Family Legacy Inc. Purchases 2,320 Shares of GE Vernova Inc. (NYSE:GEV)

Family Legacy Inc. raised its stake in GE Vernova Inc. (NYSE:GEV - Free Report) by 40.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 8,105 shares of the company's stock after purchasing an additional 2,320 shares during the quarter. Family Legacy Inc.'s holdings in GE Vernova were worth $2,474,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GEV. Norges Bank bought a new stake in GE Vernova in the fourth quarter valued at approximately $1,109,720,000. Capital International Investors lifted its position in 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 purchasing an additional 2,994,660 shares during the last quarter. GAMMA Investing LLC lifted its position in GE Vernova by 32,984.2% in the first 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 last quarter. Massachusetts Financial Services Co. MA lifted its position in GE Vernova by 1,638.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company's stock valued at $432,309,000 after purchasing an additional 1,238,690 shares during the last quarter. Finally, FMR LLC lifted its position in GE Vernova by 3.4% in the fourth quarter. FMR LLC now owns 24,861,833 shares of the company's stock valued at $8,177,803,000 after purchasing an additional 814,155 shares during the last quarter.

Analyst Upgrades and Downgrades

GEV has been the subject of several recent research reports. Jefferies Financial Group downgraded GE Vernova from a "buy" rating to a "hold" rating and boosted their price objective for the company from $427.00 to $517.00 in a research report on Thursday, May 29th. New Street Research set a $380.00 price objective on GE Vernova in a research report on Wednesday, March 5th. Bank of America boosted their target price on GE Vernova from $520.00 to $550.00 and gave the company a "buy" rating in a research note on Wednesday, June 11th. BMO Capital Markets boosted their target price on GE Vernova from $381.00 to $522.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Finally, Wolfe Research cut GE Vernova from an "outperform" rating to a "peer perform" rating in a research note on Friday, June 13th. Eight equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $425.42.

GE Vernova Trading Up 2.7%

NYSE GEV opened at $499.97 on Tuesday. GE Vernova Inc. has a 12 month low of $150.01 and a 12 month high of $506.31. The stock has a market cap of $136.46 billion, a P/E ratio of 72.04, a P/E/G ratio of 3.78 and a beta of 1.97. The stock's fifty day moving average price is $429.11 and its 200-day moving average price is $372.13.

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

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 18th. Stockholders 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 dividend yield of 0.20%. GE Vernova's payout ratio is currently 14.41%.

About GE Vernova

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.

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