Cibc World Market Inc. Takes $3.17 Million Position in Consolidated Edison Inc $ED

Cibc World Market Inc. acquired a new position in Consolidated Edison Inc (NYSE:ED) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 31,525 shares of the utilities provider’s stock, valued at approximately $3,169,000.

Several other large investors also recently added to or reduced their stakes in ED. Vanguard Group Inc. boosted its stake in shares of Consolidated Edison by 4.5% during the 2nd quarter. Vanguard Group Inc. now owns 45,040,811 shares of the utilities provider’s stock worth $4,519,845,000 after acquiring an additional 1,923,717 shares during the last quarter. Geode Capital Management LLC lifted its position in Consolidated Edison by 6.1% during the second quarter. Geode Capital Management LLC now owns 9,796,782 shares of the utilities provider’s stock valued at $979,204,000 after purchasing an additional 566,358 shares in the last quarter. Norges Bank bought a new stake in Consolidated Edison during the second quarter valued at about $462,218,000. ATLAS Infrastructure Partners UK Ltd. grew its holdings in Consolidated Edison by 4.8% during the second quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,409,288 shares of the utilities provider’s stock valued at $241,772,000 after purchasing an additional 110,666 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Consolidated Edison by 4.6% in the second quarter. Charles Schwab Investment Management Inc. now owns 2,376,237 shares of the utilities provider’s stock worth $238,455,000 after buying an additional 104,643 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Insider Activity at Consolidated Edison

In related news, Director John F. Killian sold 2,276 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $96.89, for a total transaction of $220,521.64. Following the sale, the director owned 38,661 shares in the company, valued at approximately $3,745,864.29. This represents a 5.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ED shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Consolidated Edison in a research note on Monday, December 29th. Wells Fargo & Company decreased their price objective on shares of Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 20th. KeyCorp lowered their target price on shares of Consolidated Edison from $90.00 to $86.00 and set an “underweight” rating on the stock in a research note on Friday, December 12th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $118.00 price target on shares of Consolidated Edison in a research note on Friday, January 23rd. Finally, TD Cowen started coverage on Consolidated Edison in a research report on Friday, January 9th. They issued a “hold” rating and a $105.00 price objective on the stock. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $104.20.

Consolidated Edison Stock Performance

NYSE ED opened at $113.59 on Monday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.08 and a quick ratio of 0.97. Consolidated Edison Inc has a 1-year low of $94.50 and a 1-year high of $114.87. The business has a 50 day simple moving average of $102.16 and a two-hundred day simple moving average of $100.59. The stock has a market capitalization of $41.00 billion, a PE ratio of 19.86, a P/E/G ratio of 3.10 and a beta of 0.38.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Wednesday, February 18th will be given a dividend of $0.8875 per share. The ex-dividend date is Wednesday, February 18th. This represents a $3.55 annualized dividend and a dividend yield of 3.1%. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.85. Consolidated Edison’s dividend payout ratio is currently 59.44%.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.