Premier Fund Managers Ltd Boosts Holdings in WEC Energy Group, Inc. (NYSE:WEC)

Key Points

• Premier Fund Managers Ltd increased its holdings in WEC Energy Group by 30.4% during the first quarter, acquiring an additional 7,000 shares for a total of 30,000 shares worth approximately $3.23 million.
• WEC Energy Group reported strong earnings of $2.27 per share for the latest quarter, surpassing expectations and showing a 17.5% increase in revenue year-over-year.
• The company announced a quarterly dividend of $0.8925 per share, representing an annual yield of 3.32% with a payout ratio of 69.59%.

Premier Fund Managers Ltd increased its position in shares of WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 30.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 30,000 shares of the utilities provider's stock after buying an additional 7,000 shares during the period. Premier Fund Managers Ltd's holdings in WEC Energy Group were worth $3,227,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Federated Hermes Inc. raised its position in shares of WEC Energy Group by 1.4% in the first quarter. Federated Hermes Inc. now owns 1,999,474 shares of the utilities provider's stock valued at $217,903,000 after buying an additional 26,921 shares during the last quarter. N.E.W. Advisory Services LLC raised its position in shares of WEC Energy Group by 5.6% in the first quarter. N.E.W. Advisory Services LLC now owns 40,161 shares of the utilities provider's stock valued at $4,377,000 after buying an additional 2,142 shares during the last quarter. Meeder Advisory Services Inc. raised its position in shares of WEC Energy Group by 10.5% in the first quarter. Meeder Advisory Services Inc. now owns 7,784 shares of the utilities provider's stock valued at $848,000 after buying an additional 740 shares during the last quarter. Evermay Wealth Management LLC acquired a new stake in shares of WEC Energy Group in the first quarter valued at about $123,000. Finally, Foundations Investment Advisors LLC raised its position in shares of WEC Energy Group by 2.1% in the first quarter. Foundations Investment Advisors LLC now owns 12,450 shares of the utilities provider's stock valued at $1,357,000 after buying an additional 261 shares during the last quarter. 77.20% of the stock is owned by hedge funds and other institutional investors.

WEC Energy Group Trading Up 1.2%

WEC stock traded up $1.27 during mid-day trading on Friday, hitting $110.35. 2,446,145 shares of the company were exchanged, compared to its average volume of 2,219,449. 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 firm has a market capitalization of $35.22 billion, a P/E ratio of 21.16, a PEG ratio of 2.98 and a beta of 0.44. The business has a fifty day simple moving average of $105.88 and a 200-day simple moving average of $105.18. WEC Energy Group, Inc. has a 12-month low of $86.76 and a 12-month high of $111.07.

WEC Energy Group (NYSE:WEC - Get Free Report) last announced its earnings results on Wednesday, July 30th. The utilities provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.05. The company had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.87 billion. WEC Energy Group had a net margin of 17.87% and a return on equity of 12.90%. WEC Energy Group's revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.67 earnings per share. On average, equities research analysts predict that WEC Energy Group, Inc. will post 5.23 earnings per share for the current fiscal year.

WEC Energy Group Cuts Dividend

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

Insider Activity at WEC Energy Group

In other news, VP Joshua M. Erickson sold 2,155 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $107.77, for a total value of $232,244.35. Following the completion of the transaction, the vice president owned 2,686 shares of the company's stock, valued at approximately $289,470.22. This trade represents a 44.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.50% of the company's stock.

Wall Street Analyst Weigh In

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

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.