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

Posted by on Apr 2nd, 2023

HB Wealth Management LLC increased its position in shares of WEC Energy Group, Inc. (NYSE:WEC – Get Rating) by 19.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,560 shares of the utilities provider’s stock after buying an additional 585 shares during the quarter. HB Wealth Management LLC’s holdings in WEC Energy Group were worth $334,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in WEC. Vanguard Group Inc. raised its position in WEC Energy Group by 2.0% in the third quarter. Vanguard Group Inc. now owns 41,460,137 shares of the utilities provider’s stock valued at $3,707,780,000 after purchasing an additional 820,031 shares during the period. BlackRock Inc. raised its position in WEC Energy Group by 1.5% in the third quarter. BlackRock Inc. now owns 29,308,895 shares of the utilities provider’s stock valued at $2,621,096,000 after purchasing an additional 440,902 shares during the period. State Street Corp raised its position in WEC Energy Group by 1.7% in the third quarter. State Street Corp now owns 19,333,531 shares of the utilities provider’s stock valued at $1,728,998,000 after purchasing an additional 325,772 shares during the period. Price T Rowe Associates Inc. MD raised its position in WEC Energy Group by 28.2% in the second quarter. Price T Rowe Associates Inc. MD now owns 5,902,916 shares of the utilities provider’s stock valued at $594,069,000 after purchasing an additional 1,296,919 shares during the period. Finally, Bank of New York Mellon Corp raised its position in WEC Energy Group by 1.5% in the third quarter. Bank of New York Mellon Corp now owns 3,057,885 shares of the utilities provider’s stock valued at $273,465,000 after purchasing an additional 45,606 shares during the period. Hedge funds and other institutional investors own 74.05% of the company’s stock.

WEC Energy Group Stock Performance

Shares of WEC stock opened at $94.79 on Friday. The company has a current ratio of 0.69, a quick ratio of 0.52 and a debt-to-equity ratio of 1.27. The firm has a fifty day moving average price of $92.01 and a 200 day moving average price of $93.12. The company has a market cap of $29.90 billion, a P/E ratio of 21.25, a PEG ratio of 3.52 and a beta of 0.38. WEC Energy Group, Inc. has a 12 month low of $80.82 and a 12 month high of $108.39.

WEC Energy Group (NYSE:WEC – Get Rating) last issued its earnings results on Thursday, February 2nd. The utilities provider reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.05. The firm had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.01 billion. WEC Energy Group had a net margin of 14.68% and a return on equity of 12.24%. The company’s revenue was up 16.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.71 earnings per share. Sell-side analysts predict that WEC Energy Group, Inc. will post 4.6 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on WEC. StockNews.com began coverage on WEC Energy Group in a research report on Thursday, March 16th. They issued a “hold” rating on the stock. Wells Fargo & Company dropped their price target on shares of WEC Energy Group from $109.00 to $106.00 and set an “overweight” rating for the company in a research note on Friday, February 3rd. BMO Capital Markets boosted their price target on shares of WEC Energy Group from $93.00 to $100.00 in a research note on Monday, December 5th. Finally, TheStreet upgraded shares of WEC Energy Group from a “c+” rating to a “b-” rating in a research note on Tuesday, December 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $98.78.

WEC Energy Group Profile

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WEC Energy Group, Inc is a holding company, which engages in the generation and distribution of electricity and natural gas. It operates through the following segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure and Corporate & Other. The Wisconsin segment refers to the electric and gas utility operations.

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Institutional Ownership by Quarter for WEC Energy Group (NYSE:WEC)

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