On March 22, 2023, Argus Research upgraded their outlook for Consolidated Edison (NYSE:ED) from Hold to Buy.
Analyst Price Forecast Suggests 0.72% Downside
As of March 23, 2023, the average one-year price target for Consolidated Edison is $91.44. The forecasts range from a low of $70.70 to a high of $108.15. The average price target represents a decrease of 0.72% from its latest reported closing price of $92.10.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Consolidated Edison is $14,872MM, a decrease of 5.09%. The projected annual non-GAAP EPS is $4.94.
Consolidated Edison Declares $0.81 Dividend
On January 19, 2023 the company declared a regular quarterly dividend of $0.81 per share ($3.24 annualized). Shareholders of record as of February 15, 2023 received the payment on March 15, 2023. Previously, the company paid $0.79 per share.
At the current share price of $92.10 / share, the stock's dividend yield is 3.52%. Looking back five years and taking a sample every week, the average dividend yield has been 3.71%, the lowest has been 3.10%, and the highest has been 4.68%. The standard deviation of yields is 0.35 (n=237).
The current dividend yield is 0.55 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.69. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.06%, demonstrating that it has increased its dividend over time.
What are Large Shareholders Doing?
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 10,789K shares representing 3.04% ownership of the company. In it's prior filing, the firm reported owning 10,563K shares, representing an increase of 2.10%. The firm increased its portfolio allocation in ED by 4.83% over the last quarter.
VIMSX - Vanguard Mid-Cap Index Fund Investor Shares holds 8,252K shares representing 2.32% ownership of the company. In it's prior filing, the firm reported owning 8,160K shares, representing an increase of 1.11%. The firm increased its portfolio allocation in ED by 3.23% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 8,203K shares representing 2.31% ownership of the company. In it's prior filing, the firm reported owning 8,038K shares, representing an increase of 2.02%. The firm increased its portfolio allocation in ED by 4.49% over the last quarter.
Geode Capital Management holds 7,794K shares representing 2.20% ownership of the company. In it's prior filing, the firm reported owning 7,739K shares, representing an increase of 0.72%. The firm increased its portfolio allocation in ED by 3.50% over the last quarter.
Legal & General Group holds 6,182K shares representing 1.74% ownership of the company. In it's prior filing, the firm reported owning 6,126K shares, representing an increase of 0.92%. The firm increased its portfolio allocation in ED by 9.37% over the last quarter.
What is the Fund Sentiment?
There are 1805 funds or institutions reporting positions in Consolidated Edison. This is an increase of 81 owner(s) or 4.70% in the last quarter. Average portfolio weight of all funds dedicated to ED is 0.23%, a decrease of 1.62%. Total shares owned by institutions increased in the last three months by 1.54% to 256,542K shares. The put/call ratio of ED is 0.53, indicating a bullish outlook.
Consolidated Edison Background Information
(This description is provided by the company.)
Consolidated Edison, Inc. is one of the nation's largest investor-owned energy-delivery companies, with approximately $12 billion in annual revenues and $63 billion in assets. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric service in New York City and New York's Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan; Orange and Rockland Utilities, Inc. (O&R), a regulated utility serving customers in a 1,300-square-mile-area in southeastern New York State and northern New Jersey; Con Edison Clean Energy Businesses, Inc., the second-largest solar developer in the United States and the seventh-largest worldwide, which, through its subsidiaries develops, owns and operates renewable and sustainable energy infrastructure projects and provides energy-related products and services to wholesale and retail customers; and Con Edison Transmission, Inc., which falls primarily under the oversight of the Federal Energy Regulatory Commission and through its subsidiaries invests in electric transmission projects supporting its parent company's effort to transition to clean, renewable energy. Con Edison Transmission manages, through joint ventures, both electric and gas assets while seeking to develop electric transmission projects that will bring clean, renewable electricity to customers, focusing on New York, New England, the Mid-Atlantic states and the Midwest.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
