Covenant Asset Management LLC Takes Position in GE Vernova Inc. (NYSE:GEV)

Covenant Asset Management LLC acquired a new position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 9,236 shares of the company's stock, valued at approximately $2,820,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. MRP Capital Investments LLC acquired a new position in shares of GE Vernova in the fourth quarter valued at approximately $25,000. Navigoe LLC bought a new position in shares of GE Vernova in the 4th quarter worth about $27,000. EQ Wealth Advisors LLC bought a new position in shares of GE Vernova in the 1st quarter worth about $27,000. Clarity Asset Management Inc. bought a new stake in GE Vernova in the 4th quarter valued at about $28,000. Finally, Pinpoint Asset Management Ltd acquired a new position in GE Vernova during the 4th quarter valued at about $30,000.

GE Vernova Stock Up 0.9%

Shares of GEV traded up $4.85 during mid-day trading on Friday, hitting $575.02. 2,051,713 shares of the company traded hands, compared to its average volume of 3,299,435. GE Vernova Inc. has a 1-year low of $150.01 and a 1-year high of $581.27. The company has a market capitalization of $156.94 billion, a PE ratio of 82.86, a price-to-earnings-growth ratio of 4.33 and a beta of 1.86. The business has a 50 day moving average of $493.30 and a 200 day moving average of $397.90.

GE Vernova (NYSE:GEV - Get Free Report) last released its earnings results on Wednesday, April 23rd. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.54. The company had revenue of $8.03 billion during the quarter, compared to the consensus estimate of $7.56 billion. GE Vernova had a return on equity of 10.10% and a net margin of 5.42%. GE Vernova's revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.47) EPS. As a group, research analysts expect that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, July 21st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.17%. The ex-dividend date of this dividend is Monday, July 21st. GE Vernova's dividend payout ratio is presently 14.41%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on GEV shares. JPMorgan Chase & Co. boosted their target price on shares of GE Vernova from $460.00 to $620.00 and gave the company an "overweight" rating in a research note on Wednesday. Seaport Res Ptn raised GE Vernova to a "strong-buy" rating in a research note on Thursday, July 10th. Citigroup reiterated a "neutral" rating and set a $544.00 price objective (up previously from $354.00) on shares of GE Vernova in a research report on Monday, July 14th. BMO Capital Markets lifted their price objective on GE Vernova from $522.00 to $590.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Finally, TD Cowen decreased their price objective on GE Vernova from $405.00 to $390.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Seven equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $468.88.

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.