2,303 Shares in WEC Energy Group, Inc. $WEC Purchased by Drive Wealth Management LLC

Key Points

• Drive Wealth Management LLC purchased 2,303 shares of WEC Energy Group, Inc., valued at approximately $240,000, during the 2nd quarter.
• The company announced a quarterly dividend of $0.8925 per share, with an annualized yield of 3.0%, payable on December 1st.
• WEC Energy Group reported $1.43 EPS for the last quarter and had a market cap of $37.86 billion.

Drive Wealth Management LLC bought a new stake in WEC Energy Group, Inc. (NYSE:WEC - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 2,303 shares of the utilities provider's stock, valued at approximately $240,000.

Several other hedge funds have also made changes to their positions in WEC. Nuveen LLC acquired a new position in WEC Energy Group in the first quarter valued at approximately $403,372,000. Charles Schwab Investment Management Inc. raised its position in WEC Energy Group by 34.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 5,213,304 shares of the utilities provider's stock valued at $567,727,000 after purchasing an additional 1,349,522 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of WEC Energy Group by 16.6% in the 1st quarter. JPMorgan Chase & Co. now owns 5,103,604 shares of the utilities provider's stock valued at $556,191,000 after purchasing an additional 726,267 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in shares of WEC Energy Group by 1,529.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 709,209 shares of the utilities provider's stock worth $77,290,000 after purchasing an additional 665,681 shares during the period. Finally, Envestnet Asset Management Inc. increased its position in shares of WEC Energy Group by 20.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 2,519,401 shares of the utilities provider's stock worth $274,564,000 after purchasing an additional 430,269 shares during the last quarter. Hedge funds and other institutional investors own 77.20% of the company's stock.

WEC Energy Group Stock Performance

Shares of WEC Energy Group stock opened at $117.62 on Tuesday. The business has a 50-day simple moving average of $110.70 and a 200-day simple moving average of $108.05. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.40 and a current ratio of 0.55. WEC Energy Group, Inc. has a one year low of $91.94 and a one year high of $118.10. The company has a market cap of $37.86 billion, a PE ratio of 22.53, a P/E/G ratio of 3.29 and a beta of 0.47.

WEC Energy Group (NYSE:WEC - Get Free Report) last issued its quarterly earnings results on Tuesday, September 2nd. The utilities provider reported $1.43 earnings per share (EPS) for the quarter. WEC Energy Group had a net margin of 17.87% and a return on equity of 12.90%. The company had revenue of $2.28 billion during the quarter. On average, equities research analysts forecast that WEC Energy Group, Inc. will post 5.23 EPS for the current fiscal year.

WEC Energy Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 14th will be issued a $0.8925 dividend. This represents a $3.57 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Friday, November 14th. WEC Energy Group's dividend payout ratio is 68.39%.

Insider Buying and Selling

In other news, CEO Scott J. Lauber sold 9,231 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $110.88, for a total transaction of $1,023,533.28. Following the sale, the chief executive officer owned 56,443 shares of the company's stock, valued at approximately $6,258,399.84. This trade represents a 14.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Daniel Krueger sold 5,930 shares of the business's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $111.14, for a total value of $659,060.20. Following the sale, the executive vice president owned 6,606 shares of the company's stock, valued at approximately $734,190.84. The trade was a 47.30% decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,448 shares of company stock valued at $7,581,132 over the last 90 days. 0.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

WEC has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of WEC Energy Group in a research report on Wednesday, October 8th. KeyCorp upped their price objective on shares of WEC Energy Group from $110.00 to $123.00 and gave the stock an "overweight" rating in a report on Wednesday, October 15th. UBS Group lifted their target price on shares of WEC Energy Group from $117.00 to $122.00 and gave the company a "neutral" rating in a report on Friday, October 10th. Citigroup initiated coverage on WEC Energy Group in a research note on Friday, October 3rd. They set a "buy" rating and a $131.00 price target on the stock. Finally, BMO Capital Markets reiterated a "market perform" rating on shares of WEC Energy Group in a report on Tuesday. Six analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, WEC Energy Group presently has a consensus rating of "Hold" and an average price target of $114.64.

About WEC Energy Group

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.

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