Bank Julius Baer & Co. Ltd Zurich, a prominent financial institution, has recently increased its stake in Consolidated Edison, Inc. (NYSE:ED), a leading utilities provider. According to the company’s latest 13F filing with the Securities and Exchange Commission (SEC), Bank Julius Baer now owns an astounding 596,617 shares of Consolidated Edison’s stock after purchasing an additional 596,347 shares during the second quarter of this year. This increase in stake represents a significant surge of approximately 220,869.3%.
At the end of the most recent quarter, Bank Julius Baer’s investment in Consolidated Edison was valued at an impressive $53,934,000. Despite this substantial growth in ownership, Bank Julius Baer only holds about 0.17% of Consolidated Edison’s total worth.
Consolidated Edison recently disclosed its quarterly earnings data on Thursday, August 3rd. The utility provider reported earnings per share (EPS) of $0.61 for the quarter, which exceeded analyst expectations by $0.03 as the consensus estimate stood at $0.58 EPS. However, the company fell short of estimated revenue figures with $2.94 billion during the quarter compared to analysts’ projection of $3.31 billion.
Despite missing revenue estimates for this particular period, Consolidated Edison boasts a return on equity (ROE) of 8.27% and a healthy net margin of 15.84%. In comparison to the previous year’s figures when the business earned $0.64 EPS during the same period; this signifies a slight decline but remains promising.
Looking ahead for Consolidated Edison, industry analysts are projecting that it will post an EPS of approximately 4.9 for the current fiscal year—a figure largely dependent on various factors such as market conditions and operational strategies executed by the company.
This move by Bank Julius Baer & Co., increasing its stake in Consolidated Edison, Inc., demonstrates its confidence in the utilities provider’s potential for future growth and profitability. As of now, it seems that Bank Julius Baer sees great value in this investment and is positioning itself to benefit from any potential success Consolodiated Edison may achieve in the coming years.
Consolidated Edison’s Growing Appeal to Institutional Investors and Mixed Analyst Evaluations
Consolidated Edison, Inc., commonly known as Con Edison, has recently caught the attention of institutional investors. Dark Forest Capital Management LP acquired a new position in shares of Consolidated Edison in the fourth quarter of last year, purchasing shares worth $25,000. Retirement Group LLC also grew its stake by 74.8% during the same period and now owns 271 shares valued at $26,000. Venturi Wealth Management LLC followed suit in the first quarter of this year with a new position worth $28,000. Clear Street Markets LLC significantly increased its holdings in Consolidated Edison during the fourth quarter by 261%, resulting in 361 shares valued at $34,000. Almanack Investment Partners LLC joined the club by acquiring a new stake worth $36,000 in the third quarter. At present, institutional investors own 64.53% of Consolidated Edison’s stock.
On Thursday, October 5th, Consolidated Edison stock opened at $84.21. Over the past 50 days leading up to this date, the stock has had an average price of $89.60 based on its moving average and a 200-day moving average price of $93.16. The market capitalization for Consolidated Edison currently stands at an impressive $29.05 billion with a relatively low P/E ratio of 12.12 and a P/E/G ratio of 8.32 indicating potential for growth but with uncertainty surrounding it due to high dependency on earnings valuations and future growth prospects compared to current valuation ratios reported for industry peers.
In terms of financial strength, Consolidated Edison has a current ratio of 1.02 and a quick ratio of 0.95 indicating that they have enough liquid assets to cover their short-term obligations as per their strategy or policy framework defined internally within company policies as documented within filings submitted to regulatory agencies for public dissemination considering requirements mandated by authorities; additionally, with a debt-to-equity ratio of 0.99, the company seems to have a balanced financial standing. Although Consolidated Edison has experienced fluctuations in stock prices over the past year, with a low of $78.10 and a high of $100.92, the company has maintained stability and resilience throughout.
In recent news, Consolidated Edison announced its quarterly dividend which was paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th received a $0.81 dividend. This results in an annualized dividend of $3.24 and an attractive yield of 3.85%. The ex-dividend date was Tuesday, August 15th—an important timeframe for investors who aim to purchase stocks prior to the ex-date in order to benefit from dividends.
Various analysts have recently evaluated Consolidated Edison’s performance and assigned ratings accordingly. Royal Bank of Canada lowered their price objective from $97 to $92 and provided it with a “sector perform” rating back on Wednesday, September 6th. Guggenheim also lowered their price objective from $90 to $85 in July this year while Mizuho reduced it further from $95 to $88 just days before that current month end quarter closeout event transpired; both firms expressed neutrality towards Consolidated Edison by giving it a “neutral” rating as well.
On Thursday, August 17th StockNews.com initiated coverage on Consolidated Edison providing readers with an overview piece about this well-regarded utilities provider and issued a “hold” recommendation for the company based on conservative approach following some developments related both internally within the industry vertical being served and external factors affecting business activities conducted by Consolidated Edison since mid-2017; apparently analysts indicate willingness for more assertiveness or commitment behind that neutral perspective currently held by several research analysts covering this security.
Morgan Stanley weighed in during Thursday’s session announcing an “underweight” rating and increasing pricing expectations from $73 to $75 revealing negative sentiment towards future performance while providing some insight into the dynamics that surround Consolidated Edison.The consensus rating based on data from Bloomberg.com is currently “Hold” with an average price target of $89.14 suggesting analysts’ opinions for potential upside or downside risk could range between close-to-market performances at current levels and market under-performing levels over time; reconciliation with reality and relation between analyst information, business developments or fundamental data sets presumably aided by companies disclosures remain crucial aspects for independent decision making process.
To summarize, Consolidated Edison has recently been a focus of institutional investors, with various parties increasing their stakes in the company during the past year. The stock’s recent opening at $84.21 showcases its resilient standing amidst market fluctuations. With a dividend yield of 3.85% and a steady financial position, Consolidated Edison continues to attract investors’ attention. Analysts have provided mixed opinions about the company’s prospects, ranging from neutral to underweight ratings. Ultimately, it will be up to individual investors to carefully evaluate all available information before making any decisions regarding Consolidated Edison stock.