED) Price Target Cut to $72.00

Consolidated Edison Inc. (NYSE:ED) had its target price lowered by equities researchers at Citigroup Inc. from $76.00 to $72.00 in a note issued to investors on Tuesday. The brokerage presently has a “neutral” rating on the stock. Citigroup Inc.’s target price points to a potential downside of 0.69% from the stock’s previous close.

Several other equities analysts have also issued reports on the company. Vetr raised Consolidated Edison from a “strong sell” rating to a “sell” rating and set a $75.75 price target on the stock in a research note on Monday, July 18th. Jefferies Group upped their price target on Consolidated Edison to $80.00 and gave the company a “hold” rating in a research note on Thursday, July 14th. Evercore ISI lowered Consolidated Edison from a “hold” rating to a “sell” rating and upped their price target for the company from $69.50 to $72.50 in a research note on Wednesday, July 6th. BMO Capital Markets started coverage on Consolidated Edison in a research note on Wednesday, June 22nd. They set a “hold” rating and a $79.00 price target on the stock. Finally, Zacks Investment Research lowered Consolidated Edison from a “hold” rating to a “sell” rating in a research note on Wednesday, September 21st. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $74.47.

Shares of Consolidated Edison (NYSE:ED) opened at 72.50 on Tuesday. The stock’s 50 day moving average price is $75.80 and its 200 day moving average price is $76.30. Consolidated Edison has a one year low of $60.30 and a one year high of $81.88. The firm has a market capitalization of $22.07 billion, a price-to-earnings ratio of 18.79 and a beta of 0.01.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by $0.09. Consolidated Edison had a net margin of 9.47% and a return on equity of 8.88%. During the same period last year, the business posted $0.78 EPS. Analysts expect that Consolidated Edison will post $3.97 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 17th were issued a $0.67 dividend. The ex-dividend date was Monday, August 15th. This represents a $2.68 annualized dividend and a dividend yield of 3.70%. Consolidated Edison’s dividend payout ratio (DPR) is currently 69.25%.

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Consolidated Edison by 4.6% in the second quarter. Vanguard Group Inc. now owns 20,038,432 shares of the company’s stock valued at $1,611,891,000 after buying an additional 890,023 shares during the period. State Street Corp increased its stake in shares of Consolidated Edison by 2.1% in the second quarter. State Street Corp now owns 19,133,842 shares of the company’s stock valued at $1,539,121,000 after buying an additional 393,128 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in shares of Consolidated Edison by 3.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 8,634,801 shares of the company’s stock valued at $694,583,000 after buying an additional 270,901 shares during the period. BlackRock Fund Advisors increased its stake in shares of Consolidated Edison by 13.7% in the second quarter. BlackRock Fund Advisors now owns 8,383,631 shares of the company’s stock valued at $674,379,000 after buying an additional 1,012,706 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Consolidated Edison by 2.4% in the second quarter. Bank of New York Mellon Corp now owns 4,198,326 shares of the company’s stock valued at $337,714,000 after buying an additional 99,652 shares during the period. Institutional investors own 54.76% of the company’s stock.

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