Fintel reports that on October 4, 2023, UBS maintained coverage of WEC Energy Group (NYSE:WEC) with a Neutral recommendation.
Analyst Price Forecast Suggests 24.45% Upside
As of October 4, 2023, the average one-year price target for WEC Energy Group is 97.37. The forecasts range from a low of 83.83 to a high of $110.25. The average price target represents an increase of 24.45% from its latest reported closing price of 78.24.
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The projected annual revenue for WEC Energy Group is 9,221MM, a decrease of 0.63%. The projected annual non-GAAP EPS is 4.66.
WEC Energy Group Declares $0.78 Dividend
On July 20, 2023 the company declared a regular quarterly dividend of $0.78 per share ($3.12 annualized). Shareholders of record as of August 14, 2023 received the payment on September 1, 2023. Previously, the company paid $0.78 per share.
At the current share price of $78.24 / share, the stock's dividend yield is 3.99%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.97%, the lowest has been 2.43%, and the highest has been 4.05%. The standard deviation of yields is 0.29 (n=236).
The current dividend yield is 3.46 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.73. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.23%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1695 funds or institutions reporting positions in WEC Energy Group. This is a decrease of 49 owner(s) or 2.81% in the last quarter. Average portfolio weight of all funds dedicated to WEC is 0.25%, a decrease of 21.15%. Total shares owned by institutions decreased in the last three months by 0.52% to 265,674K shares. 
The put/call ratio of WEC is 0.87, indicating a bullish outlook.
What are Other Shareholders Doing?
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 9,847K shares representing 3.12% ownership of the company. In it's prior filing, the firm reported owning 9,772K shares, representing an increase of 0.76%. The firm decreased its portfolio allocation in WEC by 13.45% over the last quarter.
Wells Fargo holds 7,564K shares representing 2.40% ownership of the company. In it's prior filing, the firm reported owning 7,549K shares, representing an increase of 0.19%. The firm increased its portfolio allocation in WEC by 166.63% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 7,510K shares representing 2.38% ownership of the company. In it's prior filing, the firm reported owning 7,360K shares, representing an increase of 1.99%. The firm decreased its portfolio allocation in WEC by 13.97% over the last quarter.
VIMSX - Vanguard Mid-Cap Index Fund Investor Shares holds 7,311K shares representing 2.32% ownership of the company. In it's prior filing, the firm reported owning 7,367K shares, representing a decrease of 0.77%. The firm decreased its portfolio allocation in WEC by 11.32% over the last quarter.
Geode Capital Management holds 7,009K shares representing 2.22% ownership of the company. In it's prior filing, the firm reported owning 6,806K shares, representing an increase of 2.90%. The firm decreased its portfolio allocation in WEC by 13.27% over the last quarter.
WEC Energy Group Background Information
(This description is provided by the company.)
WEC Energy Group, based in Milwaukee, is one of the nation's premier energy companies, serving 4.5 million customers in Wisconsin, Illinois, Michigan and Minnesota. The company's principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a growing fleet of renewable generation facilities in the Midwest. WEC Energy Group is a Fortune 500 company and a component of the S&P 500. The company has approximately 45,000 stockholders of record, 7,500 employees and $35 billion of assets.
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