WEC Energy Group, Inc. (NYSE:WEC) Shares Bought by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in WEC Energy Group by 5.1%, acquiring an additional 6,281 shares, bringing its total to 129,644 shares valued at approximately $14.1 million.
• WEC Energy Group reported $0.76 earnings per share for the latest quarter, exceeding consensus expectations, alongside a revenue of $2.01 billion which was up 13.4% year-over-year.
• The company announced a quarterly dividend of $0.8925 per share, indicating a 3.2% yield, while insiders sold a total of 70,603 shares worth over $7.8 million in the last 90 days.

Resona Asset Management Co. Ltd. grew its holdings in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 5.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 129,644 shares of the utilities provider's stock after purchasing an additional 6,281 shares during the period. Resona Asset Management Co. Ltd.'s holdings in WEC Energy Group were worth $14,108,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Marcum Wealth LLC boosted its stake in shares of WEC Energy Group by 1.3% in the 1st quarter. Marcum Wealth LLC now owns 7,416 shares of the utilities provider's stock worth $808,000 after buying an additional 93 shares during the last quarter. Manchester Capital Management LLC lifted its position in shares of WEC Energy Group by 14.3% in the first quarter. Manchester Capital Management LLC now owns 744 shares of the utilities provider's stock valued at $81,000 after acquiring an additional 93 shares in the last quarter. Clean Yield Group lifted its position in shares of WEC Energy Group by 12.6% in the first quarter. Clean Yield Group now owns 867 shares of the utilities provider's stock valued at $94,000 after acquiring an additional 97 shares in the last quarter. MJP Associates Inc. ADV lifted its position in shares of WEC Energy Group by 3.4% in the fourth quarter. MJP Associates Inc. ADV now owns 3,019 shares of the utilities provider's stock valued at $284,000 after acquiring an additional 98 shares in the last quarter. Finally, Premier Path Wealth Partners LLC increased its holdings in shares of WEC Energy Group by 3.0% in the first quarter. Premier Path Wealth Partners LLC now owns 3,335 shares of the utilities provider's stock worth $363,000 after purchasing an additional 98 shares during the last quarter. Institutional investors own 77.20% of the company's stock.

Analyst Ratings Changes

WEC has been the topic of several research reports. The Goldman Sachs Group cut WEC Energy Group from a "neutral" rating to a "sell" rating and reduced their target price for the stock from $106.00 to $100.00 in a report on Wednesday, June 25th. Wall Street Zen lowered WEC Energy Group from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. UBS Group set a $107.00 price target on WEC Energy Group and gave the company a "neutral" rating in a report on Friday, July 11th. Wells Fargo & Company upped 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. Finally, 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. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, WEC Energy Group currently has an average rating of "Hold" and a consensus price target of $106.40.

Insider Buying and Selling at WEC Energy Group

In related news, EVP Daniel Krueger sold 5,930 shares of the firm's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $111.14, for a total value of $659,060.20. Following the transaction, the executive vice president directly owned 6,606 shares of the company's stock, valued at approximately $734,190.84. This trade represents a 47.30% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Molly A. Mulroy sold 4,030 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $110.33, for a total transaction of $444,629.90. Following the completion of the transaction, the executive vice president directly owned 5,829 shares in the company, valued at $643,113.57. This represents a 40.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 70,603 shares of company stock worth $7,813,377. 0.50% of the stock is currently owned by company insiders.

WEC Energy Group Stock Performance

Shares of NYSE WEC traded down $0.74 during mid-day trading on Friday, hitting $107.39. The stock had a trading volume of 2,583,815 shares, compared to its average volume of 2,143,889. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.40 and a current ratio of 0.55. The company has a 50 day moving average of $106.61 and a two-hundred day moving average of $106.05. WEC Energy Group, Inc. has a twelve month low of $89.18 and a twelve month high of $111.90. The firm has a market cap of $34.57 billion, a PE ratio of 20.57, a PEG ratio of 2.97 and a beta of 0.42.

WEC Energy Group (NYSE:WEC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.71 by $0.05. WEC Energy Group had a net margin of 17.87% and a return on equity of 12.90%. The company had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period in the prior year, the company earned $0.67 earnings per share. The firm's revenue was up 13.4% on a year-over-year basis. Research analysts predict that WEC Energy Group, Inc. will post 5.23 EPS for the current fiscal 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 paid a dividend of $0.8925 per share. This represents a $3.57 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Thursday, August 14th. WEC Energy Group's dividend payout ratio is presently 68.39%.

WEC Energy Group Company 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.