Cigna Investments Inc. New Reduces Stock Position in GE Vernova Inc. (NYSE:GEV)

Cigna Investments Inc. New reduced its holdings in GE Vernova Inc. (NYSE:GEV) by 1.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,797 shares of the company’s stock after selling 46 shares during the period. Cigna Investments Inc. New’s holdings in GE Vernova were worth $920,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. CWM LLC boosted its stake in shares of GE Vernova by 24.2% during the 3rd quarter. CWM LLC now owns 11,037 shares of the company’s stock worth $2,814,000 after purchasing an additional 2,149 shares during the period. Annex Advisory Services LLC bought a new stake in GE Vernova during the 3rd quarter valued at about $253,000. Carnegie Investment Counsel raised its holdings in shares of GE Vernova by 172.4% in the 3rd quarter. Carnegie Investment Counsel now owns 19,157 shares of the company’s stock valued at $4,885,000 after purchasing an additional 12,125 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in shares of GE Vernova by 628.5% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,803 shares of the company’s stock valued at $970,000 after purchasing an additional 3,281 shares in the last quarter. Finally, CHICAGO TRUST Co NA raised its holdings in shares of GE Vernova by 86.8% in the 3rd quarter. CHICAGO TRUST Co NA now owns 2,653 shares of the company’s stock valued at $676,000 after purchasing an additional 1,233 shares in the last quarter.

GE Vernova Price Performance

GEV opened at $384.71 on Tuesday. The firm has a fifty day moving average price of $358.59 and a 200 day moving average price of $287.18. GE Vernova Inc. has a 1 year low of $115.00 and a 1 year high of $447.50. The stock has a market cap of $106.04 billion and a P/E ratio of 69.19.

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

GE Vernova Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, December 20th. GE Vernova’s dividend payout ratio is currently 17.99%.

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

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Wolfe Research assumed coverage on shares of GE Vernova in a report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price target for the company. Johnson Rice assumed coverage on shares of GE Vernova in a research note on Friday. They set a “buy” rating and a $425.00 price objective for the company. Evercore ISI boosted their price objective on shares of GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Morgan Stanley boosted their price objective on shares of GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Marathon Capitl upgraded shares of GE Vernova to a “strong-buy” rating in a research note on Friday, January 31st. Eight equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus price target of $346.22.

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.