11,648 Shares of WEC Energy Group, Inc. $WEC Bought by Welch & Forbes LLC

Welch & Forbes LLC bought a new stake in WEC Energy Group, Inc. (NYSE:WEC) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 11,648 shares of the utilities provider’s stock, valued at approximately $1,174,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Legal & General Group Plc acquired a new position in shares of WEC Energy Group during the 2nd quarter worth about $299,100,000. Magellan Asset Management Ltd bought a new stake in shares of WEC Energy Group in the 2nd quarter valued at about $144,582,000. Caisse de depot et placement du Quebec bought a new stake in shares of WEC Energy Group in the 2nd quarter valued at about $128,290,000. Energy Income Partners LLC acquired a new stake in WEC Energy Group in the 2nd quarter valued at about $97,564,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in WEC Energy Group in the 2nd quarter valued at about $95,395,000. Institutional investors and hedge funds own 77.20% of the company’s stock.

WEC Energy Group Price Performance

Shares of WEC opened at $116.93 on Wednesday. The company’s 50-day moving average is $107.29 and its 200-day moving average is $111.74. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.53 and a quick ratio of 0.36. The firm has a market capitalization of $38.47 billion, a PE ratio of 21.22, a PEG ratio of 2.41 and a beta of 0.43. WEC Energy Group, Inc. has a fifty-two week low of $99.80 and a fifty-two week high of $120.15.

WEC Energy Group (NYSE:WEC) last announced its earnings results on Thursday, October 29th. The utilities provider reported $1.18 EPS for the quarter, topping the consensus estimate of $0.97 by $0.21. WEC Energy Group had a net margin of 17.54% and a return on equity of 13.49%. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the previous year, the firm posted $0.83 EPS. WEC Energy Group’s revenue was up 8.9% compared to the same quarter last year. Equities analysts forecast that WEC Energy Group, Inc. will post 5.61 EPS for the current year.

WEC Energy Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be given a dividend of $0.9525 per share. The ex-dividend date is Friday, November 13th. This represents a $3.81 annualized dividend and a yield of 3.3%. WEC Energy Group’s dividend payout ratio (DPR) is 69.15%.

Analyst Ratings Changes

WEC has been the subject of a number of research analyst reports. KeyCorp reduced their price target on WEC Energy Group from $117.00 to $111.00 and set an “overweight” rating for the company in a report on Tuesday, October 13th. The Goldman Sachs Group dropped their price objective on WEC Energy Group from $110.00 to $107.00 in a research note on Thursday, October 15th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $117.00 price objective (down from $120.00) on shares of WEC Energy Group in a research report on Friday, October 16th. Wall Street Zen upgraded WEC Energy Group from a “sell” rating to a “hold” rating in a research note on Sunday. Finally, Truist Financial reduced their target price on WEC Energy Group from $114.00 to $113.00 and set a “hold” rating for the company in a research note on Friday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $117.88.

WEC Energy Group Company Profile

WEC Energy Group is a regulated energy holding company based in Milwaukee, Wisconsin. Through its subsidiaries, it generates, transmits and distributes electricity and provides natural gas service to residential, commercial and industrial customers. The company’s utility operations serve communities across Wisconsin, Illinois, Michigan and Minnesota. Its businesses include electric and gas utilities, as well as natural gas storage and related energy services. WEC Energy Group adopted its current name in 2015, following the combination of Wisconsin Energy Corporation and Integrys Energy Group.