Victory Capital Management Inc. Boosts Stake in GE Vernova Inc. (NYSE:GEV)

Victory Capital Management Inc. grew its stake in GE Vernova Inc. (NYSE:GEV) by 3.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 93,479 shares of the company’s stock after buying an additional 2,901 shares during the period. Victory Capital Management Inc.’s holdings in GE Vernova were worth $30,748,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Westover Capital Advisors LLC purchased a new position in shares of GE Vernova in the fourth quarter worth $363,000. Exencial Wealth Advisors LLC purchased a new position in shares of GE Vernova in the fourth quarter worth $270,000. Commerzbank Aktiengesellschaft FI raised its holdings in shares of GE Vernova by 103.7% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 2,116 shares of the company’s stock worth $699,000 after buying an additional 1,077 shares during the last quarter. Patten Group Inc. purchased a new position in shares of GE Vernova in the fourth quarter worth $421,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of GE Vernova by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,679,396 shares of the company’s stock worth $552,404,000 after purchasing an additional 49,821 shares during the last quarter.

GE Vernova Stock Performance

GE Vernova stock opened at $288.90 on Monday. The company’s 50 day simple moving average is $360.05 and its 200-day simple moving average is $310.59. The company has a market capitalization of $79.71 billion and a price-to-earnings ratio of 51.96. GE Vernova Inc. has a 1 year low of $115.00 and a 1 year high of $447.50.

GE Vernova (NYSE:GEV) last released its quarterly 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). The company had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. GE Vernova’s revenue for the quarter was up 5.1% on a year-over-year basis. Equities analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend was Friday, December 20th. GE Vernova’s dividend payout ratio (DPR) is currently 17.99%.

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GEV. Royal Bank of Canada reissued an “outperform” rating and set a $453.00 target price on shares of GE Vernova in a report on Tuesday, January 28th. Robert W. Baird began coverage on shares of GE Vernova in a report on Thursday, February 13th. They set an “outperform” rating and a $448.00 target price for the company. BMO Capital Markets reduced their target price on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. JPMorgan Chase & Co. raised their target price on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. Finally, Baird R W raised shares of GE Vernova to a “strong-buy” rating in a report on Thursday, February 13th. Seven research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $347.83.

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.