Hsbc Holdings PLC acquired a new stake in WEC Energy Group, Inc. (NYSE:WEC – Free Report) in the second quarter, Holdings Channel.com reports. The firm acquired 617,881 shares of the utilities provider’s stock, valued at approximately $72,303,000.
Other hedge funds also recently bought and sold shares of the company. Godfrey Financial Associates Inc. purchased a new position in shares of WEC Energy Group during the 4th quarter valued at $25,000. Torren Management LLC purchased a new stake in shares of WEC Energy Group in the fourth quarter worth $26,000. Osterweis Capital Management Inc. purchased a new stake in shares of WEC Energy Group in the second quarter worth $27,000. Physician Wealth Advisors Inc. boosted its stake in WEC Energy Group by 113.9% during the first quarter. Physician Wealth Advisors Inc. now owns 246 shares of the utilities provider’s stock valued at $28,000 after buying an additional 131 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. grew its position in WEC Energy Group by 972.7% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 236 shares of the utilities provider’s stock worth $28,000 after buying an additional 214 shares in the last quarter. Hedge funds and other institutional investors own 77.20% of the company’s stock.
WEC Energy Group Price Performance
WEC opened at $107.69 on Thursday. The company has a current ratio of 0.53, a quick ratio of 0.39 and a debt-to-equity ratio of 1.35. The stock has a market capitalization of $35.09 billion, a P/E ratio of 20.87, a PEG ratio of 1.85 and a beta of 0.47. The stock has a 50-day moving average price of $112.48 and a 200-day moving average price of $113.63. WEC Energy Group, Inc. has a 12-month low of $102.95 and a 12-month high of $119.91.
WEC Energy Group Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a $0.9525 dividend. This represents a $3.81 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Friday, August 14th. WEC Energy Group’s payout ratio is presently 73.84%.
Insider Activity
In other news, Director Ulice Payne, Jr. sold 980 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $105.58, for a total value of $103,468.40. Following the completion of the sale, the director owned 19,588 shares of the company’s stock, valued at approximately $2,068,101.04. This represents a 4.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.46% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts have weighed in on the company. Truist Financial decreased their target price on WEC Energy Group from $122.00 to $114.00 and set a “hold” rating on the stock in a research note on Thursday, August 13th. JPMorgan Chase & Co. boosted their price objective on WEC Energy Group from $120.00 to $124.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Wall Street Zen cut shares of WEC Energy Group from a “hold” rating to a “sell” rating in a research report on Sunday, May 24th. Weiss Ratings downgraded shares of WEC Energy Group from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, August 5th. Finally, Mizuho set a $124.00 price target on shares of WEC Energy Group in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $121.91.
Check Out Our Latest Research Report on WEC
About WEC Energy Group
WEC Energy Group is a Milwaukee, Wisconsin–based regulated energy holding company whose primary businesses are the generation, transmission and distribution of electricity and the distribution of natural gas. The company operates through a set of utility subsidiaries that provide bundled energy service, customer billing and energy-related programs to residential, commercial and industrial customers. As a regulated utility group, WEC’s operations focus on delivering reliable service while managing infrastructure investment and compliance with state and federal utility regulation.
Its utility subsidiaries include well-known regional operators such as We Energies and Wisconsin Public Service, along with Chicago-area natural gas utilities that were part of the Integrys Energy Group acquisition.
Read More
- Five stocks we like better than WEC Energy Group
- Williams-Sonoma’s Quarter Gave Bulls More Than Just a Beat-and-Raise
- Alcoa’s Gallium Project Opens a New Door Beyond Aluminum
- Oura’s $16 Billion IPO Could Put a New Price on Wearable Tech
- Can Tesla’s Flying Roadster Distract From Its Real Risks?
Want to see what other hedge funds are holding WEC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for WEC Energy Group, Inc. (NYSE:WEC – Free Report).
Receive News & Ratings for WEC Energy Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WEC Energy Group and related companies with MarketBeat.com's FREE daily email newsletter.
