In a recent transaction, Lynn Good, the Chair and CEO of Duke Energy Corp (NYSE:DUK), sold 15,000 shares of the company's common stock at a price of $103.30 per share, amounting to a total sale value of $1.55 million. The transaction took place on May 15, 2024, according to the latest SEC filings.
This sale has slightly reduced Good's direct holdings in Duke Energy, leaving her with a total of 437,464 shares following the transaction. It's worth noting that this sale does not completely represent her stake in the company, as additional shares are held indirectly through various means.
Apart from the sale, the SEC filing also reported a transaction categorized as a gift, involving the same number of shares, 15,000, but with no monetary value associated with the transfer. After this gifting transaction, the remaining shares owned directly by Good totaled 422,464. The filing included a footnote indicating that 223,680 of these shares are held in a revocable trust in Good's name.
The SEC report also detailed holdings in non-derivative securities, which include 2,787 shares held indirectly by a 401(k), representing interests in an issuer stock fund. Additionally, 786 shares are held indirectly by Good's spouse, 52,966 shares are held by an irrevocable trust, and 121,400 shares are held by a family trust.
Investors often keep a close eye on insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. The sale by the CEO of Duke Energy, a leading electric power holding company, is a transaction of significance that market watchers may interpret in various ways.
InvestingPro Insights
Duke Energy Corp (NYSE:DUK) has been a subject of interest lately, especially with the recent insider transactions by CEO Lynn Good. To provide a broader perspective, let's consider some key financial metrics and insights from InvestingPro. As of the last twelve months as of Q1 2024, Duke Energy boasts a market capitalization of $79.37 billion, reflecting its substantial presence in the Electric Utilities industry. The company's P/E ratio stands at 17.89, which, when coupled with a PEG ratio of 0.66, suggests that the stock could be trading at a low price relative to its near-term earnings growth potential.
Investors might also be reassured by Duke Energy's consistent track record in dividend payments, having maintained them for 54 consecutive years and raising them for the last 16 years. This is indicative of the company's commitment to shareholder returns, which is further supported by a healthy dividend yield of 3.99% as of the latest data. On the flip side, one of the InvestingPro Tips highlights that the company operates with a significant debt burden, which could be a concern for risk-averse investors.
Despite some analysts revising their earnings downwards for the upcoming period, the company is expected to remain profitable this year, as per InvestingPro Tips. For investors seeking additional insights, there are 10 more tips available on InvestingPro for Duke Energy, which could provide a deeper understanding of the company's financial health and future outlook. To access these tips, investors can visit https://www.investing.com/pro/DUK and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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