5 Blue Chip Dividend Stocks with Over 3% Yield

2. Consolidated Edison, Inc. (NYSE:ED)

Number of Hedge Fund Holders: 22

Dividend Yield as of April 22: 3.27%

Consolidated Edison, Inc. (NYSE:ED) is a New York-based provider of regulated electric, gas, and steam delivery businesses in the United States. Consolidated Edison, Inc. (NYSE:ED) has consistently offered dividend growth to shareholders for 46 years. 

On February 17, Consolidated Edison, Inc. (NYSE:ED) reported earnings for Q4 2021, posting an EPS of $1.00, beating market consensus by $0.14. Revenue over the period jumped 15.37% year-over-year to $3.42 billion, outperforming analysts’ predictions by $508.80 million. 

Mizuho analyst Anthony Crowdell raised the firm’s price target on Consolidated Edison, Inc. (NYSE:ED) to $94 from $90 and kept a Buy rating on the shares on March 10. While a potential Clean Energy Business sale could help minimize equity needs in 2023 and 2024, it would unlikely alleviate the previously announced $850 million in 2022, the analyst told investors in a research note. He updated the price target to account for current market multiples.

Consolidated Edison, Inc. (NYSE:ED) on April 21 declared a $0.79 per share quarterly dividend. The dividend is payable on June 15, to shareholders of the company as of May 18. Consolidated Edison, Inc. (NYSE:ED) is well on its way to becoming a dividend king, and the company’s dividend yield on April 22 was 3.27%. 

Among the hedge funds tracked by Insider Monkey, 22 funds were bullish on Consolidated Edison, Inc. (NYSE:ED) at the end of the fourth quarter of 2021, with combined stakes worth $323.2 million. Jos Shaver’s Electron Capital Partners is the largest shareholder of the company, with 1.2 million shares valued at $108.7 million.