GE Vernova Inc. $GEV Stake Boosted by Covenant Asset Management LLC

Covenant Asset Management LLC boosted its stake in shares of GE Vernova Inc. (NYSE:GEV) by 76.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,342 shares of the company’s stock after buying an additional 7,106 shares during the period. GE Vernova comprises 1.3% of Covenant Asset Management LLC’s investment portfolio, making the stock its 14th largest holding. Covenant Asset Management LLC’s holdings in GE Vernova were worth $8,647,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Highline Wealth Partners LLC raised its holdings in shares of GE Vernova by 34.6% during the second quarter. Highline Wealth Partners LLC now owns 70 shares of the company’s stock valued at $37,000 after acquiring an additional 18 shares during the period. IMA Advisory Services Inc. purchased a new position in GE Vernova during the 1st quarter worth approximately $27,000. EQ Wealth Advisors LLC purchased a new position in GE Vernova during the 1st quarter worth approximately $27,000. West Branch Capital LLC raised its stake in GE Vernova by 25.6% during the 2nd quarter. West Branch Capital LLC now owns 98 shares of the company’s stock valued at $52,000 after purchasing an additional 20 shares during the period. Finally, Mowery & Schoenfeld Wealth Management LLC lifted its holdings in shares of GE Vernova by 115.2% in the first quarter. Mowery & Schoenfeld Wealth Management LLC now owns 99 shares of the company’s stock valued at $30,000 after purchasing an additional 53 shares in the last quarter.

Insider Activity

In related news, CFO Kenneth Scott Parks sold 3,300 shares of the company’s stock in a transaction 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 completion of the sale, the chief financial officer directly owned 7,590 shares in the company, valued at approximately $4,705,800. This represents a 30.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Barclays lifted their price target on GE Vernova from $580.00 to $706.00 and gave the company an “overweight” rating in a report on Thursday, July 24th. Seaport Res Ptn upgraded GE Vernova to a “strong-buy” rating in a research report on Thursday, July 10th. UBS Group assumed coverage on GE Vernova in a report on Monday, July 7th. They issued a “buy” rating and a $614.00 target price on the stock. Susquehanna increased their price target on shares of GE Vernova from $662.00 to $736.00 and gave the stock a “positive” rating in a research report on Thursday, July 24th. Finally, Robert W. Baird raised their price target on shares of GE Vernova from $568.00 to $706.00 and gave the stock an “outperform” rating in a report on Thursday, July 24th. Four research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $592.35.

GE Vernova Price Performance

GEV opened at $605.21 on Monday. The company has a market capitalization of $164.75 billion, a PE ratio of 145.83, a price-to-earnings-growth ratio of 4.41 and a beta of 1.88. GE Vernova Inc. has a fifty-two week low of $248.50 and a fifty-two week high of $677.29. The business has a 50-day moving average of $622.99 and a 200-day moving average of $491.47.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.63 by $0.23. The firm had revenue of $9.11 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.65 earnings per share. GE Vernova has set its FY 2025 guidance at EPS. On average, equities research analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Monday, October 20th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, October 20th. 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 currently 24.10%.

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.