CIBC Asset Management Inc Increases Stock Position in GE Vernova Inc. (NYSE:GEV)

CIBC Asset Management Inc lifted its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 4.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,908 shares of the company’s stock after acquiring an additional 1,896 shares during the period. CIBC Asset Management Inc’s holdings in GE Vernova were worth $13,785,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of GEV. FMR LLC lifted its holdings in shares of GE Vernova by 2.5% during the third quarter. FMR LLC now owns 24,047,678 shares of the company’s stock worth $6,131,677,000 after purchasing an additional 584,208 shares during the period. State Street Corp lifted its holdings in GE Vernova by 1.1% in the third quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after acquiring an additional 118,184 shares during the period. Mountaineer Partners Management LLC acquired a new stake in GE Vernova in the third quarter valued at $2,507,296,000. Geode Capital Management LLC lifted its holdings in GE Vernova by 1.5% in the third quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock valued at $1,420,763,000 after acquiring an additional 80,479 shares during the period. Finally, WCM Investment Management LLC raised its stake in shares of GE Vernova by 83.1% during the 3rd quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock worth $639,704,000 after buying an additional 1,161,901 shares during the last quarter.

GE Vernova Stock Up 1.4 %

Shares of GEV opened at $372.59 on Wednesday. The business’s 50 day moving average is $362.38 and its two-hundred day moving average is $295.72. GE Vernova Inc. has a 52-week low of $115.00 and a 52-week high of $447.50. The firm has a market cap of $102.70 billion and a price-to-earnings ratio of 67.01.

GE Vernova (NYSE:GEV) last announced its 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 business had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, equities analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.27%. The ex-dividend date of this dividend was Friday, December 20th. GE Vernova’s dividend payout ratio is currently 17.99%.

GE Vernova announced that its board has initiated a stock buyback plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Guggenheim downgraded GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price target for the company. in a research note on Friday, January 24th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $453.00 price target on shares of GE Vernova in a research note on Tuesday, January 28th. Marathon Capitl upgraded GE Vernova to a “strong-buy” rating in a research report on Friday, January 31st. Wolfe Research initiated coverage on GE Vernova in a research report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price objective for the company. Finally, Morgan Stanley lifted their price objective on GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Eight investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $350.13.

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.