GE Vernova Inc. (NYSE:GEV) Shares Bought by Westpac Banking Corp

Key Points

• Westpac Banking Corp raised its holdings in GE Vernova Inc. by 72.6% in the first quarter, acquiring an additional 2,977 shares, bringing its total to 7,079 shares valued at $2,161,000.
• GE Vernova reported a Q2 EPS of $1.86, exceeding analysts' expectations of $1.63, with a quarterly revenue of $9.11 billion, up 11.1% from the previous year.
• The company recently announced a quarterly dividend of $0.25, equating to an annualized dividend of $1.00 with a yield of 0.2%, set to be paid on August 18th.

Westpac Banking Corp grew its holdings in GE Vernova Inc. (NYSE:GEV - Free Report) by 72.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,079 shares of the company's stock after purchasing an additional 2,977 shares during the period. Westpac Banking Corp's holdings in GE Vernova were worth $2,161,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Capital International Investors boosted its stake in shares of GE Vernova by 25.3% in the 4th quarter. Capital International Investors now owns 14,854,297 shares of the company's stock worth $4,886,164,000 after buying an additional 2,994,660 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of GE Vernova by 32,984.2% in the first quarter. GAMMA Investing LLC now owns 2,141,539 shares of the company's stock valued at $653,769,000 after acquiring an additional 2,135,066 shares in the last quarter. TD Asset Management Inc lifted its position in shares of GE Vernova by 627.2% in the first quarter. TD Asset Management Inc now owns 926,842 shares of the company's stock valued at $282,946,000 after acquiring an additional 799,388 shares in the last quarter. Nuveen LLC purchased a new stake in shares of GE Vernova in the first quarter worth about $223,556,000. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of GE Vernova by 148.6% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,155,183 shares of the company's stock worth $379,974,000 after buying an additional 690,513 shares in the last quarter.

GE Vernova Price Performance

GEV traded down $4.07 on Friday, reaching $621.20. 2,468,865 shares of the stock were exchanged, compared to its average volume of 3,580,634. The company's 50-day moving average price is $560.87 and its 200 day moving average price is $431.14. GE Vernova Inc. has a fifty-two week low of $173.07 and a fifty-two week high of $677.29. The firm has a market capitalization of $169.10 billion, a PE ratio of 149.69, a PEG ratio of 4.38 and a beta of 1.90.

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

GE Vernova Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, July 21st will be paid a dividend of $0.25 per share. The ex-dividend date 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 presently 24.10%.

Analyst Upgrades and Downgrades

GEV has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on GE Vernova from $620.00 to $715.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Morgan Stanley upped their price objective on GE Vernova from $511.00 to $675.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Seaport Res Ptn upgraded GE Vernova to a "strong-buy" rating in a report on Thursday, July 10th. Mizuho downgraded GE Vernova from an "outperform" rating to a "neutral" rating and set a $670.00 price target on the stock. in a report on Monday, July 28th. Finally, Robert W. Baird increased their price target on GE Vernova from $568.00 to $706.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Ten equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, GE Vernova presently has a consensus 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.