In a recent move, Jennifer Hensley, the Senior Vice President of Corporate Affairs at Consolidated Edison Inc. (NYSE:ED), acquired shares of the company's stock valued at over $22,000. The transactions were part of the company's Stock Purchase Plan and were executed over a series of months, with prices ranging from $87.21 to $94.40 per share.
The purchases began on December 29, 2023, with Hensley buying 48.856 shares at $90.97 each, and continued through the end of April 2024. On January 31, 2024, another 48.893 shares were added to her portfolio at a price of $90.90 per share. The buying spree carried on with 50.962 shares acquired at $87.21 each on February 28, 49.934 shares at $90.81 on March 31, and finally, 47.081 shares at $94.40 on April 30.
The series of acquisitions were disclosed in a regulatory filing with the U.S. Securities and Exchange Commission (SEC), which detailed the total amount spent on these purchases. Notably, the filing included a footnote indicating that the earlier purchases reported were delayed due to an administrative error.
Consolidated Edison, an energy company based in New York, provides electric and gas service to customers in the area. The company's stock, traded under the ticker ED, is watched by investors who are interested in the utility sector and insider transactions.
For investors, the actions of company executives like Hensley can provide insight into their confidence in the firm's performance and outlook. These recent purchases may be seen as a positive sign by the market, reflecting a belief in the company's value and future prospects.
InvestingPro Insights
Consolidated Edison Inc. (NYSE:ED) has demonstrated a commitment to shareholder returns, as evidenced by its impressive track record of raising dividends for 49 consecutive years. This is a testament to the company's stable financial performance and prudent management. Furthermore, with the stock generally trading with low price volatility, investors looking for steady income and lower risk might find ED an attractive option.
InvestingPro data reveals that Consolidated Edison has a market capitalization of $33.25 billion and maintains a Price/Earnings (P/E) ratio of 18.35, which adjusts slightly to 18.24 for the last twelve months as of Q1 2024. Notably, the company's dividend yield as of Day 127 of 2024 stands at 3.47%, which is competitive within the utility sector and underscores its appeal to income-focused investors.
While the company is expected to remain profitable this year, according to analyst predictions, it's important to note that net income is anticipated to drop. However, the company's long history of profitability, including over the last twelve months, may provide some reassurance to investors concerned about future earnings.
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