Drive Wealth Management LLC Acquires Shares of 2,303 WEC Energy Group, Inc. $WEC

Drive Wealth Management LLC acquired a new position in shares of WEC Energy Group, Inc. (NYSE:WEC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 2,303 shares of the utilities provider’s stock, valued at approximately $240,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Beverly Hills Private Wealth LLC boosted its position in shares of WEC Energy Group by 3.2% in the 2nd quarter. Beverly Hills Private Wealth LLC now owns 17,587 shares of the utilities provider’s stock valued at $1,833,000 after purchasing an additional 544 shares during the period. Cidel Asset Management Inc. lifted its stake in WEC Energy Group by 1.6% in the second quarter. Cidel Asset Management Inc. now owns 200,914 shares of the utilities provider’s stock valued at $20,935,000 after buying an additional 3,119 shares during the last quarter. Chicago Partners Investment Group LLC boosted its holdings in shares of WEC Energy Group by 20.0% in the second quarter. Chicago Partners Investment Group LLC now owns 2,388 shares of the utilities provider’s stock valued at $260,000 after acquiring an additional 398 shares during the period. BKM Wealth Management LLC boosted its holdings in shares of WEC Energy Group by 0.9% in the second quarter. BKM Wealth Management LLC now owns 19,045 shares of the utilities provider’s stock valued at $1,984,000 after acquiring an additional 170 shares during the period. Finally, Gladwyn Financial Advisors Inc. purchased a new position in shares of WEC Energy Group during the second quarter worth approximately $174,000. 77.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on WEC. LADENBURG THALM/SH SH upgraded shares of WEC Energy Group from a “neutral” rating to a “buy” rating in a research report on Monday, October 13th. KeyCorp raised their price target on WEC Energy Group from $110.00 to $123.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Cowen initiated coverage on WEC Energy Group in a research note on Wednesday, October 15th. They set a “hold” rating for the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of WEC Energy Group in a research note on Wednesday, October 8th. Finally, Scotiabank boosted their target price on WEC Energy Group from $115.00 to $129.00 and gave the company an “outperform” rating in a report on Monday, October 6th. Six research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $114.64.

WEC Energy Group Stock Up 0.7%

WEC Energy Group stock opened at $117.62 on Tuesday. WEC Energy Group, Inc. has a 1-year low of $91.94 and a 1-year high of $118.10. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.55 and a quick ratio of 0.40. The stock’s 50 day moving average price is $110.70 and its 200 day moving average price is $108.05. The company has a market cap of $37.86 billion, a PE ratio of 22.53, a price-to-earnings-growth ratio of 3.29 and a beta of 0.47.

WEC Energy Group (NYSE:WEC) last posted its quarterly earnings results on Tuesday, September 2nd. The utilities provider reported $1.43 earnings per share for the quarter. The business had revenue of $2.28 billion for the quarter. WEC Energy Group had a net margin of 17.87% and a return on equity of 12.90%. On average, sell-side analysts predict that WEC Energy Group, Inc. will post 5.23 EPS for the current fiscal year.

WEC Energy Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Friday, November 14th will be given a dividend of $0.8925 per share. This represents a $3.57 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Friday, November 14th. WEC Energy Group’s dividend payout ratio (DPR) is presently 68.39%.

Insider Buying and Selling at WEC Energy Group

In related news, Director Gale E. Klappa sold 5,960 shares of the company’s stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $110.98, for a total value of $661,440.80. Following the sale, the director owned 274,969 shares in the company, valued at $30,516,059.62. This represents a 2.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ulice Payne, Jr. sold 1,620 shares of the firm’s stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $111.00, for a total value of $179,820.00. Following the completion of the transaction, the director directly owned 20,360 shares of the company’s stock, valued at $2,259,960. The trade was a 7.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 68,448 shares of company stock worth $7,581,132. Corporate insiders own 0.50% of the company’s stock.

WEC Energy Group 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.