The Vanguard Group, Inc. has recently announced that it has increased stake in Consolidated Edison Inc. (NYSE:ED) by 0.95%. After grabbing 41.73 million shares, the institutional investor is now in possession of 0.39 million shares of the Utilities Company. The new investment brought the stake of investor firm to 11.75% having worth around $3.73 billion. Moreover, BlackRock Fund Advisors increased its share by 1.75 million to have a control over 28.95 million shares. And BlackRock Advisors raised its holdings to 1.17 million shares by acquiring 8.45 million shares or 2.38% of the stake.
Consolidated Edison Inc. (ED) concluded trading on 03/15/23 at a closing price of $95.64, with 2.79 million shares of worth about $267.05 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -3.22% during that period and on Wednesday the price saw a gain of about 1.73%. Currently the company’s common shares owned by public are about 354.80M shares, out of which, 354.43M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 17 analysts are covering the ED stock and their offered price forecasts bring an average price target of $88.54. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $103.00 and could fall to a lowest price of $70.00. The stock’s current price level is -6.69% below of average price target set by the analysts, while a dip to estimated low would result in loss of -36.63% for the stock. However, touching the estimated high of $103.00 would mean a gain of 7.15% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 168 times over the past 12 months. They bought 163,842 shares in 155 of the transactions. In 13 selling transactions, insiders dumped 111,118 shares.
Vanguard Total Stock Market Index, Vanguard Mid Cap Index Fund, and Vanguard 500 Index Fund are the top 3 mutual funds which are holding stakes in Consolidated Edison Inc. Vanguard Total Stock Market Index is currently holding 10.88 million shares of worth totaling $971.91 million. The company recently came buying 81922.0 shares which brought its stake up to 3.06% of the company’s outstanding shares. Vanguard Mid Cap Index Fund bought 13290.0 shares, after which its hold over company’s outstanding shares expand to 2.33%, leaving 8.26 million shares with the mutual fund that have a worth of about $738.47 million. Vanguard 500 Index Fund, after buying 8.22 million shares, have now control over 2.32% of the stake in the company. It holds 19457.0 shares of worth $734.65 million.
Consolidated Edison Inc. (NYSE: ED) started trading at $93.98, below -$0.03 from concluding price of the previous day. However, the stock later moved at a day high price of 96.15, or with a gain of 1.73%. Stock saw a price change of 4.31% in past 5 days and over the past one month there was a price change of 3.06%. Year-to-date (YTD), ED shares are showing a performance of 0.35% which increased to 6.84% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $78.10 but also hit the highest price of $102.21 during that period. The average intraday trading volume for Consolidated Edison Inc. shares is 1.76 million. The stock is currently trading 4.72% above its 20-day simple moving average (SMA20), while that difference is up 2.39% for SMA50 and it goes to 2.06% higher than SMA200.
The Vanguard Group, Inc. acquired 41.73 million shares of Consolidated Edison Inc. having value of about $3.73 billion. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 0.39 million shares in the company valued at close to $37726154.4, or have control over 0.95% stake in the company. Consolidated Edison Inc. (NYSE: ED) currently have 354.80M outstanding shares and institutions hold larger chunk of about 68.20% of that. Holding of mutual funds in the company is about 29.21% while other institutional holders and individual stake holders have control over 40.53% and 0.34% of the stake respectively.
The stock has a current market capitalization of $34.21B and its 3Y-monthly beta is at 0.35. PE ratio of stock for trailing 12 months is 20.48, while it has posted earnings per share of $4.67 in the same period. Its PEG reads 3.35 and has Quick Ratio of 1.10 while making debt-to-equity ratio of 1.15. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for ED, volatility over the week remained 2.88% while standing at 2.21% over the month.
Stock’s fiscal year EPS is expected to rise by 21.10% while it is estimated to increase by 6.43% in next year. EPS is likely to grow at an annualized rate of 6.12% for next 5-years, compared to annual growth of 2.60% made by the stock over the past 5-years.
Analysts at 17 brokerage firms have issued recommendations for the Consolidated Edison Inc. (ED)’s stock and average of those rates the stock at a “Hold” and assign it a score of 3.40. Out of those 17 Wall Street analysts, 0 recommended a “Buy” rating, while 10 were in favor recommending the stock as a “Hold” and 5 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Evercore ISI on January 24, 2023 offering an In-line rating for the stock and assigned a target price range of between $76 and $92 to it. Coverage by Mizuho stated Consolidated Edison Inc. (ED) stock as a Neutral in their note to investors on January 09, 2023, suggesting a price target of $98 for the stock. On November 30, 2022, BofA Securities Upgrade their recommendations, while on May 23, 2022, Guggenheim Upgrade their ratings for the stock with a price target of $94. Stock get an Underweight rating from Wells Fargo on May 03, 2022.
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