New York State Common Retirement Fund lowered its holdings in shares of WEC Energy Group, Inc. (NYSE:WEC) by 7.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 502,464 shares of the utilities provider’s stock after selling 38,597 shares during the period. New York State Common Retirement Fund’s holdings in WEC Energy Group were worth $47,026,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. Certified Advisory Corp purchased a new stake in shares of WEC Energy Group in the 1st quarter worth about $25,000. Phoenix Wealth Advisors purchased a new position in WEC Energy Group during the 4th quarter valued at about $25,000. Graves Light Private Wealth Management Inc. purchased a new position in WEC Energy Group during the 4th quarter valued at about $26,000. tru Independence LLC lifted its position in WEC Energy Group by 422.0% during the 4th quarter. tru Independence LLC now owns 308 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 249 shares during the period. Finally, Cowa LLC purchased a new position in WEC Energy Group during the 4th quarter valued at about $29,000. 73.96% of the stock is currently owned by institutional investors and hedge funds.
WEC opened at $92.91 on Thursday. The company has a market capitalization of $29.31 billion, a price-to-earnings ratio of 23.40, a P/E/G ratio of 3.95 and a beta of 0.18. WEC Energy Group, Inc. has a 1-year low of $80.55 and a 1-year high of $106.85. The stock has a 50 day moving average price of $95.15. The company has a current ratio of 0.63, a quick ratio of 0.54 and a debt-to-equity ratio of 1.13.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 1st. Shareholders of record on Friday, May 14th were given a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend was Thursday, May 13th. WEC Energy Group’s dividend payout ratio (DPR) is 71.50%.
In other news, Director Ulice Payne, Jr. sold 2,400 shares of the company’s stock in a transaction dated Thursday, May 13th. The shares were sold at an average price of $96.43, for a total value of $231,432.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Charles R. Matthews sold 10,580 shares of the company’s stock in a transaction dated Monday, May 10th. The stock was sold at an average price of $98.61, for a total transaction of $1,043,293.80. Following the completion of the transaction, the chief executive officer now owns 12,786 shares in the company, valued at $1,260,827.46. The disclosure for this sale can be found here. Insiders have acquired 25 shares of company stock worth $2,381 in the last quarter. Company insiders own 0.30% of the company’s stock.
Several research analysts have issued reports on the stock. Barclays lifted their target price on shares of WEC Energy Group from $92.00 to $101.00 and gave the stock an “overweight” rating in a report on Tuesday, May 25th. Mizuho initiated coverage on shares of WEC Energy Group in a research note on Wednesday, April 14th. They issued a “neutral” rating and a $94.00 price target for the company. Finally, Wells Fargo & Company upgraded shares of WEC Energy Group from an “equal weight” rating to an “overweight” rating and reduced their price target for the stock from $94.00 to $93.00 in a research note on Thursday, March 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. WEC Energy Group currently has an average rating of “Buy” and an average price target of $97.88.
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. The company operates through six segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure, and Corporate and Other.
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