Synergy Asset Management LLC Takes Position in GE Vernova Inc. (NYSE:GEV)

Synergy Asset Management LLC bought a new position in shares of GE Vernova Inc. (NYSE:GEV) during the 4th quarter, HoldingsChannel.com reports. The fund bought 447 shares of the company’s stock, valued at approximately $147,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Cedar Mountain Advisors LLC raised its stake 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 valued at $25,000 after acquiring an additional 39 shares in the last quarter. Castleview Partners LLC acquired a new stake in GE Vernova in the 3rd quarter valued at about $28,000. Covestor Ltd boosted its stake in shares of GE Vernova by 61.3% in the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after buying an additional 46 shares during the period. Darwin Wealth Management LLC acquired a new position in shares of GE Vernova during the third quarter worth about $31,000. Finally, Prestige Wealth Management Group LLC increased its stake in shares of GE Vernova by 175.0% during the third quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock worth $31,000 after buying an additional 77 shares during the period.

GE Vernova Stock Up 8.3 %

Shares of NYSE:GEV opened at $382.73 on Friday. GE Vernova Inc. has a 52 week low of $115.00 and a 52 week high of $447.50. The company has a 50-day moving average price of $353.99 and a 200 day moving average price of $276.49. The company has a market cap of $105.50 billion and a P/E ratio of 68.84.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The business 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%. The business’s revenue was up 5.1% compared to the same quarter last year. Analysts expect that GE Vernova Inc. will post 6.61 EPS for the current year.

GE Vernova declared that its Board of Directors has authorized a stock repurchase program on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 6.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

GE Vernova Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were issued a $0.25 dividend. The ex-dividend date was Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.26%. GE Vernova’s dividend payout ratio is presently 17.99%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on GEV shares. JPMorgan Chase & Co. raised their price objective on shares of GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd. Deutsche Bank Aktiengesellschaft began coverage on GE Vernova in a report on Monday, October 21st. They set a “buy” rating and a $354.00 price target for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $453.00 price objective on shares of GE Vernova in a report on Tuesday. Morgan Stanley boosted their target price on GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Wells Fargo & Company increased their price target on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Eight research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, GE Vernova has a consensus rating of “Moderate Buy” and an average target price of $342.94.

GE Vernova Company 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.