Costello Asset Management INC Acquires 1,110 Shares of GE Vernova Inc. (NYSE:GEV)

Key Points

• Costello Asset Management INC significantly increased its holdings in GE Vernova Inc. by 12,333.3%, becoming part of a growing trend among institutional investors to acquire shares of the company.
• GE Vernova reported $1.86 EPS for the latest quarter, outperforming analysts' expectations and achieving an 11.1% year-over-year revenue growth.
• The company has announced a quarterly dividend of $0.25, representing an annual yield of 0.2%, with a payout ratio of 24.10%.

Costello Asset Management INC lifted its position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 12,333.3% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,119 shares of the company's stock after buying an additional 1,110 shares during the quarter. Costello Asset Management INC's holdings in GE Vernova were worth $342,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Capital International Investors lifted its position in shares of GE Vernova by 25.3% in the fourth quarter. Capital International Investors now owns 14,854,297 shares of the company's stock valued at $4,886,164,000 after acquiring an additional 2,994,660 shares in the last quarter. Northern Trust Corp raised its stake in GE Vernova by 15.0% during the 4th quarter. Northern Trust Corp now owns 2,630,122 shares of the company's stock valued at $865,126,000 after purchasing an additional 343,837 shares during the period. GAMMA Investing LLC raised its stake in GE Vernova by 32,984.2% during the 1st quarter. GAMMA Investing LLC now owns 2,141,539 shares of the company's stock valued at $653,769,000 after purchasing an additional 2,135,066 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in GE Vernova by 47.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,937,018 shares of the company's stock worth $591,333,000 after purchasing an additional 622,730 shares in the last quarter. Finally, Baird Financial Group Inc. boosted its stake in GE Vernova by 5.3% in the 4th quarter. Baird Financial Group Inc. now owns 1,556,643 shares of the company's stock worth $512,027,000 after purchasing an additional 78,201 shares during the period.

Analyst Upgrades and Downgrades

GEV has been the topic of several recent analyst reports. BMO Capital Markets lifted their price objective on shares of GE Vernova from $590.00 to $690.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Robert W. Baird lifted their price objective on GE Vernova from $568.00 to $706.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. UBS Group started coverage on GE Vernova in a research report on Monday, July 7th. They set a "buy" rating and a $614.00 target price for the company. The Goldman Sachs Group boosted their price target on shares of GE Vernova from $500.00 to $570.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Finally, Wall Street Zen lowered shares of GE Vernova from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Ten equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, GE Vernova has an average rating of "Moderate Buy" and a consensus target price of $560.21.

GE Vernova Stock Up 0.3%

GEV traded up $1.63 on Friday, reaching $647.49. 1,147,974 shares of the company traded hands, compared to its average volume of 3,614,680. The company has a market cap of $176.26 billion, a P/E ratio of 156.03, a price-to-earnings-growth ratio of 4.59 and a beta of 1.90. GE Vernova Inc. has a one year low of $172.60 and a one year high of $677.29. The firm has a fifty day simple moving average of $544.98 and a two-hundred day simple moving average of $422.95.

GE Vernova (NYSE:GEV - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The company reported $1.86 EPS for the quarter, topping analysts' consensus estimates of $1.63 by $0.23. The business had revenue of $9.11 billion for the quarter, compared to analyst estimates of $8.78 billion. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. The company's quarterly revenue was up 11.1% compared to the same quarter last year. During the same period last year, the company posted $4.65 earnings per share. On average, equities analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Investors of record on Monday, July 21st will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Monday, July 21st. GE Vernova's payout ratio is presently 24.10%.

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.