abrdn plc Acquires 54,623 Shares of WEC Energy Group, Inc. (NYSE:WEC)

abrdn plc boosted its holdings in WEC Energy Group, Inc. (NYSE:WEC) by 72.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 129,890 shares of the utilities provider’s stock after acquiring an additional 54,623 shares during the quarter. abrdn plc’s holdings in WEC Energy Group were worth $10,933,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Tennessee Valley Asset Management Partners bought a new position in shares of WEC Energy Group during the 4th quarter worth approximately $26,000. Valued Wealth Advisors LLC bought a new position in shares of WEC Energy Group during the 4th quarter worth approximately $28,000. Fortitude Family Office LLC bought a new position in shares of WEC Energy Group during the 4th quarter worth approximately $33,000. Authentikos Wealth Advisory LLC bought a new position in shares of WEC Energy Group during the 3rd quarter worth approximately $38,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of WEC Energy Group during the 3rd quarter worth approximately $38,000. Institutional investors own 77.20% of the company’s stock.

Insider Buying and Selling at WEC Energy Group

In other WEC Energy Group news, Chairman Gale E. Klappa sold 37,180 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $78.69, for a total value of $2,925,694.20. Following the completion of the transaction, the chairman now directly owns 274,782 shares of the company’s stock, valued at approximately $21,622,595.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Chairman Gale E. Klappa sold 37,180 shares of WEC Energy Group stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $78.69, for a total transaction of $2,925,694.20. Following the completion of the sale, the chairman now directly owns 274,782 shares of the company’s stock, valued at approximately $21,622,595.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Scott J. Lauber sold 2,830 shares of WEC Energy Group stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $78.89, for a total transaction of $223,258.70. Following the sale, the chief executive officer now directly owns 43,125 shares of the company’s stock, valued at $3,402,131.25. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

WEC Energy Group Stock Up 0.2 %

WEC Energy Group stock opened at $82.81 on Friday. WEC Energy Group, Inc. has a 1-year low of $75.13 and a 1-year high of $97.78. The firm has a market capitalization of $26.12 billion, a price-to-earnings ratio of 19.62, a P/E/G ratio of 2.86 and a beta of 0.40. The company has a current ratio of 0.55, a quick ratio of 0.40 and a debt-to-equity ratio of 1.29. The firm has a 50 day simple moving average of $80.18 and a 200 day simple moving average of $81.43.

WEC Energy Group (NYSE:WEC) last announced its quarterly earnings results on Thursday, February 1st. The utilities provider reported $1.10 EPS for the quarter, beating the consensus estimate of $1.08 by $0.02. WEC Energy Group had a net margin of 14.98% and a return on equity of 12.17%. The firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same period last year, the firm earned $0.80 EPS. The business’s quarterly revenue was down 13.3% compared to the same quarter last year. On average, analysts predict that WEC Energy Group, Inc. will post 4.88 earnings per share for the current year.

WEC Energy Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Tuesday, May 14th will be issued a $0.835 dividend. This represents a $3.34 annualized dividend and a yield of 4.03%. The ex-dividend date is Monday, May 13th. WEC Energy Group’s payout ratio is 79.15%.

Analysts Set New Price Targets

WEC has been the topic of several recent analyst reports. The Goldman Sachs Group started coverage on shares of WEC Energy Group in a research report on Wednesday, April 10th. They set a “neutral” rating and a $88.00 target price on the stock. Royal Bank of Canada decreased their price target on shares of WEC Energy Group from $95.00 to $90.00 and set a “sector perform” rating for the company in a research note on Thursday, February 8th. Wells Fargo & Company decreased their price target on shares of WEC Energy Group from $93.00 to $91.00 and set an “overweight” rating for the company in a research note on Friday, February 2nd. Barclays decreased their price target on shares of WEC Energy Group from $79.00 to $75.00 and set an “underweight” rating for the company in a research note on Thursday, February 8th. Finally, JPMorgan Chase & Co. lowered shares of WEC Energy Group from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $90.00 to $84.00 in a research note on Friday, February 2nd. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $86.64.

About WEC Energy Group

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.