Cherokee Insurance Co Sells 6,600 Shares of Consolidated Edison Inc $ED

Cherokee Insurance Co trimmed its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 15.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,400 shares of the utilities provider’s stock after selling 6,600 shares during the quarter. Consolidated Edison comprises about 1.6% of Cherokee Insurance Co’s holdings, making the stock its 20th largest position. Cherokee Insurance Co’s holdings in Consolidated Edison were worth $3,759,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Metis Global Partners LLC grew its holdings in shares of Consolidated Edison by 16.4% during the third quarter. Metis Global Partners LLC now owns 37,002 shares of the utilities provider’s stock worth $3,719,000 after purchasing an additional 5,201 shares in the last quarter. Assetmark Inc. lifted its position in Consolidated Edison by 2.9% during the third quarter. Assetmark Inc. now owns 671,488 shares of the utilities provider’s stock valued at $67,498,000 after purchasing an additional 18,915 shares during the last quarter. Public Sector Pension Investment Board lifted its position in Consolidated Edison by 4.9% during the third quarter. Public Sector Pension Investment Board now owns 77,729 shares of the utilities provider’s stock valued at $7,813,000 after purchasing an additional 3,629 shares during the last quarter. Illinois Municipal Retirement Fund grew its stake in Consolidated Edison by 82.8% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 255,823 shares of the utilities provider’s stock worth $25,715,000 after buying an additional 115,881 shares in the last quarter. Finally, Varma Mutual Pension Insurance Co increased its holdings in shares of Consolidated Edison by 8.8% in the 3rd quarter. Varma Mutual Pension Insurance Co now owns 123,215 shares of the utilities provider’s stock worth $12,386,000 after buying an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Up 1.7%

Shares of NYSE ED opened at $113.59 on Friday. The firm’s fifty day moving average is $102.16 and its 200 day moving average is $100.61. Consolidated Edison Inc has a 52 week low of $94.50 and a 52 week high of $114.87. The company has a quick ratio of 0.97, a current ratio of 1.08 and a debt-to-equity ratio of 1.03. The company has a market cap of $41.00 billion, a price-to-earnings ratio of 19.86, a PEG ratio of 3.10 and a beta of 0.38.

Consolidated Edison Increases Dividend

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on ED shares. Morgan Stanley reaffirmed an “underweight” rating and set a $96.00 price objective on shares of Consolidated Edison in a report on Wednesday, January 21st. TD Cowen started coverage on Consolidated Edison in a research note on Friday, January 9th. They set a “hold” rating and a $105.00 price target for the company. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $118.00 price objective on shares of Consolidated Edison in a report on Friday, January 23rd. Barclays decreased their price objective on Consolidated Edison from $101.00 to $100.00 and set an “underweight” rating on the stock in a report on Thursday, January 22nd. Finally, UBS Group increased their target price on shares of Consolidated Edison from $108.00 to $112.00 and gave the company a “neutral” rating in a report on Friday, January 23rd. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Consolidated Edison has an average rating of “Reduce” and a consensus price target of $104.20.

Insider Activity at Consolidated Edison

In related news, Director John F. Killian sold 2,276 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $96.89, for a total value of $220,521.64. Following the sale, the director directly owned 38,661 shares of the company’s stock, valued at $3,745,864.29. This trade represents a 5.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.19% of the company’s stock.

Consolidated Edison 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.