Mackenzie Financial Corp Raises Holdings in WEC Energy Group, Inc. (NYSE:WEC)

Key Points

• Mackenzie Financial Corp increased its holdings in WEC Energy Group by 35.6%, acquiring an additional 13,841 shares, bringing its total to 52,762 shares valued at $5.75 million.
• WEC Energy Group reported a 12.90% return on equity and a net margin of 17.87%, with quarterly earnings beating expectations at $0.76 EPS.
• The company announced a quarterly dividend of $0.8925 per share, reflecting an annualized dividend of $3.57 and a yield of 3.2%.

Mackenzie Financial Corp lifted its holdings in shares of WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 35.6% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 52,762 shares of the utilities provider's stock after acquiring an additional 13,841 shares during the period. Mackenzie Financial Corp's holdings in WEC Energy Group were worth $5,750,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of WEC. New Age Alpha Advisors LLC purchased a new stake in shares of WEC Energy Group during the fourth quarter worth about $116,000. Franklin Resources Inc. grew its stake in shares of WEC Energy Group by 8.9% during the fourth quarter. Franklin Resources Inc. now owns 751,734 shares of the utilities provider's stock worth $70,693,000 after acquiring an additional 61,708 shares during the last quarter. National Bank of Canada FI grew its stake in shares of WEC Energy Group by 17.0% during the fourth quarter. National Bank of Canada FI now owns 196,432 shares of the utilities provider's stock worth $18,478,000 after acquiring an additional 28,476 shares during the last quarter. OneAscent Financial Services LLC purchased a new stake in shares of WEC Energy Group during the fourth quarter worth about $209,000. Finally, World Investment Advisors boosted its position in WEC Energy Group by 9.6% in the fourth quarter. World Investment Advisors now owns 23,090 shares of the utilities provider's stock valued at $2,171,000 after buying an additional 2,015 shares during the last quarter. Hedge funds and other institutional investors own 77.20% of the company's stock.

WEC Energy Group Trading Up 1.1%

Shares of NYSE:WEC opened at $110.29 on Friday. WEC Energy Group, Inc. has a 12-month low of $86.76 and a 12-month high of $111.07. The company has a market capitalization of $35.20 billion, a PE ratio of 21.13, a PEG ratio of 3.00 and a beta of 0.42. The business has a 50 day moving average of $105.95 and a two-hundred day moving average of $105.29. The company has a current ratio of 0.55, a quick ratio of 0.40 and a debt-to-equity ratio of 1.28.

WEC Energy Group (NYSE:WEC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $0.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.71 by $0.05. The company had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $1.87 billion. WEC Energy Group had a return on equity of 12.90% and a net margin of 17.87%. WEC Energy Group's revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.67 earnings per share. As a group, analysts forecast that WEC Energy Group, Inc. will post 5.23 EPS for the current year.

WEC Energy Group Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Thursday, August 14th will be paid a dividend of $0.8925 per share. 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 dividend payout ratio is presently 68.39%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Wells Fargo & Company upped their target price on WEC Energy Group from $115.00 to $124.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Wall Street Zen lowered WEC Energy Group from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. JPMorgan Chase & Co. upgraded shares of WEC Energy Group from an "underweight" rating to a "neutral" rating and boosted their target price for the company from $106.00 to $108.00 in a research report on Tuesday, April 8th. UBS Group set a $107.00 target price on shares of WEC Energy Group and gave the company a "neutral" rating in a research report on Friday, July 11th. Finally, The Goldman Sachs Group downgraded shares of WEC Energy Group from a "neutral" rating to a "sell" rating and decreased their target price for the company from $106.00 to $100.00 in a research report on Wednesday, June 25th. 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 stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $106.40.

Insider Buying and Selling at WEC Energy Group

In other news, VP Joshua M. Erickson sold 2,155 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $107.77, for a total transaction of $232,244.35. Following the completion of the transaction, the vice president directly owned 2,686 shares of the company's stock, valued at $289,470.22. This represents a 44.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.50% of the stock is currently owned by insiders.

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.

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