Foster Victor Wealth Advisors LLC Invests $170,000 in GE Vernova Inc. (NYSE:GEV)

Foster Victor Wealth Advisors LLC purchased a new stake in shares of GE Vernova Inc. (NYSE:GEV) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 517 shares of the company’s stock, valued at approximately $170,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Mackenzie Financial Corp bought a new stake in shares of GE Vernova in the 2nd quarter worth $4,004,000. Ascent Group LLC bought a new stake in GE Vernova in the 2nd quarter worth about $327,000. Creative Planning bought a new stake in GE Vernova in the 2nd quarter worth about $8,105,000. Northwestern Mutual Wealth Management Co. purchased a new position in GE Vernova in the 2nd quarter worth about $2,511,000. Finally, NewEdge Advisors LLC bought a new position in GE Vernova during the 2nd quarter valued at about $1,851,000.

GE Vernova Trading Down 0.4 %

NYSE:GEV opened at $353.65 on Thursday. The stock has a 50-day moving average price of $353.77 and a 200 day moving average price of $275.94. The stock has a market capitalization of $97.48 billion and a P/E ratio of 63.61. GE Vernova Inc. has a 12-month low of $115.00 and a 12-month high of $447.50.

GE Vernova (NYSE:GEV) last announced 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 net margin of 4.44% and a return on equity of 6.70%. The company had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. On average, research analysts predict that GE Vernova Inc. will post 6.61 earnings per share for the current fiscal year.

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

GE Vernova Announces Dividend

The business also recently declared 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 0.28%. The ex-dividend date was Friday, December 20th. GE Vernova’s payout ratio is currently 17.99%.

Wall Street Analyst Weigh In

GEV has been the subject of several research reports. The Goldman Sachs Group boosted their price objective on shares of GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a report on Friday, January 24th. Wolfe Research initiated coverage on GE Vernova in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price target on the stock. JPMorgan Chase & Co. upped their price objective on GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a research report on Thursday, January 23rd. Deutsche Bank Aktiengesellschaft initiated coverage on GE Vernova in a research report on Monday, October 21st. They issued a “buy” rating and a $354.00 target price on the stock. Finally, Bank of America upped their price target on shares of GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Eight research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $342.94.

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.