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MGE Energy, Inc. (NASDAQ:MGEE), a $3.3 billion utility company with a remarkable 32-year dividend growth streak according to InvestingPro, held its Annual Meeting of Shareholders on May 20, 2025. The meeting addressed key voting outcomes, including the election of three Class III Directors and the ratification of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2025. Currently trading at $90.26 with a P/E ratio of 25.33, analysis suggests the stock is trading above its Fair Value.
The elected Class III Directors, who will serve until the 2028 annual meeting, are Daniel J. Kelly, James L. Possin, and Noble L. Wray. The results showed strong support for these individuals with over 23 million "For" votes each and a relatively small number of "Against" votes and abstentions. The company’s other directors will continue to serve their respective terms. The strong shareholder support aligns with MGE Energy’s solid financial health, rated as "GOOD" by InvestingPro’s comprehensive analysis system, which offers 5 additional exclusive insights about the company’s performance.
In addition to the director elections, shareholders approved the appointment of PricewaterhouseCoopers LLP as the independent auditor for the current fiscal year. The proposal received overwhelming support, with approximately 98% of votes cast in favor.
An advisory vote on executive compensation, which is non-binding, also passed with about 95% of votes cast in favor. This indicates shareholder approval of the company’s executive compensation practices.
The information is based on a press release statement.
In other recent news, MGE Energy has announced the continuation of its long-standing dividend distribution, declaring a quarterly dividend of $0.45 per share. This dividend will be paid on June 15, 2025, to shareholders on record as of June 1, 2025. The company has a remarkable track record of increasing dividends annually for 49 years and has issued cash dividends for over 110 years. This announcement underscores MGE Energy’s stable financial performance and commitment to providing consistent shareholder returns. Additionally, the company disclosed that Lynn Hobbie, Executive Vice President – Marketing and Communications, plans to retire by the end of 2025. This significant leadership change was made official in a recent SEC filing. The filing did not specify the reasons for Hobbie’s departure or details about her successor. Investors will be monitoring the company’s leadership transitions closely as the energy sector continues to evolve.
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