Tobam Purchases 14,140 Shares of Consolidated Edison Inc $ED

Tobam lifted its position in Consolidated Edison Inc (NYSE:ED) by 22.9% during the third quarter, Holdings Channel reports. The institutional investor owned 75,802 shares of the utilities provider’s stock after buying an additional 14,140 shares during the quarter. Consolidated Edison makes up approximately 2.8% of Tobam’s investment portfolio, making the stock its 2nd largest position. Tobam’s holdings in Consolidated Edison were worth $7,620,000 at the end of the most recent reporting period.

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

Insider Activity at Consolidated Edison

In other Consolidated Edison news, Director John F. Killian sold 2,276 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $96.89, for a total value of $220,521.64. Following the transaction, 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 Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.17% of the company’s stock.

Consolidated Edison Stock Up 1.7%

Shares of Consolidated Edison stock opened at $113.59 on Monday. Consolidated Edison Inc has a 1 year low of $94.50 and a 1 year high of $114.87. The company 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. The company has a current ratio of 1.08, a quick ratio of 0.97 and a debt-to-equity ratio of 1.03. The stock has a 50-day moving average price of $102.16 and a 200 day moving average price of $100.59.

Consolidated Edison Increases Dividend

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

Analyst Upgrades and Downgrades

ED has been the topic of several research reports. JPMorgan Chase & Co. dropped their price target on Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating on the stock in a report on Friday, December 12th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $118.00 target price on shares of Consolidated Edison in a research report on Friday, January 23rd. Morgan Stanley reaffirmed an “underweight” rating and set a $96.00 target price on shares of Consolidated Edison in a report on Wednesday, January 21st. KeyCorp dropped their price target on Consolidated Edison from $90.00 to $86.00 and set an “underweight” rating on the stock in a research note on Friday, December 12th. Finally, TD Cowen assumed 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 for the company. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Reduce” and an average target price 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.