Raymond James Financial Inc. Makes New $219.19 Million Investment in GE Vernova Inc. (NYSE:GEV)

Raymond James Financial Inc. acquired a new position in shares of GE Vernova Inc. (NYSE:GEV) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 666,363 shares of the company’s stock, valued at approximately $219,187,000. Raymond James Financial Inc. owned 0.24% of GE Vernova as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Cedar Mountain Advisors LLC grew its holdings in GE Vernova by 102.6% in the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after buying an additional 39 shares in the last quarter. Pineridge Advisors LLC grew its stake in shares of GE Vernova by 530.8% in the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock valued at $27,000 after acquiring an additional 69 shares in the last quarter. Covestor Ltd increased its position in GE Vernova by 61.3% during the third quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 46 shares during the period. Darwin Wealth Management LLC acquired a new stake in GE Vernova in the 3rd quarter worth about $31,000. Finally, Prestige Wealth Management Group LLC boosted its holdings in GE Vernova by 175.0% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock valued at $31,000 after purchasing an additional 77 shares during the period.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on GEV shares. Morgan Stanley raised their target price on shares of GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Bank of America raised their price objective on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. The Goldman Sachs Group upped their target price on GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a research report on Friday, January 24th. Evercore ISI raised their price target on GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Finally, Baird R W raised shares of GE Vernova to a “strong-buy” rating in a research report on Thursday, February 13th. Seven investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GE Vernova presently has a consensus rating of “Moderate Buy” and an average target price of $347.83.

GE Vernova Price Performance

NYSE:GEV opened at $292.60 on Friday. GE Vernova Inc. has a 1 year low of $115.00 and a 1 year high of $447.50. The stock’s fifty day moving average price is $360.94 and its two-hundred day moving average price is $308.11. The company has a market cap of $80.73 billion and a P/E ratio of 52.63.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data 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). 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 for the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova’s revenue for the quarter 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 announced a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.34%. The ex-dividend date was Friday, December 20th. GE Vernova’s dividend payout ratio is presently 17.99%.

GE Vernova announced that its Board of Directors has initiated a share buyback program on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 6.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

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.