Pictet Asset Management Holding SA Sells 106,780 Shares of WEC Energy Group, Inc. $WEC

Pictet Asset Management Holding SA lowered its holdings in WEC Energy Group, Inc. (NYSE:WEC) by 22.4% during the third quarter, HoldingsChannel.com reports. The fund owned 369,889 shares of the utilities provider’s stock after selling 106,780 shares during the period. Pictet Asset Management Holding SA’s holdings in WEC Energy Group were worth $37,277,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Legal & General Group Plc acquired a new stake in shares of WEC Energy Group during the 2nd quarter worth about $299,100,000. Magellan Asset Management Ltd bought a new position in WEC Energy Group during the 2nd quarter valued at about $144,582,000. Caisse de depot et placement du Quebec bought a new position in WEC Energy Group during the 2nd quarter valued at about $128,290,000. Energy Income Partners LLC acquired a new position in WEC Energy Group in the second quarter valued at about $97,564,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in WEC Energy Group in the second quarter valued at about $95,395,000. Institutional investors own 77.20% of the company’s stock.

WEC Energy Group Stock Down 0.2%

NYSE:WEC opened at $116.93 on Wednesday. The stock’s fifty day moving average price is $107.29 and its two-hundred day moving average price is $111.74. WEC Energy Group, Inc. has a 52-week low of $99.80 and a 52-week high of $120.15. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.36 and a current ratio of 0.53. The company has a market cap of $38.47 billion, a price-to-earnings ratio of 21.22, a P/E/G ratio of 2.41 and a beta of 0.43.

WEC Energy Group (NYSE:WEC) last released its earnings results on Thursday, October 29th. The utilities provider reported $1.18 EPS for the quarter, beating the consensus estimate of $0.97 by $0.21. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.27 billion. WEC Energy Group had a return on equity of 13.49% and a net margin of 17.54%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period last year, the firm earned $0.83 EPS. On average, analysts anticipate that WEC Energy Group, Inc. will post 5.61 EPS for the current year.

WEC Energy Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be given a dividend of $0.9525 per share. The ex-dividend date is Friday, November 13th. This represents a $3.81 annualized dividend and a dividend yield of 3.3%. WEC Energy Group’s payout ratio is presently 69.15%.

Wall Street Analysts Forecast Growth

WEC has been the topic of a number of research analyst reports. Stephens set a $109.00 price target on WEC Energy Group in a research report on Friday, October 16th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $117.00 price target (down from $120.00) on shares of WEC Energy Group in a report on Friday, October 16th. Weiss Ratings upgraded shares of WEC Energy Group from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, November 2nd. Scotiabank increased their price objective on shares of WEC Energy Group from $117.00 to $128.00 and gave the stock a “sector outperform” rating in a report on Friday, October 30th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of WEC Energy Group from $121.00 to $116.00 and set a “neutral” rating for the company in a research report on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $117.88.

About WEC Energy Group

WEC Energy Group is a regulated energy holding company based in Milwaukee, Wisconsin. Through its subsidiaries, it generates, transmits and distributes electricity and provides natural gas service to residential, commercial and industrial customers. The company’s utility operations serve communities across Wisconsin, Illinois, Michigan and Minnesota. Its businesses include electric and gas utilities, as well as natural gas storage and related energy services. WEC Energy Group adopted its current name in 2015, following the combination of Wisconsin Energy Corporation and Integrys Energy Group.