Vanguard Group Inc. Purchases 432,830 Shares of GE Vernova Inc. (NYSE:GEV)

Key Points

• Vanguard Group Inc. increased its stake in GE Vernova Inc. by 1.8% in the first quarter, owning approximately 8.94% of the company, valued at over $7.4 billion.
• GE Vernova reported $1.86 earnings per share for the last quarter, surpassing analysts' expectations and marking an 11.1% year-over-year increase in revenue.
• The company declared a $0.25 quarterly dividend for shareholders, which represents an annualized yield of 0.2% with a payout ratio of 24.10%.

Vanguard Group Inc. boosted its position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 1.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,392,613 shares of the company's stock after purchasing an additional 432,830 shares during the period. Vanguard Group Inc. owned about 8.94% of GE Vernova worth $7,446,577,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in GEV. Brighton Jones LLC grew its stake in GE Vernova by 29.4% in the 4th quarter. Brighton Jones LLC now owns 3,315 shares of the company's stock worth $1,091,000 after acquiring an additional 753 shares in the last quarter. American Assets Inc. bought a new position in GE Vernova in the 4th quarter worth about $658,000. Cerity Partners LLC grew its stake in GE Vernova by 3.1% in the 4th quarter. Cerity Partners LLC now owns 55,200 shares of the company's stock worth $17,290,000 after acquiring an additional 1,667 shares in the last quarter. Invesco Ltd. grew its stake in GE Vernova by 42.8% in the 4th quarter. Invesco Ltd. now owns 1,555,275 shares of the company's stock worth $511,577,000 after acquiring an additional 466,202 shares in the last quarter. Finally, Bank of Nova Scotia grew its stake in GE Vernova by 123.8% in the 4th quarter. Bank of Nova Scotia now owns 79,667 shares of the company's stock worth $26,205,000 after acquiring an additional 44,074 shares in the last quarter.

GE Vernova Trading Up 2.2%

NYSE GEV opened at $663.81 on Thursday. The company has a fifty day simple moving average of $541.50 and a two-hundred day simple moving average of $421.27. The stock has a market cap of $180.70 billion, a P/E ratio of 159.95, a P/E/G ratio of 4.49 and a beta of 1.90. GE Vernova Inc. has a 12-month low of $164.69 and a 12-month high of $677.29.

GE Vernova (NYSE:GEV - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $1.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.63 by $0.23. The business had revenue of $9.11 billion during the quarter, compared to analysts' expectations of $8.78 billion. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. The business's quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the company posted $4.65 earnings per share. As a group, sell-side analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, July 21st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, July 21st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.2%. GE Vernova's dividend payout ratio (DPR) is currently 24.10%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Jefferies Financial Group downgraded shares of GE Vernova from a "buy" rating to a "hold" rating and upped their target price for the stock from $427.00 to $517.00 in a research note on Thursday, May 29th. Bank of America upped their target price on shares of GE Vernova from $550.00 to $620.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Robert W. Baird upped their target price on shares of GE Vernova from $568.00 to $706.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. BMO Capital Markets upped their target price on shares of GE Vernova from $590.00 to $690.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Finally, Royal Bank Of Canada reiterated an "outperform" rating on shares of GE Vernova in a research note on Thursday, July 24th. Ten analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $560.21.

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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