Edison International (NYSE:EIX) President and CEO J. Andrew Murphy has sold a total of $4.1 million worth of company stock, according to recent SEC filings. The transactions, which took place on May 13 and 14, involved sales of common stock at prices ranging from $75.0742 to $75.1416 per share.
In addition to the sales, the executive also acquired shares through option exercises, with a total transaction value of approximately $3.3 million. The prices paid for these shares ranged from $54.91 to $62.5. Following these transactions, Murphy's ownership in the company's common stock has changed significantly.
The sales executed by Murphy were conducted under a pre-arranged Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for buying or selling stocks at a time when they are not in possession of material non-public information.
Investors often monitor the buying and selling activity of company executives as it can provide insights into their perspective on the company's future performance. The recent transactions by Murphy will likely be of interest to Edison International's shareholders and potential investors.
Edison International, based in Rosemead, California, is a public utility primarily engaged in the business of electricity supply and distribution. The company's shares are traded on the New York Stock Exchange under the ticker symbol EIX.
InvestingPro Insights
Following the recent news of Edison International's (NYSE:EIX) CEO J. Andrew Murphy's stock transactions, the company's financial health and stock performance metrics from InvestingPro offer additional context for investors. Edison International, with a market capitalization of $29.03 billion, has demonstrated a commitment to returning value to shareholders, as evidenced by its dividend track record. Notably, the company has raised its dividend for 18 consecutive years and has maintained dividend payments for 21 consecutive years, underscoring its financial stability and shareholder-friendly policies.
The company's P/E ratio stands at 33.03, which suggests that the stock is trading at a high earnings multiple, potentially reflecting investor confidence in its future growth prospects. Meanwhile, the adjusted P/E ratio for the last twelve months as of Q1 2024 is at a more moderate 14.05. Investors should also note that Edison International's dividend yield is currently at 4.16%, which is an attractive figure for income-focused portfolios.
Among the InvestingPro Tips, two analysts have revised their earnings estimates downwards for the upcoming period, which may warrant attention. Additionally, the stock has been trading near its 52-week high, with the price at 99.07% of this peak, indicating recent positive momentum in the share price.
For more detailed analysis and additional InvestingPro Tips, investors can visit https://www.investing.com/pro/EIX. There are currently 9 additional tips available on InvestingPro, which can provide deeper insights into Edison International's performance and outlook. To gain access to these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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