Tyche Wealth Partners LLC Lowers Position in WEC Energy Group, Inc. (NYSE:WEC)

Tyche Wealth Partners LLC cut its position in shares of WEC Energy Group, Inc. (NYSE:WEC) by 78.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,079 shares of the utilities provider’s stock after selling 7,438 shares during the quarter. Tyche Wealth Partners LLC’s holdings in WEC Energy Group were worth $227,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Marcum Wealth LLC increased its position in WEC Energy Group by 1.3% during the first quarter. Marcum Wealth LLC now owns 7,416 shares of the utilities provider’s stock valued at $808,000 after acquiring an additional 93 shares during the last quarter. Clean Yield Group boosted its position in WEC Energy Group by 12.6% in the first quarter. Clean Yield Group now owns 867 shares of the utilities provider’s stock worth $94,000 after purchasing an additional 97 shares during the last quarter. MJP Associates Inc. ADV grew its stake in shares of WEC Energy Group by 3.4% during the 4th quarter. MJP Associates Inc. ADV now owns 3,019 shares of the utilities provider’s stock valued at $284,000 after purchasing an additional 98 shares during the period. Premier Path Wealth Partners LLC grew its stake in shares of WEC Energy Group by 3.0% during the 1st quarter. Premier Path Wealth Partners LLC now owns 3,335 shares of the utilities provider’s stock valued at $363,000 after purchasing an additional 98 shares during the period. Finally, Peak Financial Advisors LLC increased its position in shares of WEC Energy Group by 1.9% during the 1st quarter. Peak Financial Advisors LLC now owns 5,339 shares of the utilities provider’s stock valued at $582,000 after purchasing an additional 100 shares during the last quarter. 77.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Barclays raised their price objective on shares of WEC Energy Group from $99.00 to $101.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 29th. Wall Street Zen cut shares of WEC Energy Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 21st. The Goldman Sachs Group lowered WEC Energy Group from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $106.00 to $100.00 in a research note on Wednesday. JPMorgan Chase & Co. raised WEC Energy Group from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $106.00 to $108.00 in a report on Tuesday, April 8th. Finally, Wells Fargo & Company lifted their target price on WEC Energy Group from $115.00 to $124.00 and gave the company an “overweight” rating in a research report on Wednesday, May 7th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $106.33.

WEC Energy Group Price Performance

Shares of WEC Energy Group stock opened at $102.97 on Thursday. The company has a quick ratio of 0.40, a current ratio of 0.50 and a debt-to-equity ratio of 1.23. WEC Energy Group, Inc. has a 52 week low of $77.47 and a 52 week high of $111.00. The stock’s 50-day simple moving average is $106.54 and its 200-day simple moving average is $103.08. The company has a market capitalization of $32.86 billion, a price-to-earnings ratio of 20.07, a PEG ratio of 2.89 and a beta of 0.45.

WEC Energy Group (NYSE:WEC) last posted its quarterly earnings results on Tuesday, May 6th. The utilities provider reported $2.27 earnings per share for the quarter, topping the consensus estimate of $2.18 by $0.09. The business had revenue of $3.15 billion during the quarter, compared to the consensus estimate of $2.81 billion. WEC Energy Group had a return on equity of 12.94% and a net margin of 17.95%. The firm’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.97 EPS. As a group, analysts expect that WEC Energy Group, Inc. will post 5.23 earnings per share for the current fiscal year.

WEC Energy Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Wednesday, May 14th were paid a $0.8975 dividend. The ex-dividend date of this dividend was Wednesday, May 14th. This represents a $3.59 annualized dividend and a yield of 3.49%. This is a boost from WEC Energy Group’s previous quarterly dividend of $0.84. WEC Energy Group’s payout ratio is presently 69.59%.

Insider Buying and Selling at WEC Energy Group

In other news, VP Joshua M. Erickson sold 2,155 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $107.77, for a total transaction of $232,244.35. Following the completion of the transaction, the vice president now directly owns 2,686 shares in the company, valued at approximately $289,470.22. This represents a 44.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.50% of the company’s stock.

WEC Energy Group Company 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.