Drive Wealth Management LLC Purchases Shares of 741 GE Vernova Inc. (NYSE:GEV)

Drive Wealth Management LLC purchased a new stake in shares of GE Vernova Inc. (NYSE:GEV) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 741 shares of the company’s stock, valued at approximately $244,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GEV. Thrivent Financial for Lutherans bought a new stake in shares of GE Vernova in the second quarter valued at approximately $2,339,000. Public Sector Pension Investment Board bought a new stake in shares of GE Vernova in the second quarter valued at approximately $1,800,000. Squarepoint Ops LLC bought a new stake in shares of GE Vernova in the second quarter valued at approximately $5,927,000. AXA S.A. bought a new stake in shares of GE Vernova in the second quarter valued at approximately $3,472,000. Finally, AQR Capital Management LLC bought a new stake in shares of GE Vernova in the second quarter valued at approximately $22,066,000.

GE Vernova Trading Down 21.6 %

Shares of GEV opened at $329.63 on Tuesday. GE Vernova Inc. has a 1 year low of $115.00 and a 1 year high of $447.50. The stock has a market cap of $90.86 billion and a P/E ratio of 59.29. The stock’s 50-day moving average price is $353.38 and its two-hundred day moving average price is $273.64.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The company had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, equities analysts forecast that GE Vernova Inc. will post 6.61 EPS for the current year.

GE Vernova declared that its board has authorized a stock buyback plan on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 6.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

GE Vernova Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date of this dividend is Friday, December 20th. GE Vernova’s dividend payout ratio (DPR) is currently 17.99%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group increased their price objective on GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a research report on Friday. Evercore ISI increased their price objective on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Bank of America raised their target price on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Royal Bank of Canada reissued an “outperform” rating and set a $376.00 price objective on shares of GE Vernova in a report on Wednesday, December 11th. Finally, William Blair reissued an “outperform” rating on shares of GE Vernova in a report on Thursday, January 23rd. Eight analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $339.73.

About GE Vernova

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.