Consolidated Edison Inc. (ED:NYSE) Bought $48.00 Settles on 10/13/2010 12:35 PM 10/07/2010
I am currently buying high dividend yielding stocks, including ED, for my retirement account. If taxes are going up on dividends, then I am going to shelter that income. ED is paying 4.94% and has buy ratings from The Street. This gives me 3/4 of my target position in ED.
Highlights: ED’s revenue growth has slightly outpaced the industry average of 1.1%. Since the same quarter one year
prior, revenues slightly increased by 6.0%. This growth in revenue appears to have trickled down to the
company’s bottom line, improving the earnings per share.
CONSOLIDATED EDISON INC has improved earnings per share by 16.4% in the most recent quarter compared
to the same quarter a year ago.
S&P Rates ED a hold with a 12-month target price of $45, reflecting a premium-to-peers P/E multiple
of 13.5X their EPS estimate for 2010. They rate insider trading as FAVORABLE and claim technicals are BULLISH
Additional information on ED
ED has three unregulated subsidiaries: Consolidated Edison Solutions, which sells electricity and gas to delivery customers of utilities; Consolidated Edison Development (CED), which acquires, develops and operates generating projects; and Consolidated Edison Energy, which enters into financial and commodity instruments as part of its wholesale energy trading activities. In December 2007, CED agreed to sell 1,706 megawatts of generation projects for $1.477 billion in cash. The two-stage transaction was completed during the second quarter of 2008. The sale resulted in total cash proceeds, net of estimated taxes and transaction expenses, of $1.067 billion, and a net after-tax gain of about $400 million. The company used the proceeds for the repayment of debt and investments in its businesses.