5 Best Retirement Stocks To Buy Now

In this article, we discuss the 5 best retirement stocks to buy now. If you want to read our comprehensive analysis of these stocks and the current market situation, go directly to 10 Best Retirement Stocks To Buy Now.

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

Dividend Yield as of June 7: 3.21%

Number Of Hedge Fund Holders: 26

Consolidated Edison, Inc. (NYSE:ED), commonly known as ConEd, is one of the largest investor-owned energy companies in the United States. One of the most prominent dividend-payers in the electric utility sector, the company has grown its dividend payments for 47 years in a row.

On April 21, Consolidated Edison, Inc. (NYSE:ED) declared a $0.79 per share quarterly dividend, in-line with previous. The company’s dividend yield stands at 3.21% as of June 7.

The company posted its earnings report for the first quarter of 2022 on May 5, declaring a revenue of $4 billion, up over 10.42% compared to the revenue over the same period last year and surpassing analyst expectations by $350 million.

On May 23, Guggenheim analyst Shahriar Pourreza upgraded Consolidated Edison, Inc. (NYSE:ED) to Neutral from Sell with a price target of $94, up from $80, following what he calls the removal of a “major regulatory risk” from the company’s earnings outlook over the multi-year rate case period.

At the end of the first quarter of 2022, 26 hedge funds in the database of Insider Monkey held stakes worth $485.7 million in Consolidated Edison, Inc. (NYSE:ED), compared to 22 in the preceding quarter worth $323 million. Ken Griffin’s Citadel Investment Group is one of the leading stakeholders in the company, with over 1.19 million shares worth more than $113.3 million.