In a recent transaction, Deneen L. Donnley, Senior Vice President and General Counsel of Consolidated Edison Inc. (NYSE:ED), acquired shares in the company worth $2,313. The transaction, which took place on April 30, 2024, involved the purchase of 24.506 shares of common stock at a price of $94.40 per share.
This acquisition was conducted under Consolidated Edison's Stock Purchase Plan, indicating a routine purchase by the executive. Following this transaction, Donnley's ownership in the company has increased to a total of 19,247.680 shares of common stock.
Investors often monitor insider transactions as they can provide insights into executives' confidence in the company's performance and outlook. The purchase by Donnley aligns with the actions of company insiders who believe in the firm's potential and choose to invest personally in the stock.
Consolidated Edison, known for its role in the electric and other services combined sector, has its shares traded on the New York Stock Exchange under the ticker symbol ED. The company's commitment to providing energy services is reflected in its broad range of operations and strategic investments.
As insiders continue to engage in transactions, market participants will likely keep a close eye on these activities for indications of the company's future direction.
InvestingPro Insights
Consolidated Edison Inc. (NYSE:ED), a stalwart in the utilities sector, has demonstrated a commendable track record of rewarding its investors. An InvestingPro Tip highlights that the company has raised its dividend for an impressive 49 consecutive years, underscoring its commitment to shareholder returns. Additionally, the stock is known for its low price volatility, which can be appealing for investors seeking stability in their portfolio.
From the financial perspective, Consolidated Edison boasts a market capitalization of $33.25 billion, reflecting its significant presence in the industry. The company's P/E ratio stands at 18.35, with a slight adjustment to 18.24 for the last twelve months as of Q1 2024. This valuation metric can provide investors with a sense of the company's earnings relative to its share price. Furthermore, the dividend yield as of the given date is an attractive 3.47%, which is particularly noteworthy for income-focused investors.
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