Krilogy Financial LLC Takes $1.24 Million Position in Consolidated Edison Inc $ED

Krilogy Financial LLC purchased a new stake in Consolidated Edison Inc (NYSE:ED) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 12,947 shares of the utilities provider’s stock, valued at approximately $1,244,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in Consolidated Edison in the 2nd quarter valued at about $462,218,000. Vanguard Group Inc. grew its stake in shares of Consolidated Edison by 4.5% during the second quarter. Vanguard Group Inc. now owns 45,040,811 shares of the utilities provider’s stock valued at $4,519,845,000 after purchasing an additional 1,923,717 shares during the last quarter. Qube Research & Technologies Ltd increased its holdings in shares of Consolidated Edison by 2,190.9% in the second quarter. Qube Research & Technologies Ltd now owns 978,160 shares of the utilities provider’s stock valued at $98,158,000 after purchasing an additional 935,463 shares in the last quarter. Rakuten Investment Management Inc. acquired a new stake in shares of Consolidated Edison in the third quarter valued at approximately $60,497,000. Finally, Geode Capital Management LLC raised its position in Consolidated Edison by 6.1% in the 2nd quarter. Geode Capital Management LLC now owns 9,796,782 shares of the utilities provider’s stock worth $979,204,000 after purchasing an additional 566,358 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Insider Activity at Consolidated Edison

In related news, Director John F. Killian sold 2,276 shares of the 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 sale, the director directly owned 38,661 shares in the company, valued at $3,745,864.29. This trade represents a 5.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.19% of the stock is currently owned by company insiders.

Consolidated Edison Stock Up 1.6%

Shares of Consolidated Edison stock opened at $111.65 on Friday. The business has a fifty day simple moving average of $101.82 and a 200 day simple moving average of $100.53. The stock has a market cap of $40.30 billion, a PE ratio of 19.52, a price-to-earnings-growth ratio of 2.99 and a beta of 0.38. The company has a quick ratio of 0.97, a current ratio of 1.08 and a debt-to-equity ratio of 1.03. Consolidated Edison Inc has a 12 month low of $94.49 and a 12 month high of $114.87.

Consolidated Edison Increases Dividend

The business 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. This represents a $3.55 annualized dividend and a dividend yield of 3.2%. 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 is presently 59.44%.

Analysts Set New Price Targets

A number of brokerages have commented on ED. TD Cowen assumed 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. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Consolidated Edison in a research note on Monday, December 29th. UBS Group raised their price target on Consolidated Edison from $108.00 to $112.00 and gave the company a “neutral” rating in a report on Friday, January 23rd. JPMorgan Chase & Co. dropped their price objective on Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating for the company in a report on Friday, December 12th. Finally, KeyCorp cut 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 report on Friday, December 12th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus 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.