Cornerstone Enterprises LLC Sells 461 Shares of WEC Energy Group, Inc. (NYSE:WEC)

Cornerstone Enterprises LLC reduced its position in WEC Energy Group, Inc. (NYSE:WEC) by 11.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,619 shares of the utilities provider’s stock after selling 461 shares during the quarter. WEC Energy Group makes up about 0.2% of Cornerstone Enterprises LLC’s investment portfolio, making the stock its 23rd largest holding. Cornerstone Enterprises LLC’s holdings in WEC Energy Group were worth $394,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Larson Financial Group LLC boosted its stake in WEC Energy Group by 3,828.6% during the fourth quarter. Larson Financial Group LLC now owns 275 shares of the utilities provider’s stock valued at $26,000 after buying an additional 268 shares during the last quarter. Opal Wealth Advisors LLC acquired a new stake in shares of WEC Energy Group in the 1st quarter valued at about $32,000. Prudent Man Investment Management Inc. bought a new stake in WEC Energy Group during the 4th quarter valued at approximately $28,000. Golden State Wealth Management LLC increased its stake in shares of WEC Energy Group by 252.6% in the 1st quarter. Golden State Wealth Management LLC now owns 342 shares of the utilities provider’s stock valued at $37,000 after acquiring an additional 245 shares during the last quarter. Finally, Hoey Investments Inc. bought a new stake in shares of WEC Energy Group during the 4th quarter worth about $42,000. Institutional investors own 77.20% of the company’s stock.

Insiders Place Their Bets

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 now directly owns 2,686 shares in the company, valued at $289,470.22. This represents a 44.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.50% of the stock is owned by company insiders.

WEC Energy Group Stock Up 0.6%

Shares of WEC opened at $103.44 on Friday. The company has a market capitalization of $33.01 billion, a PE ratio of 20.16, a PEG ratio of 2.83 and a beta of 0.45. The company has a current ratio of 0.50, a quick ratio of 0.40 and a debt-to-equity ratio of 1.23. WEC Energy Group, Inc. has a 12 month low of $77.47 and a 12 month high of $111.00. The stock’s 50-day moving average price is $106.44 and its two-hundred day moving average price is $103.12.

WEC Energy Group (NYSE:WEC) last posted its earnings results on Tuesday, May 6th. The utilities provider reported $2.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.18 by $0.09. The firm had revenue of $3.15 billion during the quarter, compared to analyst estimates of $2.81 billion. WEC Energy Group had a net margin of 17.95% and a return on equity of 12.94%. The business’s revenue was up 17.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.97 EPS. On average, analysts anticipate that WEC Energy Group, Inc. will post 5.23 EPS for the current year.

WEC Energy Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Wednesday, May 14th were given a $0.8975 dividend. This represents a $3.59 annualized dividend and a dividend yield of 3.47%. The ex-dividend date 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 presently 69.59%.

Wall Street Analyst Weigh In

WEC has been the subject of several recent research reports. The Goldman Sachs Group cut WEC Energy Group from a “neutral” rating to a “sell” rating and cut their price target for the company from $106.00 to $100.00 in a research note on Wednesday. Wells Fargo & Company upped their price objective on shares of WEC Energy Group from $115.00 to $124.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. Scotiabank set a $115.00 price target on shares of WEC Energy Group and gave the stock an “outperform” rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. upgraded shares of WEC Energy Group from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $106.00 to $108.00 in a research report on Tuesday, April 8th. Finally, Wall Street Zen downgraded WEC Energy Group from a “hold” rating to a “sell” rating in a report on Saturday, June 21st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $106.33.

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.