General Electric (NYSE:GE) Shares Sold by Suvretta Capital Management LLC

Suvretta Capital Management LLC lowered its stake in General Electric (NYSE:GE) by 2.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 200,662 shares of the conglomerate’s stock after selling 4,295 shares during the period. Suvretta Capital Management LLC’s holdings in General Electric were worth $37,841,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Toth Financial Advisory Corp acquired a new position in General Electric during the 3rd quarter worth approximately $25,000. Valley Wealth Managers Inc. acquired a new position in shares of General Electric during the third quarter worth $25,000. O Brien Wealth Partners LLC purchased a new position in General Electric in the third quarter valued at $27,000. Peterson Financial Group Inc. acquired a new stake in General Electric in the third quarter valued at $28,000. Finally, Studio Investment Management LLC lifted its holdings in General Electric by 97.5% during the 2nd quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate’s stock worth $25,000 after buying an additional 78 shares during the last quarter. Hedge funds and other institutional investors own 74.77% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GE. Bank of America raised their target price on General Electric from $180.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company raised their price objective on shares of General Electric from $205.00 to $210.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Royal Bank of Canada lowered their target price on shares of General Electric from $210.00 to $200.00 and set an “outperform” rating for the company in a report on Wednesday, October 23rd. Citigroup lifted their price target on shares of General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, UBS Group upped their price objective on shares of General Electric from $223.00 to $230.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $200.93.

General Electric Trading Down 2.2 %

NYSE:GE opened at $180.60 on Friday. General Electric has a 12-month low of $94.54 and a 12-month high of $194.80. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95. The stock’s 50 day simple moving average is $183.12 and its 200-day simple moving average is $171.50. The firm has a market cap of $195.46 billion, a P/E ratio of 31.74, a PEG ratio of 1.78 and a beta of 1.19.

General Electric (NYSE:GE) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.02. General Electric had a net margin of 11.48% and a return on equity of 18.93%. The company had revenue of $9.84 billion for the quarter, compared to analysts’ expectations of $9.02 billion. During the same period in the previous year, the company posted $0.82 EPS. General Electric’s revenue was up 5.8% compared to the same quarter last year. Equities analysts anticipate that General Electric will post 4.24 EPS for the current year.

General Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Thursday, September 26th were given a $0.28 dividend. The ex-dividend date was Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a yield of 0.62%. General Electric’s payout ratio is currently 19.68%.

Insider Buying and Selling at General Electric

In other General Electric news, SVP Riccardo Procacci sold 7,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total value of $1,267,910.00. Following the completion of the sale, the senior vice president now owns 13,289 shares of the company’s stock, valued at approximately $2,407,036.57. This trade represents a 34.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Russell Stokes sold 15,550 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $178.29, for a total transaction of $2,772,409.50. Following the transaction, the senior vice president now directly owns 148,857 shares in the company, valued at approximately $26,539,714.53. This trade represents a 9.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.66% of the stock is owned by corporate insiders.

About General Electric

General Electric Company, doing business as GE Aerospace, designs and produces commercial and defense aircraft engines, integrated engine components, electric power, and mechanical aircraft systems. It also offers aftermarket services to support its products. The company operates in the United States, Europe, China, Asia, the Americas, the Middle East, and Africa.