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

Cherokee Insurance Co cut its stake in Consolidated Edison Inc (NYSE:ED) by 15.0% in the 3rd quarter, Holdings Channel reports. The firm owned 37,400 shares of the utilities provider’s stock after selling 6,600 shares during the period. Consolidated Edison makes up about 1.6% of Cherokee Insurance Co’s portfolio, making the stock its 20th biggest position. Cherokee Insurance Co’s holdings in Consolidated Edison were worth $3,759,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently modified their holdings of the stock. Salomon & Ludwin LLC increased its position in shares of Consolidated Edison by 270.4% during the third quarter. Salomon & Ludwin LLC now owns 300 shares of the utilities provider’s stock valued at $30,000 after buying an additional 219 shares during the period. Bogart Wealth LLC boosted its position in Consolidated Edison by 886.5% during the 2nd quarter. Bogart Wealth LLC now owns 365 shares of the utilities provider’s stock valued at $37,000 after acquiring an additional 328 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Consolidated Edison during the 3rd quarter worth approximately $38,000. True Wealth Design LLC raised its position in shares of Consolidated Edison by 392.1% in the 3rd quarter. True Wealth Design LLC now owns 497 shares of the utilities provider’s stock worth $50,000 after acquiring an additional 396 shares in the last quarter. Finally, Webster Bank N. A. raised its position in shares of Consolidated Edison by 67.8% in the 3rd quarter. Webster Bank N. A. now owns 495 shares of the utilities provider’s stock worth $50,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Insider Buying and Selling

In other news, Director John F. Killian sold 2,276 shares of the business’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $96.89, for a total value of $220,521.64. Following the completion of the transaction, the director owned 38,661 shares in the company, valued at $3,745,864.29. The trade was 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. Corporate insiders own 0.19% of the company’s stock.

Consolidated Edison Stock Up 1.7%

NYSE:ED opened at $113.59 on Friday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.97 and a current ratio of 1.08. The firm has a market cap of $41.00 billion, a P/E ratio of 19.86, a P/E/G ratio of 3.10 and a beta of 0.38. Consolidated Edison Inc has a fifty-two week low of $94.50 and a fifty-two week high of $114.87. The firm has a 50-day simple moving average of $102.16 and a two-hundred day simple moving average of $100.61.

Consolidated Edison Increases Dividend

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

Wall Street Analysts Forecast Growth

ED has been the topic of several research reports. UBS Group lifted their price target on Consolidated Edison from $108.00 to $112.00 and gave the company a “neutral” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. dropped their target price on shares of Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating on the stock in a report on Friday, December 12th. Morgan Stanley reiterated an “underweight” rating and issued a $96.00 price target on shares of Consolidated Edison in a research note on Wednesday, January 21st. TD Cowen initiated coverage on shares of Consolidated Edison in a research note on Friday, January 9th. They set a “hold” rating and a $105.00 price objective on the stock. Finally, Wells Fargo & Company lowered their target price on shares of Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating for the company in a report on Tuesday, January 20th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $104.20.

About Consolidated Edison

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.