5 Best Dividend Aristocrats to Buy for 2022

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

Dividend Yield as of January 14: 3.71%

Number of Hedge Fund Holders: 24

Number of Years of Dividend Increases: 47

Consolidated Edison, Inc. (NYSE:ED), a leading investor-owned energy company headquartered in New York, is one of the top dividend aristocrats to buy for 2022. 

Offering a 3.71% yield, Consolidated Edison, Inc. (NYSE:ED) declared a $0.775 per share quarterly dividend, in line with previous. The company paid the dividend on December 15 to shareholders of record on November 17. 

RBC Capital analyst Shelby Tucker raised the price target on Consolidated Edison, Inc. (NYSE:ED) to $85 from $78 but kept a Sector Perform rating on the shares on December 22. The analyst observed that Consolidated Edison, Inc. (NYSE:ED) has the potential to capitalize on meaningful investment opportunities given the state’s “ambitious” clean energy goals, but the regulatory environment in New York is challenging.

On November 4, Consolidated Edison, Inc. (NYSE:ED) posted its third quarter results, reporting earnings per share of $1.41, missing estimates by $0.07. The $3.61 billion revenue gained 8.40% from the prior-year quarter, beating estimates by $152.85 million. 

24 hedge funds in the third quarter database of Insider Monkey were bullish on Consolidated Edison, Inc. (NYSE:ED), down from 30 funds in the prior quarter. Electron Capital Partners is the largest Consolidated Edison, Inc. (NYSE:ED) stakeholder, with 1.35 million shares worth $98.4 million.