Strategic Financial Concepts LLC Trims Position in WEC Energy Group, Inc. (NYSE:WEC)

Strategic Financial Concepts LLC trimmed its stake in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 98.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,039 shares of the utilities provider's stock after selling 132,117 shares during the quarter. Strategic Financial Concepts LLC's holdings in WEC Energy Group were worth $222,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in WEC. Larson Financial Group LLC boosted its holdings in WEC Energy Group by 3,828.6% in the fourth quarter. Larson Financial Group LLC now owns 275 shares of the utilities provider's stock worth $26,000 after acquiring an additional 268 shares in the last quarter. Prudent Man Investment Management Inc. bought a new stake in WEC Energy Group in the fourth quarter worth $28,000. Opal Wealth Advisors LLC bought a new stake in WEC Energy Group in the first quarter worth $32,000. Golden State Wealth Management LLC boosted its holdings in WEC Energy Group by 252.6% in the first quarter. Golden State Wealth Management LLC now owns 342 shares of the utilities provider's stock worth $37,000 after acquiring an additional 245 shares in the last quarter. Finally, Hoey Investments Inc. bought a new stake in WEC Energy Group in the fourth quarter worth $42,000. 77.20% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on WEC. Barclays boosted 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. The Goldman Sachs Group downgraded WEC Energy Group from a "neutral" rating to a "sell" rating and dropped their target price for the stock from $106.00 to $100.00 in a report on Wednesday, June 25th. Scotiabank set a $115.00 price target on WEC Energy Group and gave the company an "outperform" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. raised WEC Energy Group from an "underweight" rating to a "neutral" rating and upped their price target for the company from $106.00 to $108.00 in a report on Tuesday, April 8th. Finally, Wells Fargo & Company upped their price target on WEC Energy Group from $115.00 to $124.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, WEC Energy Group has a consensus rating of "Hold" and a consensus price target of $106.33.

WEC Energy Group Stock Performance

Shares of NYSE:WEC traded up $0.75 during midday trading on Friday, reaching $104.50. 1,033,837 shares of the company's stock traded hands, compared to its average volume of 2,151,025. The company has a market cap of $33.35 billion, a price-to-earnings ratio of 20.37, a P/E/G ratio of 2.86 and a beta of 0.44. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.40 and a current ratio of 0.50. WEC Energy Group, Inc. has a one year low of $77.47 and a one year high of $111.00. The stock has a 50 day moving average of $105.94 and a 200 day moving average of $103.55.

WEC Energy Group (NYSE:WEC - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The utilities provider reported $2.27 EPS for the quarter, beating analysts' consensus estimates of $2.18 by $0.09. The company had revenue of $3.15 billion during the quarter, compared to analysts' expectations of $2.81 billion. WEC Energy Group had a return on equity of 12.94% and a net margin of 17.95%. WEC Energy Group's revenue for the quarter was up 17.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.97 earnings per share. As a group, equities research analysts anticipate that WEC Energy Group, Inc. will post 5.23 EPS for the current fiscal year.

WEC Energy Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Wednesday, May 14th were given a dividend of $0.8975 per share. This represents a $3.59 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend was Wednesday, May 14th. This is a boost from WEC Energy Group's previous quarterly dividend of $0.84. WEC Energy Group's dividend payout ratio is 69.59%.

Insider Buying and Selling

In related news, VP Joshua M. Erickson sold 2,155 shares of the company's stock in a transaction 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 sale, the vice president owned 2,686 shares in the company, valued at approximately $289,470.22. This represents a 44.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.50% of the company's stock.

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.