Morris Financial Concepts Inc. Acquires New Stake in GE Vernova Inc. $GEV

Key Points

• Morris Financial Concepts Inc. acquired 450 shares of GE Vernova Inc., amounting to approximately $238,000 in value, during the second quarter.
• GE Vernova reported quarterly earnings of $1.86 EPS, exceeding expectations, with a total revenue of $9.11 billion, representing an 11.1% increase year-over-year.
• The company announced a quarterly dividend of $0.25 per share to be paid on November 17th, 2023, with a current yield of 0.2% and a payout ratio of 24.10%.

Morris Financial Concepts Inc. purchased a new stake in shares of GE Vernova Inc. (NYSE:GEV - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 450 shares of the company's stock, valued at approximately $238,000.

A number of other large investors have also added to or reduced their stakes in the company. Sagace Wealth Management LLC purchased a new stake in GE Vernova during the second quarter valued at about $230,000. Interchange Capital Partners LLC purchased a new stake in GE Vernova during the second quarter valued at about $89,000. Mutual Advisors LLC raised its position in GE Vernova by 16.9% during the second quarter. Mutual Advisors LLC now owns 3,196 shares of the company's stock valued at $1,691,000 after purchasing an additional 461 shares in the last quarter. Generali Asset Management SPA SGR raised its position in GE Vernova by 44.0% during the second quarter. Generali Asset Management SPA SGR now owns 10,481 shares of the company's stock valued at $5,546,000 after purchasing an additional 3,201 shares in the last quarter. Finally, Ritholtz Wealth Management raised its position in GE Vernova by 16.6% during the second quarter. Ritholtz Wealth Management now owns 5,546 shares of the company's stock valued at $2,935,000 after purchasing an additional 789 shares in the last quarter.

GE Vernova Price Performance

Shares of NYSE GEV opened at $644.54 on Wednesday. The company has a market cap of $175.46 billion, a P/E ratio of 155.31, a PEG ratio of 4.69 and a beta of 1.72. GE Vernova Inc. has a 1 year low of $252.25 and a 1 year high of $677.29. The firm has a 50-day simple moving average of $619.21 and a two-hundred day simple moving average of $514.56.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.23. The business had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $8.78 billion. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. The firm's quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm earned $4.65 earnings per share. GE Vernova has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Monday, October 20th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Monday, October 20th. GE Vernova's dividend payout ratio (DPR) is presently 24.10%.

Insider Transactions at GE Vernova

In related news, CFO Kenneth Scott Parks sold 3,300 shares of GE Vernova stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $620.00, for a total transaction of $2,046,000.00. Following the transaction, the chief financial officer directly owned 7,590 shares of the company's stock, valued at $4,705,800. This trade represents a 30.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Wells Fargo & Company raised their price target on GE Vernova from $474.00 to $697.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Citigroup lifted their price objective on GE Vernova from $544.00 to $670.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. BMO Capital Markets boosted their price target on GE Vernova from $590.00 to $690.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Seaport Res Ptn raised GE Vernova to a "strong-buy" rating in a research report on Thursday, July 10th. Finally, Bank of America upped their price objective on GE Vernova from $550.00 to $620.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Four analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $594.33.

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.

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