DAVENPORT & Co LLC Has $4.95 Million Holdings in WEC Energy Group, Inc. $WEC

Key Points

• DAVENPORT & Co LLC increased its stake in WEC Energy Group by 32.9% during the 2nd quarter, now holding 47,471 shares valued at approximately $4.95 million.
• Insiders have sold a total of 68,448 shares worth around $7.58 million in the last ninety days, indicating significant insider selling activity.
• WEC Energy Group recently declared a quarterly dividend of $0.8925, with a dividend yield of 3.1% and a payout ratio of 68.39%.

DAVENPORT & Co LLC increased its stake in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 32.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 47,471 shares of the utilities provider's stock after buying an additional 11,761 shares during the quarter. DAVENPORT & Co LLC's holdings in WEC Energy Group were worth $4,946,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Truvestments Capital LLC bought a new stake in WEC Energy Group in the 1st quarter valued at $25,000. Nova Wealth Management Inc. bought a new stake in WEC Energy Group in the 1st quarter valued at $26,000. Hughes Financial Services LLC bought a new stake in WEC Energy Group in the 1st quarter valued at $28,000. Opal Wealth Advisors LLC bought a new stake in WEC Energy Group in the 1st quarter valued at $32,000. Finally, WPG Advisers LLC bought a new stake in WEC Energy Group in the 1st quarter valued at $35,000. Institutional investors own 77.20% of the company's stock.

Insider Buying and Selling

In related news, VP Anthony Reese sold 4,177 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $110.30, for a total value of $460,723.10. Following the transaction, the vice president owned 1,757 shares in the company, valued at approximately $193,797.10. This trade represents a 70.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Molly A. Mulroy sold 4,030 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $110.33, for a total value of $444,629.90. Following the completion of the transaction, the executive vice president owned 5,829 shares in the company, valued at $643,113.57. The trade was a 40.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,448 shares of company stock valued at $7,581,132 in the last ninety days. Insiders own 0.50% of the company's stock.

WEC Energy Group Stock Up 0.5%

Shares of NYSE WEC opened at $115.12 on Wednesday. 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 52 week low of $91.94 and a 52 week high of $115.90. The stock has a market capitalization of $37.05 billion, a P/E ratio of 22.05, a PEG ratio of 3.15 and a beta of 0.47. The stock's fifty day moving average is $109.63 and its 200 day moving average is $107.48.

WEC Energy Group (NYSE:WEC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $0.76 EPS for the quarter, topping analysts' consensus estimates of $0.71 by $0.05. WEC Energy Group had a return on equity of 12.90% and a net margin of 17.87%.The company had revenue of $2.01 billion for the quarter, compared to analysts' expectations of $1.87 billion. During the same quarter last year, the business earned $0.67 earnings per share. WEC Energy Group's revenue was up 13.4% on a year-over-year basis. WEC Energy Group has set its FY 2025 guidance at 5.170-5.270 EPS. Sell-side analysts forecast that WEC Energy Group, Inc. will post 5.23 earnings per share for the current fiscal year.

WEC Energy Group Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Thursday, August 14th were given a $0.8925 dividend. The ex-dividend date was Thursday, August 14th. This represents a $3.57 dividend on an annualized basis and a dividend yield of 3.1%. WEC Energy Group's dividend payout ratio (DPR) is presently 68.39%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on WEC shares. Scotiabank increased their price target on WEC Energy Group from $115.00 to $129.00 and gave the company an "outperform" rating in a research note on Monday. The Goldman Sachs Group cut WEC Energy Group from a "neutral" rating to a "sell" rating and lowered their price objective for the stock from $106.00 to $100.00 in a research report on Wednesday, June 25th. Wall Street Zen upgraded WEC Energy Group from a "sell" rating to a "hold" rating in a research report on Saturday. Weiss Ratings reiterated a "buy (b-)" rating on shares of WEC Energy Group in a research report on Saturday, September 27th. Finally, Citigroup assumed coverage on WEC Energy Group in a research report on Friday. They set a "buy" rating and a $131.00 price objective on the stock. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $110.70.

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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