Allworth Financial LP Purchases 1,590 Shares of GE Vernova Inc. (NYSE:GEV)

Allworth Financial LP increased its position in shares of GE Vernova Inc. (NYSE:GEV) by 38.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 5,688 shares of the company’s stock after purchasing an additional 1,590 shares during the period. Allworth Financial LP’s holdings in GE Vernova were worth $1,871,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in GEV. FMR LLC increased its position in GE Vernova by 2.5% during the 3rd quarter. FMR LLC now owns 24,047,678 shares of the company’s stock valued at $6,131,677,000 after purchasing an additional 584,208 shares during the period. State Street Corp boosted its stake in shares of GE Vernova by 1.1% during the third quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after purchasing an additional 118,184 shares in the last quarter. Mountaineer Partners Management LLC purchased a new position in GE Vernova during the third quarter valued at approximately $2,507,296,000. Geode Capital Management LLC raised its stake in GE Vernova by 1.5% in the third quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock worth $1,420,763,000 after buying an additional 80,479 shares in the last quarter. Finally, WCM Investment Management LLC lifted its holdings in GE Vernova by 83.1% during the third quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock worth $639,704,000 after buying an additional 1,161,901 shares during the period.

Analysts Set New Price Targets

GEV has been the topic of a number of analyst reports. BMO Capital Markets lifted their price target on GE Vernova from $360.00 to $420.00 and gave the company an “outperform” rating in a report on Tuesday, January 21st. Jefferies Financial Group boosted their target price on shares of GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Robert W. Baird initiated coverage on shares of GE Vernova in a report on Thursday, February 13th. They issued an “outperform” rating and a $448.00 price target on the stock. Barclays lifted their price objective on shares of GE Vernova from $420.00 to $487.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $453.00 target price on shares of GE Vernova in a research report on Tuesday, January 28th. Eight equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus target price of $350.13.

GE Vernova Price Performance

NYSE GEV opened at $372.59 on Wednesday. The company has a fifty day moving average of $362.38 and a 200 day moving average of $295.72. The company has a market capitalization of $102.70 billion and a PE ratio of 67.01. GE Vernova Inc. has a 1 year low of $115.00 and a 1 year high of $447.50.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The company had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business’s revenue for the quarter was up 5.1% compared to the same quarter last year. Research analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were paid a dividend of $0.25 per share. The ex-dividend date was Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.27%. GE Vernova’s payout ratio is 17.99%.

GE Vernova announced that its Board of Directors has initiated a share buyback program on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 6.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

GE Vernova Profile

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.