Legal & General Group Plc Buys 20,748 Shares of GE Vernova Inc. $GEV

Key Points

• Legal & General Group Plc boosted its stake in GE Vernova by 1.3%, adding 20,748 shares to hold 1,652,711 shares (about 0.61% of the company) valued at roughly $1.016 billion.
• GE Vernova posted a blowout quarter with EPS of $13.39 (vs. $2.99 expected) and $10.96B in revenue, driving stock gains and analyst upgrades with a consensus target near $831 and Goldman Sachs lifting its target to $925.
• The company declared a quarterly dividend of $0.50 per share (annualized $2.00) payable April 14 with an ex-dividend date of March 17, implying a yield of about 0.2%.

Legal & General Group Plc boosted its stake in GE Vernova Inc. (NYSE:GEV - Free Report) by 1.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,652,711 shares of the company's stock after buying an additional 20,748 shares during the quarter. Legal & General Group Plc owned approximately 0.61% of GE Vernova worth $1,016,252,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Jackson Grant Investment Advisers Inc. grew its stake in shares of GE Vernova by 344.4% in the 3rd quarter. Jackson Grant Investment Advisers Inc. now owns 40 shares of the company's stock worth $25,000 after acquiring an additional 31 shares in the last quarter. Howard Hughes Medical Institute purchased a new position in GE Vernova during the second quarter worth about $31,000. Bay Harbor Wealth Management LLC increased its position in shares of GE Vernova by 537.5% during the 3rd quarter. Bay Harbor Wealth Management LLC now owns 51 shares of the company's stock valued at $31,000 after purchasing an additional 43 shares during the last quarter. Monetary Management Group Inc. purchased a new position in shares of GE Vernova in the 2nd quarter worth about $32,000. Finally, Elevation Wealth Partners LLC grew its position in GE Vernova by 47.2% during the third quarter. Elevation Wealth Partners LLC now owns 53 shares of the company's stock valued at $33,000 after buying an additional 17 shares during the period.

GE Vernova Stock Up 5.1%

Shares of NYSE:GEV opened at $829.66 on Tuesday. The firm has a market capitalization of $223.62 billion, a PE ratio of 46.61, a P/E/G ratio of 3.14 and a beta of 1.44. The company has a 50-day moving average price of $746.41 and a two-hundred day moving average price of $658.06. GE Vernova Inc. has a twelve month low of $252.25 and a twelve month high of $894.93.

GE Vernova (NYSE:GEV - Get Free Report) last posted its quarterly earnings results on Wednesday, January 28th. The company reported $13.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.99 by $10.40. The company had revenue of $10.96 billion for the quarter, compared to analyst estimates of $10.21 billion. GE Vernova had a net margin of 12.83% and a return on equity of 46.91%. The company's quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.73 earnings per share. Analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 17th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $2.00 dividend on an annualized basis and a yield of 0.2%. GE Vernova's payout ratio is presently 11.24%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. The Goldman Sachs Group raised their price objective on shares of GE Vernova from $840.00 to $925.00 and gave the stock a "buy" rating in a report on Thursday, January 29th. Morgan Stanley reissued an "overweight" rating and set a $817.00 target price on shares of GE Vernova in a research report on Monday, January 26th. Wolfe Research upgraded shares of GE Vernova from a "peer perform" rating to a "buy" rating in a research note on Wednesday, December 10th. Barclays reaffirmed an "overweight" rating and issued a $849.00 price target on shares of GE Vernova in a report on Monday, February 2nd. Finally, Oppenheimer reissued an "outperform" rating on shares of GE Vernova in a report on Thursday, January 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $831.29.

GE Vernova Company Profile

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.

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