WEC Energy Group, Inc. (NYSE:WEC) Stake Reduced by Empire Life Investments Inc.

Key Points

• Empire Life Investments Inc. reduced its stake in WEC Energy Group by 9.6% in the first quarter, owning 198,772 shares worth approximately $21.7 million at the end of the reporting period.
• Analysts have mixed ratings on WEC Energy Group, with two analysts rating it as "sell", six as "hold", and three as "buy", reflecting a consensus rating of "Hold" and a target price of $106.40.
• WEC Energy Group recently declared a quarterly dividend of $0.8925, yielding about 3.2%, with a payout ratio of 68.39%.

Empire Life Investments Inc. decreased its stake in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 9.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 198,772 shares of the utilities provider's stock after selling 21,018 shares during the period. WEC Energy Group makes up 1.4% of Empire Life Investments Inc.'s portfolio, making the stock its 26th biggest position. Empire Life Investments Inc. owned 0.06% of WEC Energy Group worth $21,662,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Marcum Wealth LLC raised its holdings in shares of WEC Energy Group by 1.3% during the first quarter. Marcum Wealth LLC now owns 7,416 shares of the utilities provider's stock valued at $808,000 after purchasing an additional 93 shares during the period. Manchester Capital Management LLC increased its holdings in shares of WEC Energy Group by 14.3% in the 1st quarter. Manchester Capital Management LLC now owns 744 shares of the utilities provider's stock worth $81,000 after buying an additional 93 shares during the last quarter. Clean Yield Group grew its holdings in shares of WEC Energy Group by 12.6% during the 1st quarter. Clean Yield Group now owns 867 shares of the utilities provider's stock valued at $94,000 after purchasing an additional 97 shares during the last quarter. MJP Associates Inc. ADV grew its holdings in shares of WEC Energy Group by 3.4% during the 4th quarter. MJP Associates Inc. ADV now owns 3,019 shares of the utilities provider's stock valued at $284,000 after purchasing an additional 98 shares during the last quarter. Finally, Premier Path Wealth Partners LLC grew its holdings in WEC Energy Group by 3.0% in the 1st quarter. Premier Path Wealth Partners LLC now owns 3,335 shares of the utilities provider's stock worth $363,000 after acquiring an additional 98 shares during the last quarter. Hedge funds and other institutional investors own 77.20% of the company's stock.

Insider Buying and Selling at WEC Energy Group

In other WEC Energy Group news, VP Anthony Reese sold 4,177 shares of WEC Energy Group stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $110.30, for a total transaction of $460,723.10. Following the sale, the vice president directly owned 1,757 shares in the company, valued at $193,797.10. The trade was a 70.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Daniel Krueger sold 5,930 shares of WEC Energy Group stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $111.14, for a total value of $659,060.20. Following the sale, the executive vice president owned 6,606 shares in the company, valued at $734,190.84. This represents a 47.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,752 shares of company stock worth $6,610,023. Insiders own 0.50% of the company's stock.

WEC Energy Group Price Performance

Shares of WEC stock traded down $0.21 during mid-day trading on Wednesday, reaching $109.79. The stock had a trading volume of 1,745,667 shares, compared to its average volume of 2,018,960. WEC Energy Group, Inc. has a 12-month low of $86.76 and a 12-month high of $111.90. The company has a market cap of $35.34 billion, a P/E ratio of 21.03, a price-to-earnings-growth ratio of 3.02 and a beta of 0.42. The business has a 50-day simple moving average of $106.09 and a 200 day simple moving average of $105.52. 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 posted its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $0.76 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.87 billion. During the same quarter last year, the business posted $0.67 EPS. The firm's quarterly revenue was up 13.4% compared to the same quarter last year. On average, sell-side analysts anticipate that WEC Energy Group, Inc. will post 5.23 earnings per share for the current year.

WEC Energy Group Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Thursday, August 14th will be issued 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 is Thursday, August 14th. WEC Energy Group's dividend payout ratio (DPR) is presently 68.39%.

Analyst Ratings Changes

WEC has been the subject of several research analyst reports. JPMorgan Chase & Co. raised shares of WEC Energy Group from an "underweight" rating to a "neutral" rating and raised their target price for the stock from $106.00 to $108.00 in a research report on Tuesday, April 8th. Wall Street Zen lowered shares of WEC Energy Group from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. The Goldman Sachs Group lowered shares of WEC Energy Group from a "neutral" rating to a "sell" rating and cut their target price for the company from $106.00 to $100.00 in a research report on Wednesday, June 25th. Scotiabank set a $115.00 price target on shares of WEC Energy Group and gave the company an "outperform" rating in a report on Wednesday, May 7th. Finally, UBS Group set a $107.00 price target on shares of WEC Energy Group and gave the company a "neutral" rating in a research note on Friday, July 11th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $106.40.

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.