Cassaday & Co Wealth Management LLC Cuts Stake in GE Vernova Inc. (NYSE:GEV)

Cassaday & Co Wealth Management LLC lessened its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 2.8% during the 4th quarter, Holdings Channel reports. The firm owned 1,061 shares of the company’s stock after selling 31 shares during the period. Cassaday & Co Wealth Management LLC’s holdings in GE Vernova were worth $349,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in GEV. Cedar Mountain Advisors LLC lifted its holdings in shares of GE Vernova by 102.6% in the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after buying an additional 39 shares in the last quarter. Pineridge Advisors LLC boosted its holdings in shares of GE Vernova by 530.8% during the 4th quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock valued at $27,000 after purchasing an additional 69 shares during the last quarter. Covestor Ltd grew its position in shares of GE Vernova by 61.3% during the third quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after purchasing an additional 46 shares in the last quarter. Darwin Wealth Management LLC bought a new stake in shares of GE Vernova in the third quarter worth about $31,000. Finally, Prestige Wealth Management Group LLC increased its holdings in shares of GE Vernova by 175.0% in the third quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 77 shares during the last quarter.

GE Vernova Price Performance

Shares of GEV stock opened at $327.68 on Friday. The company has a market capitalization of $90.41 billion and a P/E ratio of 58.93. The company’s 50-day simple moving average is $364.41 and its two-hundred day simple moving average is $299.31. GE Vernova Inc. has a one year low of $115.00 and a one year high of $447.50.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.57). The firm had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. GE Vernova’s quarterly revenue was up 5.1% compared to the same quarter last year. On average, research analysts expect that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova announced that its board has authorized a share buyback program on Tuesday, December 10th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the company to repurchase up to 6.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

GE Vernova Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.31%. GE Vernova’s dividend payout ratio is currently 17.99%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Baird R W upgraded GE Vernova to a “strong-buy” rating in a report on Thursday, February 13th. Truist Financial increased their target price on GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a research report on Thursday, January 23rd. Guggenheim cut shares of GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price target on the stock. in a research report on Friday, January 24th. Morgan Stanley increased their price objective on shares of GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, The Goldman Sachs Group boosted their target price on shares of GE Vernova from $446.00 to $500.00 and gave the stock a “buy” rating in a report on Friday, January 24th. Eight analysts have rated the stock with a hold rating, twenty-one have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, GE Vernova currently has a consensus rating of “Moderate Buy” and an average price target of $350.13.

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.