Pictet Asset Management Holding SA Has $235.34 Million Holdings in GE Vernova Inc. $GEV

Key Points

• Pictet Asset Management reduced its GE Vernova stake by 0.8% in the second quarter, selling 1,681 shares. It still held 200,314 shares worth approximately $235.3 million.
• GE Vernova reported quarterly revenue of $11.1 billion, up 21.9% year over year and above estimates, but earnings per share of $2.47 missed consensus by $0.70. The stock opened at $1,082.30, near its 12-month high.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $1,133.15, although Morgan Stanley downgraded the shares to “underweight.” CEO Victor Abate also sold shares valued at about $4.6 million.

Pictet Asset Management Holding SA cut its holdings in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 0.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 200,314 shares of the company's stock after selling 1,681 shares during the period. Pictet Asset Management Holding SA owned about 0.08% of GE Vernova worth $235,335,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cornerstone Financial Management LLC acquired a new position in GE Vernova during the 4th quarter worth about $25,000. Wealth Watch Advisors INC acquired a new position in GE Vernova during the 3rd quarter valued at about $25,000. Torren Management LLC bought a new position in shares of GE Vernova in the 4th quarter valued at about $26,000. Manning & Napier Advisors LLC raised its stake in shares of GE Vernova by 68.4% during the first quarter. Manning & Napier Advisors LLC now owns 32 shares of the company's stock worth $26,000 after buying an additional 13 shares during the last quarter. Finally, Navalign LLC acquired a new position in GE Vernova in the fourth quarter valued at approximately $27,000.

GE Vernova Price Performance

NYSE:GEV opened at $1,082.30 on Tuesday. GE Vernova Inc. has a 12-month low of $530.16 and a 12-month high of $1,195.94. The firm has a market capitalization of $288.25 billion, a price-to-earnings ratio of 30.98, a P/E/G ratio of 3.79 and a beta of 1.21. The stock's 50 day moving average price is $1,037.03 and its two-hundred day moving average price is $962.56. The company has a quick ratio of 0.62, a current ratio of 0.85 and a debt-to-equity ratio of 0.21.

GE Vernova (NYSE:GEV - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The company reported $2.47 earnings per share for the quarter, missing analysts' consensus estimates of $3.17 by ($0.70). The business had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.79 billion. GE Vernova had a return on equity of 42.42% and a net margin of 23.03%.The firm's revenue was up 21.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.86 earnings per share. On average, analysts anticipate that GE Vernova Inc. will post 15.57 earnings per share for the current year.

Analyst Upgrades and Downgrades

GEV has been the topic of a number of recent research reports. Royal Bank Of Canada raised their price objective on shares of GE Vernova from $1,195.00 to $1,225.00 and gave the company an "outperform" rating in a research note on Thursday, July 23rd. JPMorgan Chase & Co. increased their price target on GE Vernova from $1,302.00 to $1,330.00 and gave the company an "overweight" rating in a research note on Thursday, July 23rd. Morgan Stanley cut shares of GE Vernova from an "overweight" rating to an "underweight" rating in a research report on Monday, August 3rd. The Goldman Sachs Group restated a "buy" rating and set a $1,328.00 target price on shares of GE Vernova in a report on Friday, April 24th. Finally, Oppenheimer boosted their price target on GE Vernova from $1,303.00 to $1,338.00 and gave the company an "outperform" rating in a report on Thursday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,133.15.

Insider Buying and Selling at GE Vernova

In other news, CEO Victor Abate sold 4,819 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $948.08, for a total value of $4,568,797.52. Following the transaction, the chief executive officer directly owned 1,835 shares of the company's stock, valued at $1,739,726.80. This represents a 72.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.21% of the stock is owned by insiders.

GE Vernova 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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