CIBC Asset Management Inc Sells 2,191 Shares of WEC Energy Group, Inc. (NYSE:WEC) (2024)

CIBC Asset Management Inc lessened its stake in shares of WEC Energy Group, Inc. (NYSE:WEC – Free Report) by 3.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 68,471 shares of the utilities provider’s stock after selling 2,191 shares during the quarter. CIBC Asset Management Inc’s holdings in WEC Energy Group were worth $5,763,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tennessee Valley Asset Management Partners bought a new stake in shares of WEC Energy Group during the fourth quarter worth $26,000. Valued Wealth Advisors LLC bought a new position in WEC Energy Group during the 4th quarter worth $28,000. First United Bank & Trust bought a new position in WEC Energy Group during the 4th quarter worth $30,000. Fortitude Family Office LLC bought a new position in WEC Energy Group during the 4th quarter worth $33,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in WEC Energy Group during the 3rd quarter worth $38,000. Institutional investors own 77.20% of the company’s stock.

WEC Energy Group Trading Down 1.4 %

Shares of WEC Energy Group stock opened at $81.01 on Thursday. The stock has a fifty day simple moving average of $82.00 and a 200 day simple moving average of $81.59. WEC Energy Group, Inc. has a 12-month low of $75.13 and a 12-month high of $93.37. The company has a market capitalization of $25.58 billion, a P/E ratio of 17.69, a price-to-earnings-growth ratio of 2.12 and a beta of 0.42. The company has a current ratio of 0.55, a quick ratio of 0.42 and a debt-to-equity ratio of 1.24.

WEC Energy Group (NYSE:WEC – Get Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.07. The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.92 billion. WEC Energy Group had a return on equity of 13.01% and a net margin of 16.67%. The business’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.61 EPS. On average, sell-side analysts anticipate that WEC Energy Group, Inc. will post 4.87 earnings per share for the current fiscal year.

WEC Energy Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Tuesday, May 14th were issued a $0.835 dividend. This represents a $3.34 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date of this dividend was Monday, May 13th. WEC Energy Group’s payout ratio is currently 72.93%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on WEC shares. Scotiabank lowered their target price on WEC Energy Group from $96.00 to $90.00 and set a “sector outperform” rating for the company in a research report on Monday, April 22nd. BMO Capital Markets increased their price target on WEC Energy Group from $89.00 to $90.00 and gave the stock a “market perform” rating in a report on Thursday, May 2nd. KeyCorp increased their price target on WEC Energy Group from $95.00 to $96.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Barclays decreased their price target on WEC Energy Group from $79.00 to $75.00 and set an “underweight” rating for the company in a report on Thursday, February 8th. Finally, The Goldman Sachs Group assumed coverage on WEC Energy Group in a report on Wednesday, April 10th. They set a “neutral” rating and a $88.00 price target for the company. Three research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $86.29.

View Our Latest Stock Report on WEC Energy Group

About WEC Energy Group

(Free Report)

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.

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