In a recent transaction, Timothy Cawley, the Chairman, President, and CEO of Consolidated Edison Inc. (NYSE:ED), purchased shares of the company's common stock. The transaction, which took place on April 30, 2024, involved the acquisition of 24.529 shares at a price of $94.4 per share, amounting to a total investment of approximately $2,315.
This purchase was made under Consolidated Edison's Stock Purchase Plan, as indicated in a footnote of the transaction filing. The addition of these shares brings Cawley's total direct holdings in the company to 86,436.990 shares. It's also noted that a separate holding, indirectly owned through the company's Thrift Plan, experienced a minor decrease of 0.092 shares in the period between March 31, 2024, and April 30, 2024.
Investors often look at insider transactions such as these to gain insight into the confidence that company executives have in the firm's future prospects. While the purchase was not of a significant amount, it still reflects a positive gesture of commitment from Cawley towards Consolidated Edison.
Consolidated Edison Inc., based in New York, is a provider of electric and other energy-related services. The company's stock is traded on the New York Stock Exchange under the ticker symbol ED.
InvestingPro Insights
As Timothy Cawley demonstrates confidence in Consolidated Edison Inc. through his recent purchase of company stock, several metrics from InvestingPro provide a broader context for evaluating the company's current financial health and future prospects. With a market capitalization of $33.25 billion and a Price/Earnings (P/E) ratio of 18.35, Consolidated Edison reflects a stable investment profile. The P/E ratio has seen a slight adjustment in the last twelve months as of Q1 2024, landing at 18.24.
Investors considering following Cawley's lead may find encouragement in the company's consistent history of dividend payments. An InvestingPro Tip highlights that Consolidated Edison has raised its dividend for 49 consecutive years and maintained these payments for 54 consecutive years, underscoring a reliable return for shareholders. Additionally, the dividend yield as of the latest data stands at 3.47%, with a growth of 2.47% in the last twelve months as of Q1 2024.
However, it's important to note that revenue growth has experienced a downturn, with a decrease of 9.2% in the last twelve months as of Q1 2024. This is reflected in a slight quarterly revenue decline of 2.79% for Q1 2024. Despite this, an InvestingPro Tip suggests that analysts predict the company will remain profitable this year, which may reassure investors looking for long-term stability.
For those interested in gaining even more insights, InvestingPro offers additional tips on Consolidated Edison Inc. at https://www.investing.com/pro/ED. To enhance your investment analysis, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes a total of 6 additional InvestingPro Tips for Consolidated Edison Inc.
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