Principal Financial Group Inc. Sells 56,948 Shares of GE Vernova Inc. (NYSE:GEV)

Principal Financial Group Inc. lessened its position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 11.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 431,558 shares of the company's stock after selling 56,948 shares during the quarter. Principal Financial Group Inc. owned approximately 0.16% of GE Vernova worth $131,746,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GEV. Brighton Jones LLC raised its stake in GE Vernova by 29.4% during the fourth quarter. Brighton Jones LLC now owns 3,315 shares of the company's stock worth $1,091,000 after purchasing an additional 753 shares during the period. Jones Financial Companies Lllp raised its position in GE Vernova by 93.2% in the 4th quarter. Jones Financial Companies Lllp now owns 5,170 shares of the company's stock valued at $1,701,000 after purchasing an additional 2,494 shares during the last quarter. Steward Partners Investment Advisory LLC increased its stake in GE Vernova by 7.5% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 15,399 shares of the company's stock valued at $5,065,000 after buying an additional 1,075 shares during the period. Exencial Wealth Advisors LLC acquired a new position in GE Vernova in the 4th quarter valued at $270,000. Finally, Victory Capital Management Inc. grew its stake in shares of GE Vernova by 3.2% during the 4th quarter. Victory Capital Management Inc. now owns 93,479 shares of the company's stock worth $30,748,000 after purchasing an additional 2,901 shares during the period.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on GEV shares. TD Cowen reduced their target price on shares of GE Vernova from $405.00 to $390.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Wall Street Zen upgraded shares of GE Vernova from a "hold" rating to a "buy" rating in a report on Saturday. Guggenheim restated a "buy" rating and issued a $380.00 price target on shares of GE Vernova in a report on Thursday, April 24th. The Goldman Sachs Group increased their price objective on shares of GE Vernova from $500.00 to $570.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Finally, BMO Capital Markets increased their price objective on shares of GE Vernova from $381.00 to $522.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Seven investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, GE Vernova currently has a consensus rating of "Moderate Buy" and an average target price of $447.29.

GE Vernova Stock Up 1.8%

GEV stock traded up $9.46 during mid-day trading on Monday, reaching $526.50. The company had a trading volume of 1,541,505 shares, compared to its average volume of 3,306,531. The stock has a market capitalization of $143.70 billion, a P/E ratio of 75.84, a P/E/G ratio of 3.98 and a beta of 1.86. GE Vernova Inc. has a one year low of $150.01 and a one year high of $532.59. The stock's 50-day simple moving average is $461.19 and its two-hundred day simple moving average is $383.54.

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

GE Vernova Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Stockholders of record on Monday, July 21st will be issued a $0.25 dividend. The ex-dividend date is Monday, July 21st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.19%. GE Vernova's dividend payout ratio is 14.41%.

GE Vernova Company 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.