Raymond James Financial Services Advisors Inc. Has $28.39 Million Holdings in WEC Energy Group, Inc. (NYSE:WEC)

Posted by Defense World Staff on Jun 27th, 2023

Raymond James Financial Services Advisors Inc. increased its position in shares of WEC Energy Group, Inc. (NYSE:WEC – Get Rating) by 2.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 299,516 shares of the utilities provider’s stock after acquiring an additional 8,520 shares during the quarter. Raymond James Financial Services Advisors Inc. owned 0.09% of WEC Energy Group worth $28,391,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Achmea Investment Management B.V. acquired a new stake in shares of WEC Energy Group during the first quarter valued at approximately $27,000. Glassy Mountain Advisors Inc. acquired a new stake in shares of WEC Energy Group during the fourth quarter valued at approximately $26,000. Asset Dedication LLC acquired a new stake in shares of WEC Energy Group during the fourth quarter valued at approximately $27,000. First Manhattan Co. raised its holdings in shares of WEC Energy Group by 102.0% during the fourth quarter. First Manhattan Co. now owns 303 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 153 shares during the period. Finally, Richard W. Paul & Associates LLC acquired a new stake in shares of WEC Energy Group during the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 74.68% of the company’s stock.

WEC Energy Group Stock Performance

WEC stock opened at $88.92 on Tuesday. The company has a quick ratio of 0.61, a current ratio of 0.75 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $28.05 billion, a price-to-earnings ratio of 20.78, a P/E/G ratio of 3.32 and a beta of 0.41. WEC Energy Group, Inc. has a 12 month low of $80.82 and a 12 month high of $108.20. The firm has a 50 day moving average of $91.65 and a two-hundred day moving average of $93.01.

WEC Energy Group (NYSE:WEC – Get Rating) last posted its quarterly earnings data on Monday, May 1st. The utilities provider reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.03. The business had revenue of $2.89 billion during the quarter, compared to the consensus estimate of $2.90 billion. WEC Energy Group had a net margin of 14.10% and a return on equity of 11.60%. WEC Energy Group’s quarterly revenue was down .7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.79 EPS. As a group, equities analysts anticipate that WEC Energy Group, Inc. will post 4.6 EPS for the current fiscal year.

WEC Energy Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 1st. Investors of record on Friday, May 12th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 3.51%. The ex-dividend date of this dividend was Thursday, May 11th. WEC Energy Group’s dividend payout ratio is currently 72.90%.

Insider Buying and Selling

In related news, Director Ulice Payne, Jr. sold 1,500 shares of the company’s stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $94.36, for a total transaction of $141,540.00. Following the completion of the sale, the director now directly owns 21,503 shares of the company’s stock, valued at approximately $2,029,023.08. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.34% of the stock is owned by insiders.

Wall Street Analyst Weigh In

WEC has been the topic of several research reports. JPMorgan Chase & Co. upped their price objective on shares of WEC Energy Group from $99.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, April 19th. Evercore ISI dropped their price objective on shares of WEC Energy Group from $98.00 to $91.00 in a research note on Friday, June 9th. 888 reiterated a “maintains” rating on shares of WEC Energy Group in a research note on Wednesday, May 3rd. Bank of America dropped their price objective on shares of WEC Energy Group from $106.00 to $103.00 in a research note on Wednesday, May 3rd. Finally, StockNews.com initiated coverage on shares of WEC Energy Group in a research note on Thursday, May 18th. They issued a “sell” rating on the stock. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, WEC Energy Group presently has an average rating of “Hold” and an average price target of $99.27.

WEC Energy Group Company Profile

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WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States. The company operates through six segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure, and Corporate and Other.