Cigna Investments Inc. New Reduces Position in WEC Energy Group, Inc. (NYSE:WEC)
Cigna Investments Inc. New decreased its position in shares of WEC Energy Group, Inc. (NYSE:WEC) by 5.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,349 shares of the utilities provider’s stock after selling 743 shares during the period. Cigna Investments Inc. New’s holdings in WEC Energy Group were worth $758,000 as of its most recent filing with the SEC.
Several other large investors also recently modified their holdings of the stock. Macquarie Group Ltd. raised its stake in shares of WEC Energy Group by 1.9% in the fourth quarter. Macquarie Group Ltd. now owns 248,083 shares of the utilities provider’s stock worth $14,550,000 after buying an additional 4,535 shares during the period. National Pension Service raised its stake in WEC Energy Group by 5.4% in the first quarter. National Pension Service now owns 263,490 shares of the utilities provider’s stock valued at $15,923,000 after buying an additional 13,464 shares during the last quarter. Highland Capital Management LLC acquired a new stake in WEC Energy Group during the first quarter valued at about $212,000. Bank of Montreal Can raised its stake in WEC Energy Group by 3.0% in the first quarter. Bank of Montreal Can now owns 583,752 shares of the utilities provider’s stock valued at $35,392,000 after buying an additional 17,147 shares during the last quarter. Finally, Integrated Wealth Management raised its stake in WEC Energy Group by 12.2% in the first quarter. Integrated Wealth Management now owns 4,895 shares of the utilities provider’s stock valued at $297,000 after buying an additional 533 shares during the last quarter. 70.72% of the stock is owned by institutional investors.
WEC Energy Group, Inc. (NYSE:WEC) opened at 63.84 on Friday. The stock’s 50 day moving average is $62.52 and its 200 day moving average is $60.98. WEC Energy Group, Inc. has a 12-month low of $53.66 and a 12-month high of $64.94. The company has a market cap of $20.15 billion, a P/E ratio of 20.93 and a beta of 0.11.
WEC Energy Group (NYSE:WEC) last posted its earnings results on Wednesday, July 26th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.58 billion. WEC Energy Group had a net margin of 12.72% and a return on equity of 10.75%. WEC Energy Group’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.57 EPS. On average, equities analysts forecast that WEC Energy Group, Inc. will post $3.11 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, August 14th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date is Thursday, August 10th. WEC Energy Group’s dividend payout ratio is presently 68.42%.
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WEC has been the subject of several analyst reports. Zacks Investment Research lowered shares of WEC Energy Group from a “hold” rating to a “sell” rating in a research note on Monday, April 17th. Barclays PLC reaffirmed an “equal weight” rating and issued a $68.00 price objective (up previously from $61.00) on shares of WEC Energy Group in a research note on Sunday, April 23rd. Wolfe Research reaffirmed a “peer perform” rating on shares of WEC Energy Group in a research note on Monday, April 24th. Ladenburg Thalmann Financial Services lifted their price objective on shares of WEC Energy Group from $62.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, June 9th. Finally, Goldman Sachs Group, Inc. (The) reissued a “sell” rating and set a $58.00 target price (down previously from $59.00) on shares of WEC Energy Group in a research report on Monday, June 26th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. WEC Energy Group presently has an average rating of “Hold” and a consensus target price of $62.86.
In other news, VP Susan H. Martin sold 15,470 shares of the firm’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $62.50, for a total transaction of $966,875.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.97% of the company’s stock.
About WEC Energy Group
WEC Energy Group, Inc was a diversified holding company with natural gas and electric utility operations, an approximately 60% equity ownership interest in American Transmission Company LLC, and non-utility electric operations through its We Power business, as of December 31, 2016. Its segments include Wisconsin; Illinois; Other States; Electric Transmission; We Power, and Corporate and Other.
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