Kingsview Wealth Management LLC Trims Stock Position in WEC Energy Group, Inc. (NYSE:WEC)

Kingsview Wealth Management LLC reduced its stake in shares of WEC Energy Group, Inc. (NYSE:WEC) by 1.0% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 46,210 shares of the utilities provider’s stock after selling 479 shares during the period. Kingsview Wealth Management LLC’s holdings in WEC Energy Group were worth $3,795,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Confluence Investment Management LLC acquired a new stake in WEC Energy Group during the first quarter valued at $127,945,000. Clearbridge Investments LLC boosted its stake in shares of WEC Energy Group by 763.5% during the 4th quarter. Clearbridge Investments LLC now owns 1,332,587 shares of the utilities provider’s stock worth $112,164,000 after acquiring an additional 1,178,270 shares in the last quarter. Envestnet Asset Management Inc. grew its position in shares of WEC Energy Group by 93.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 1,665,038 shares of the utilities provider’s stock valued at $140,146,000 after acquiring an additional 803,718 shares during the period. Benjamin F. Edwards & Company Inc. raised its holdings in WEC Energy Group by 2,122.2% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 441,603 shares of the utilities provider’s stock worth $37,170,000 after purchasing an additional 421,731 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in WEC Energy Group during the first quarter worth approximately $23,297,000. Hedge funds and other institutional investors own 77.20% of the company’s stock.

Analyst Ratings Changes

WEC has been the subject of a number of recent analyst reports. StockNews.com upgraded WEC Energy Group from a “sell” rating to a “hold” rating in a research report on Thursday, May 9th. BMO Capital Markets lifted their price target on shares of WEC Energy Group from $89.00 to $90.00 and gave the company a “market perform” rating in a research note on Thursday, May 2nd. The Goldman Sachs Group started coverage on shares of WEC Energy Group in a research report on Wednesday, April 10th. They set a “neutral” rating and a $88.00 price objective for the company. Scotiabank dropped their target price on shares of WEC Energy Group from $96.00 to $90.00 and set a “sector outperform” rating on the stock in a research report on Monday, April 22nd. Finally, KeyCorp upped their price target on shares of WEC Energy Group from $95.00 to $96.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $85.92.

WEC Energy Group Price Performance

Shares of WEC Energy Group stock traded down $0.43 on Friday, hitting $81.62. 1,012,055 shares of the company were exchanged, compared to its average volume of 2,088,979. The company has a quick ratio of 0.42, a current ratio of 0.55 and a debt-to-equity ratio of 1.24. The company has a 50-day moving average price of $80.35 and a 200 day moving average price of $80.68. The stock has a market capitalization of $25.78 billion, a price-to-earnings ratio of 17.91, a price-to-earnings-growth ratio of 2.13 and a beta of 0.41. WEC Energy Group, Inc. has a 1-year low of $75.13 and a 1-year high of $93.37.

WEC Energy Group (NYSE:WEC) last released its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $1.97 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.07. The company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.92 billion. WEC Energy Group had a return on equity of 13.01% and a net margin of 16.67%. The firm’s revenue for the quarter was down 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.61 earnings per share. As a group, sell-side analysts predict that WEC Energy Group, Inc. will post 4.87 earnings per share for the current fiscal year.

WEC Energy Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Wednesday, August 14th will be issued a $0.835 dividend. This represents a $3.34 dividend on an annualized basis and a dividend yield of 4.09%. WEC Energy Group’s dividend payout ratio is currently 72.93%.

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.