Woodline Partners LP Buys New Holdings in GE Vernova Inc. (NYSE:GEV)

Woodline Partners LP purchased a new position in GE Vernova Inc. (NYSE:GEV) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 16,554 shares of the company’s stock, valued at approximately $5,445,000.

A number of other hedge funds also recently made changes to their positions in the company. Hengehold Capital Management LLC increased its stake in GE Vernova by 2.4% during the fourth quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock worth $405,000 after acquiring an additional 29 shares during the last quarter. Mutual Advisors LLC increased its position in shares of GE Vernova by 1.2% during the 4th quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock valued at $888,000 after purchasing an additional 31 shares during the last quarter. WASHINGTON TRUST Co increased its position in shares of GE Vernova by 1.9% during the 4th quarter. WASHINGTON TRUST Co now owns 1,702 shares of the company’s stock valued at $560,000 after purchasing an additional 31 shares during the last quarter. Kovack Advisors Inc. raised its holdings in GE Vernova by 1.0% during the 4th quarter. Kovack Advisors Inc. now owns 3,167 shares of the company’s stock valued at $1,042,000 after buying an additional 31 shares during the period. Finally, NewSquare Capital LLC lifted its position in GE Vernova by 32.4% in the fourth quarter. NewSquare Capital LLC now owns 139 shares of the company’s stock worth $46,000 after buying an additional 34 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. TD Cowen lowered their target price on shares of GE Vernova from $405.00 to $390.00 and set a “buy” rating for the company in a report on Thursday, April 24th. Baird R W raised shares of GE Vernova to a “strong-buy” rating in a research note on Thursday, February 13th. Johnson Rice assumed coverage on GE Vernova in a research report on Friday, February 7th. They set a “buy” rating and a $425.00 target price for the company. Citigroup reduced their price target on GE Vernova from $437.00 to $354.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Finally, Morgan Stanley restated an “overweight” rating and set a $422.00 price objective (up previously from $400.00) on shares of GE Vernova in a report on Thursday, April 24th. Six investment 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 stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $374.62.

GE Vernova Price Performance

GEV opened at $465.36 on Friday. GE Vernova Inc. has a 1-year low of $150.01 and a 1-year high of $469.81. The stock has a market cap of $127.01 billion and a P/E ratio of 83.70. The stock’s 50 day simple moving average is $358.25 and its 200 day simple moving average is $350.55.

GE Vernova (NYSE:GEV) last announced its earnings results on Wednesday, April 23rd. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.54. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company had revenue of $8.03 billion during the quarter, compared to analysts’ expectations of $7.56 billion. During the same quarter in the previous year, the business posted ($0.47) earnings per share. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. Research analysts expect that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, April 18th were paid a $0.25 dividend. The ex-dividend date was Thursday, April 17th. This represents a $1.00 annualized dividend and a yield of 0.21%. GE Vernova’s payout ratio is currently 14.41%.

About GE Vernova

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.