LPL Financial LLC Buys 148,368 Shares of WEC Energy Group, Inc. (NYSE:WEC)

LPL Financial LLC increased its stake in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 21.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 850,658 shares of the utilities provider's stock after buying an additional 148,368 shares during the period. LPL Financial LLC owned 0.27% of WEC Energy Group worth $92,705,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Hughes Financial Services LLC bought a new position in WEC Energy Group in the 1st quarter valued at approximately $28,000. Opal Wealth Advisors LLC bought a new position in shares of WEC Energy Group during the 1st quarter valued at $32,000. Golden State Wealth Management LLC lifted its holdings in shares of WEC Energy Group by 252.6% during the 1st quarter. Golden State Wealth Management LLC now owns 342 shares of the utilities provider's stock valued at $37,000 after buying an additional 245 shares during the period. Creekmur Asset Management LLC lifted its holdings in shares of WEC Energy Group by 2,420.0% during the 1st quarter. Creekmur Asset Management LLC now owns 378 shares of the utilities provider's stock valued at $41,000 after buying an additional 363 shares during the period. Finally, Hoey Investments Inc. bought a new position in shares of WEC Energy Group during the 4th quarter valued at $42,000. Hedge funds and other institutional investors own 77.20% of the company's stock.

WEC Energy Group Price Performance

NYSE:WEC traded up $1.21 on Friday, reaching $110.29. 3,367,369 shares of the company's stock traded hands, compared to its average volume of 2,227,431. WEC Energy Group, Inc. has a 12 month low of $86.76 and a 12 month high of $111.07. The company has a quick ratio of 0.40, a current ratio of 0.55 and a debt-to-equity ratio of 1.28. The stock has a 50-day simple moving average of $105.88 and a 200-day simple moving average of $105.18. The firm has a market cap of $35.20 billion, a PE ratio of 21.13, a P/E/G ratio of 2.98 and a beta of 0.44.

WEC Energy Group (NYSE:WEC - Get Free Report) last issued its earnings results on Wednesday, July 30th. The utilities provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $2.01 billion for the quarter, compared to analysts' expectations of $1.87 billion. During the same period in the previous year, the firm posted $0.67 earnings per share. The business's revenue was up 13.4% compared to the same quarter last year. Equities research analysts forecast that WEC Energy Group, Inc. will post 5.23 earnings per share for the current year.

WEC Energy Group Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Thursday, August 14th will be issued a $0.8925 dividend. This represents a $3.57 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Thursday, August 14th. WEC Energy Group's payout ratio is 68.39%.

Insider Activity

In other news, VP Joshua M. Erickson sold 2,155 shares of WEC Energy Group stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $107.77, for a total value of $232,244.35. Following the sale, the vice president directly owned 2,686 shares of the company's stock, valued at approximately $289,470.22. The trade was a 44.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.50% of the company's stock.

Wall Street Analysts Forecast Growth

WEC has been the topic of several research analyst reports. Wall Street Zen cut WEC Energy Group from a "hold" rating to a "sell" rating in a report on Saturday, July 12th. The Goldman Sachs Group cut WEC Energy Group from a "neutral" rating to a "sell" rating and decreased their target price for the stock from $106.00 to $100.00 in a report on Wednesday, June 25th. Scotiabank set a $115.00 target price on WEC Energy Group and gave the stock an "outperform" rating in a report on Wednesday, May 7th. Barclays raised their target price on WEC Energy Group from $99.00 to $101.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 29th. Finally, Wells Fargo & Company raised their target price on WEC Energy Group from $115.00 to $124.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $106.40.

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.