In a recent transaction, Robert Sanchez, the President of CECONY and Shared Services at Consolidated Edison Inc. (NYSE:ED), acquired shares of the company's common stock valued at a total of $2,311. The purchase was made under the company's Stock Purchase Plan, as disclosed in a regulatory filing.
Sanchez purchased 24.482 shares of Consolidated Edison at a price of $94.40 per share. Following this transaction, his direct holdings in the company increased to 13,678.796 shares. Additionally, the filing noted an increase in shares held indirectly by Sanchez through the company's THRIFT Plan. Between March 31, 2024, and April 30, 2024, his indirect holdings grew by 5.460 shares, bringing the total to 505.451 shares in the plan as of the end of April.
Consolidated Edison Inc., based in New York, is an energy company serving customers through its various subsidiaries. The company's stock is traded on the New York Stock Exchange under the ticker symbol ED. The recent acquisition by one of its executives demonstrates a continued investment in the company's future.
Investors often monitor such insider transactions as they can provide insights into an executive's confidence in the company's performance and outlook. The filing was signed by William J. Kelleher, Attorney-in-Fact, on May 6, 2024.
InvestingPro Insights
In light of the recent insider stock purchase by Robert Sanchez, President of CECONY and Shared Services at Consolidated Edison Inc. (NYSE:ED), investors may find the following metrics and InvestingPro Tips particularly insightful. Consolidated Edison has a proven track record of stability and shareholder commitment, as evidenced by a remarkable history of raising its dividend for 49 consecutive years and maintaining dividend payments for 54 consecutive years. This information is particularly relevant for those interested in the company's dividend reliability.
From a financial standpoint, Consolidated Edison boasts a market capitalization of $33.25 billion and a Price/Earnings (P/E) ratio of 18.35, which adjusts slightly to 18.24 when looking at the last twelve months as of Q1 2024. The company's Gross Profit Margin over the same period stands strong at 52.58%, highlighting its ability to retain a significant portion of revenue after the cost of goods sold is deducted.
Investors should note, however, that net income is expected to drop this year, a factor that could influence future performance and stock valuation. Nevertheless, analysts predict the company will remain profitable this year, a sentiment supported by the company's positive performance over the last twelve months.
For those looking to delve deeper into the company's financial health and future prospects, there are additional InvestingPro Tips available at: https://www.investing.com/pro/ED. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further valuable insights into Consolidated Edison's performance and potential investment opportunities.
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