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MILWAUKEE—Ulice Jr, a director at WEC Energy Group, Inc. (NYSE:WEC), recently sold shares of the company totaling $49,490. The transactions, which took place on November 19, involved the sale of 500 shares at prices ranging from $98.98 to $99.01 per share.
Following these transactions, Ulice Jr holds 21,392.8516 shares, according to the filing. The shares involved in these sales include those acquired through dividend reinvestment, which are exempt from certain reporting requirements.
In other recent news, WEC Energy Group has reported steady growth in the third quarter of 2024, with an adjusted earnings of $0.82 per share and a reaffirmed full-year 2024 earnings guidance of $4.80 to $4.90 per share. The company has unveiled its largest-ever capital plan, amounting to $28 billion over five years, in response to increased demand and a shift towards renewable energy. Economic growth in Southeastern Wisconsin, bolstered by expansions from Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN), has contributed to this demand. Despite a minor decline in the Corporate and Other segment's earnings, WEC Energy Group anticipates a positive impact on earnings from higher production tax credits and improved output from renewable generation facilities. These are among the recent developments for the company. WEC Energy Group's capital plan includes significant investments in renewable energy and natural gas generation, and the company expects cash from operations to cover 60% of its funding needs over the next five years.
InvestingPro Insights
While Ulice Jr's recent sale of WEC Energy Group shares might raise eyebrows, it's essential to consider the broader financial picture of the company. According to InvestingPro data, WEC Energy Group boasts a market capitalization of $31.38 billion, reflecting its significant presence in the utility sector.
One of the standout features of WEC Energy Group is its impressive dividend history. InvestingPro Tips reveal that the company has raised its dividend for 21 consecutive years and has maintained dividend payments for an impressive 54 consecutive years. This consistent dividend growth, coupled with a current dividend yield of 3.37%, underscores WEC's commitment to shareholder returns and may explain why the stock is trading near its 52-week high.
Despite the recent insider sale, WEC Energy Group's financial health appears robust. The company's revenue for the last twelve months as of Q3 2024 stood at $8.53 billion, with a gross profit margin of 43.07%. Moreover, analysts predict that the company will remain profitable this year, which aligns with its track record of profitability over the past twelve months.
It's worth noting that InvestingPro offers 8 additional tips for WEC Energy Group, providing investors with a more comprehensive analysis of the company's prospects. These insights can be particularly valuable in contextualizing insider transactions and understanding the company's overall financial standing.
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