GE Vernova Inc. $GEV Shares Acquired by Covenant Asset Management LLC

Covenant Asset Management LLC increased its stake in shares of GE Vernova Inc. (NYSE:GEV) by 76.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,342 shares of the company’s stock after buying an additional 7,106 shares during the quarter. GE Vernova comprises approximately 1.3% of Covenant Asset Management LLC’s holdings, making the stock its 14th largest position. Covenant Asset Management LLC’s holdings in GE Vernova were worth $8,647,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its holdings in shares of GE Vernova by 252.9% in the 1st quarter. AQR Capital Management LLC now owns 1,245,420 shares of the company’s stock worth $366,016,000 after acquiring an additional 892,549 shares during the period. Amundi grew its position in GE Vernova by 109.0% in the 1st quarter. Amundi now owns 1,665,980 shares of the company’s stock worth $496,013,000 after purchasing an additional 868,927 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of GE Vernova by 10,044.9% in the second quarter. Assenagon Asset Management S.A. now owns 842,433 shares of the company’s stock valued at $445,773,000 after purchasing an additional 834,129 shares during the period. TD Asset Management Inc raised its holdings in shares of GE Vernova by 627.2% during the first quarter. TD Asset Management Inc now owns 926,842 shares of the company’s stock valued at $282,946,000 after buying an additional 799,388 shares during the last quarter. Finally, Nuveen LLC bought a new stake in shares of GE Vernova during the first quarter valued at approximately $223,556,000.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Royal Bank Of Canada restated an “outperform” rating on shares of GE Vernova in a research report on Thursday, July 24th. Susquehanna raised their price target on GE Vernova from $662.00 to $736.00 and gave the company a “positive” rating in a report on Thursday, July 24th. The Goldman Sachs Group lifted their price objective on shares of GE Vernova from $500.00 to $570.00 and gave the company a “buy” rating in a research note on Tuesday, June 10th. Wall Street Zen lowered shares of GE Vernova from a “buy” rating to a “hold” rating in a research report on Saturday, July 26th. Finally, Bank of America boosted their price target on shares of GE Vernova from $550.00 to $620.00 and gave the stock a “buy” rating in a research report on Thursday, July 17th. Four analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $592.35.

GE Vernova Stock Down 0.4%

NYSE:GEV opened at $605.21 on Monday. The business’s 50-day moving average price is $622.99 and its 200 day moving average price is $491.47. GE Vernova Inc. has a 52-week low of $248.50 and a 52-week high of $677.29. The firm has a market cap of $164.75 billion, a P/E ratio of 145.83, a PEG ratio of 4.41 and a beta of 1.88.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.63 by $0.23. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. The company had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $8.78 billion. During the same period in the prior year, the company earned $4.65 EPS. GE Vernova’s revenue was up 11.1% on a year-over-year basis. GE Vernova has set its FY 2025 guidance at EPS. Sell-side analysts expect that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Monday, October 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 0.2%. The ex-dividend date is Monday, October 20th. GE Vernova’s dividend payout ratio (DPR) is presently 24.10%.

Insider Transactions at GE Vernova

In other GE Vernova news, CFO Kenneth Scott Parks sold 3,300 shares of GE Vernova stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $620.00, for a total value of $2,046,000.00. Following the transaction, the chief financial officer owned 7,590 shares in the company, valued at approximately $4,705,800. The trade was a 30.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.15% of the company’s stock.

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.