abrdn plc Acquires 54,623 Shares of WEC Energy Group, Inc. (NYSE:WEC)

abrdn plc lifted its holdings in shares of WEC Energy Group, Inc. (NYSE:WEC) by 72.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 129,890 shares of the utilities provider’s stock after purchasing an additional 54,623 shares during the period. abrdn plc’s holdings in WEC Energy Group were worth $10,933,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. UMB Bank n.a. lifted its stake in shares of WEC Energy Group by 5.3% during the third quarter. UMB Bank n.a. now owns 3,254 shares of the utilities provider’s stock valued at $262,000 after acquiring an additional 164 shares during the period. Czech National Bank lifted its stake in shares of WEC Energy Group by 47.6% during the third quarter. Czech National Bank now owns 55,132 shares of the utilities provider’s stock valued at $4,441,000 after acquiring an additional 17,791 shares during the period. Spirit of America Management Corp NY lifted its stake in shares of WEC Energy Group by 12.0% during the third quarter. Spirit of America Management Corp NY now owns 16,750 shares of the utilities provider’s stock valued at $1,349,000 after acquiring an additional 1,800 shares during the period. McGlone Suttner Wealth Management Inc. lifted its stake in shares of WEC Energy Group by 6.7% during the third quarter. McGlone Suttner Wealth Management Inc. now owns 14,893 shares of the utilities provider’s stock valued at $1,200,000 after acquiring an additional 932 shares during the period. Finally, Connecticut Wealth Management LLC acquired a new position in shares of WEC Energy Group during the third quarter valued at $300,000. Institutional investors own 77.20% of the company’s stock.

WEC Energy Group Stock Up 0.2 %

Shares of WEC stock opened at $82.81 on Friday. WEC Energy Group, Inc. has a 12-month low of $75.13 and a 12-month high of $97.78. The company has a quick ratio of 0.40, a current ratio of 0.55 and a debt-to-equity ratio of 1.29. The firm has a fifty day moving average of $80.18 and a 200-day moving average of $81.43. The company has a market capitalization of $26.12 billion, a price-to-earnings ratio of 19.62, a P/E/G ratio of 2.86 and a beta of 0.40.

WEC Energy Group (NYSE:WEC) last announced its earnings results on Thursday, February 1st. The utilities provider reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. WEC Energy Group had a net margin of 14.98% and a return on equity of 12.17%. The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same period in the prior year, the business earned $0.80 EPS. The company’s revenue for the quarter was down 13.3% compared to the same quarter last year. As a group, equities research analysts predict that WEC Energy Group, Inc. will post 4.88 earnings per share for the current fiscal year.

WEC Energy Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Tuesday, May 14th will be issued a $0.835 dividend. The ex-dividend date of this dividend is Monday, May 13th. This represents a $3.34 dividend on an annualized basis and a dividend yield of 4.03%. WEC Energy Group’s dividend payout ratio (DPR) is 79.15%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Royal Bank of Canada cut their price target on WEC Energy Group from $95.00 to $90.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 8th. Barclays cut their price target on WEC Energy Group from $79.00 to $75.00 and set an “underweight” rating on the stock in a research note on Thursday, February 8th. KeyCorp increased their target price on WEC Energy Group from $95.00 to $96.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. The Goldman Sachs Group initiated coverage on WEC Energy Group in a research note on Wednesday, April 10th. They issued a “neutral” rating and a $88.00 target price on the stock. Finally, Scotiabank cut their target price on WEC Energy Group from $96.00 to $90.00 and set a “sector outperform” rating on the stock in a research note on Monday. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, WEC Energy Group has a consensus rating of “Hold” and a consensus target price of $86.64.

Insider Activity

In other news, Chairman Gale E. Klappa sold 37,180 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $78.69, for a total value of $2,925,694.20. Following the sale, the chairman now directly owns 274,782 shares in the company, valued at $21,622,595.58. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Scott J. Lauber sold 2,830 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $78.89, for a total value of $223,258.70. Following the sale, the chief executive officer now directly owns 43,125 shares in the company, valued at $3,402,131.25. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Gale E. Klappa sold 37,180 shares of WEC Energy Group stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $78.69, for a total value of $2,925,694.20. Following the completion of the sale, the chairman now directly owns 274,782 shares in the company, valued at approximately $21,622,595.58. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

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.