Sumitomo Mitsui DS Asset Management Company Ltd Acquires 587 Shares of WEC Energy Group, Inc. (NYSE:WEC)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of WEC Energy Group, Inc. (NYSE:WEC) by 1.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,321 shares of the utilities provider’s stock after buying an additional 587 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in WEC Energy Group were worth $2,973,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Tennessee Valley Asset Management Partners acquired a new stake in WEC Energy Group during the fourth quarter worth $26,000. Valued Wealth Advisors LLC acquired a new stake in WEC Energy Group during the fourth quarter worth $28,000. Fortitude Family Office LLC acquired a new stake in WEC Energy Group during the fourth quarter worth $33,000. Authentikos Wealth Advisory LLC acquired a new stake in WEC Energy Group during the third quarter worth $38,000. Finally, Bruce G. Allen Investments LLC acquired a new stake in WEC Energy Group during the fourth quarter worth $40,000. Institutional investors and hedge funds own 77.20% of the company’s stock.

WEC Energy Group Stock Performance

WEC Energy Group stock opened at $81.97 on Wednesday. The stock has a 50-day simple moving average of $79.97 and a 200 day simple moving average of $81.41. The company has a quick ratio of 0.40, a current ratio of 0.55 and a debt-to-equity ratio of 1.29. WEC Energy Group, Inc. has a 12-month low of $75.13 and a 12-month high of $98.80. The stock has a market capitalization of $25.86 billion, a price-to-earnings ratio of 19.42, a P/E/G ratio of 2.83 and a beta of 0.40.

WEC Energy Group (NYSE:WEC) last released its quarterly earnings results on Thursday, February 1st. The utilities provider reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. WEC Energy Group had a return on equity of 12.17% and a net margin of 14.98%. The business had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same period in the previous year, the business posted $0.80 earnings per share. The firm’s revenue for the quarter was down 13.3% compared to the same quarter last year. On average, research analysts anticipate that WEC Energy Group, Inc. will post 4.88 earnings per share for the current fiscal year.

WEC Energy Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Tuesday, May 14th will be issued a dividend of $0.835 per share. The ex-dividend date is Monday, May 13th. This represents a $3.34 annualized dividend and a yield of 4.07%. WEC Energy Group’s dividend payout ratio is currently 79.15%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on WEC. Scotiabank decreased their price target on shares of WEC Energy Group from $96.00 to $90.00 and set a “sector outperform” rating on the stock in a research note on Monday. KeyCorp boosted their target price on shares of WEC Energy Group from $95.00 to $96.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. The Goldman Sachs Group started coverage on shares of WEC Energy Group in a research note on Wednesday, April 10th. They issued a “neutral” rating and a $88.00 target price on the stock. JPMorgan Chase & Co. downgraded shares of WEC Energy Group from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $90.00 to $84.00 in a research note on Friday, February 2nd. Finally, Royal Bank of Canada reduced their target price on shares of WEC Energy Group from $95.00 to $90.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 8th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $86.64.

Insiders Place Their Bets

In other WEC Energy Group news, CEO Scott J. Lauber sold 2,830 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $78.89, for a total transaction of $223,258.70. Following the completion of the sale, the chief executive officer now directly owns 43,125 shares of the company’s stock, valued at approximately $3,402,131.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other WEC Energy Group news, Chairman Gale E. Klappa sold 37,180 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $78.69, for a total transaction of $2,925,694.20. Following the completion of the sale, the chairman now directly owns 274,782 shares of the company’s stock, valued at approximately $21,622,595.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Scott J. Lauber sold 2,830 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $78.89, for a total value of $223,258.70. Following the completion of the sale, the chief executive officer now directly owns 43,125 shares of the company’s stock, valued at $3,402,131.25. The disclosure for this sale can be found here. Company insiders own 0.44% of the company’s stock.

WEC Energy Group Profile

WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States. It operates through Wisconsin, Illinois, Other States, Electric Transmission, and Non-Utility Energy Infrastructure segments.