Corebridge Financial Inc. Reduces Stock Position in WEC Energy Group, Inc. $WEC

Corebridge Financial Inc. lessened its position in shares of WEC Energy Group, Inc. (NYSE:WEC) by 3.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 86,057 shares of the utilities provider’s stock after selling 2,923 shares during the period. Corebridge Financial Inc.’s holdings in WEC Energy Group were worth $9,378,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of WEC. Hughes Financial Services LLC purchased a new stake in WEC Energy Group in the 1st quarter worth approximately $28,000. Opal Wealth Advisors LLC purchased a new stake in WEC Energy Group in the 1st quarter worth approximately $32,000. Golden State Wealth Management LLC lifted its stake in 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 worth $37,000 after purchasing an additional 245 shares in the last quarter. Creekmur Asset Management LLC lifted its stake in WEC Energy Group by 2,420.0% in the 1st quarter. Creekmur Asset Management LLC now owns 378 shares of the utilities provider’s stock worth $41,000 after purchasing an additional 363 shares in the last quarter. Finally, Stephens Consulting LLC lifted its stake in WEC Energy Group by 138.6% in the 1st quarter. Stephens Consulting LLC now owns 544 shares of the utilities provider’s stock worth $59,000 after purchasing an additional 316 shares in the last quarter. 77.20% of the stock is currently owned by hedge funds and other institutional investors.

WEC Energy Group Price Performance

Shares of NYSE:WEC opened at $107.64 on Thursday. The company’s fifty day moving average price is $107.08 and its 200-day moving average price is $106.48. The firm has a market capitalization of $34.65 billion, a price-to-earnings ratio of 20.62, a PEG ratio of 2.95 and a beta of 0.42. WEC Energy Group, Inc. has a one year low of $91.89 and a one year high of $111.90. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.55 and a quick ratio of 0.40.

WEC Energy Group (NYSE:WEC) last issued its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. WEC Energy Group had a net margin of 17.87% and a return on equity of 12.90%. The firm had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the prior year, the firm earned $0.67 EPS. The business’s revenue for the quarter was up 13.4% compared to the same quarter last year. WEC Energy Group has set its FY 2025 guidance at 5.170-5.270 EPS. On average, equities research analysts anticipate that WEC Energy Group, Inc. will post 5.23 earnings per share for the current fiscal year.

WEC Energy Group Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Thursday, August 14th will be issued a dividend of $0.8925 per share. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $3.57 annualized dividend and a dividend yield of 3.3%. WEC Energy Group’s dividend payout ratio (DPR) is currently 68.39%.

Insider Activity at WEC Energy Group

In related news, VP Anthony Reese sold 4,177 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $110.30, for a total transaction of $460,723.10. Following the transaction, the vice president owned 1,757 shares of the company’s stock, valued at approximately $193,797.10. This trade represents a 70.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Scott J. Lauber sold 9,231 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $110.88, for a total transaction of $1,023,533.28. Following the transaction, the chief executive officer directly owned 56,443 shares in the company, valued at approximately $6,258,399.84. This represents a 14.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,448 shares of company stock worth $7,581,132 in the last 90 days. Corporate insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

WEC has been the topic of several recent analyst reports. Scotiabank set a $115.00 target price on shares of WEC Energy Group and gave the stock an “outperform” rating in a research note on Wednesday, May 7th. Wells Fargo & Company increased their target price on shares of WEC Energy Group from $115.00 to $124.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. UBS Group set a $107.00 target price on shares of WEC Energy Group and gave the stock a “neutral” rating in a research note on Friday, July 11th. Wall Street Zen lowered shares of WEC Energy Group from a “hold” rating to a “sell” rating in a report on Saturday, July 12th. Finally, The Goldman Sachs Group lowered shares of WEC Energy Group from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $106.00 to $100.00 in a report on Wednesday, June 25th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, WEC Energy Group presently has an average rating of “Hold” and a consensus price target of $106.40.

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.