Capital Research Global Investors Sells 565,681 Shares of GE Vernova Inc. (NYSE:GEV)

Capital Research Global Investors reduced its position in GE Vernova Inc. (NYSE:GEV) by 43.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 732,719 shares of the company’s stock after selling 565,681 shares during the quarter. Capital Research Global Investors owned approximately 0.27% of GE Vernova worth $241,013,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. Norges Bank acquired a new stake in GE Vernova during the 4th quarter worth about $1,109,720,000. Capital International Investors boosted its position in shares of GE Vernova by 25.3% during the 4th quarter. Capital International Investors now owns 14,854,297 shares of the company’s stock valued at $4,886,164,000 after purchasing an additional 2,994,660 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in GE Vernova by 1,638.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company’s stock worth $432,309,000 after purchasing an additional 1,238,690 shares during the period. FMR LLC increased its holdings in GE Vernova by 3.4% in the fourth quarter. FMR LLC now owns 24,861,833 shares of the company’s stock worth $8,177,803,000 after purchasing an additional 814,155 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in GE Vernova in the fourth quarter valued at approximately $219,187,000.

GE Vernova Price Performance

NYSE:GEV opened at $322.81 on Friday. GE Vernova Inc. has a 1 year low of $132.11 and a 1 year high of $447.50. The stock’s fifty day moving average price is $321.67 and its two-hundred day moving average price is $330.15. The company has a market cap of $88.24 billion and a P/E ratio of 58.06.

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

GE Vernova Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 16th. Shareholders of record on Friday, April 18th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend is Thursday, April 17th. GE Vernova’s payout ratio is 17.99%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on GEV shares. Robert W. Baird reduced their price objective on shares of GE Vernova from $448.00 to $387.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Johnson Rice initiated coverage on shares of GE Vernova in a research note on Friday, February 7th. They issued a “buy” rating and a $425.00 price target for the company. Bank of America upped their price objective on shares of GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Jefferies Financial Group raised their target price on GE Vernova from $391.00 to $413.00 and gave the company a “buy” rating in a research note on Thursday, March 27th. Finally, Truist Financial set a $440.00 price target on GE Vernova in a research note on Thursday, March 27th. Seven equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $357.13.

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.