Rathbones Group PLC has decreased its holdings in GE Vernova Inc. (NYSE: GEV) by 0.7% during the second quarter of 2023. According to the latest Form 13F filing with the Securities and Exchange Commission, the institutional investor now owns 58,778 shares after selling 443 shares during the period. As of the most recent filing, Rathbones’ stake in GE Vernova is valued at approximately $31.1 million.
Several other institutional investors have also adjusted their positions in GE Vernova. Notably, IMA Advisory Services Inc. acquired a new stake valued at $27,000 in the first quarter, while WFA Asset Management Corp purchased shares worth about $29,000 during the second quarter. Mowery & Schoenfeld Wealth Management LLC increased its stake by 115.2% in the first quarter, bringing its total to 99 shares valued at $30,000 after acquiring an additional 53 shares. Other new investors include 1248 Management LLC and Saudi Central Bank, with purchases valued at approximately $31,000 and $33,000, respectively.
Stock Performance and Dividend Announcement
On Friday, GE Vernova shares opened at $575.61. The stock has seen a 52-week low of $252.25 and a high of $677.29. The company’s market capitalization stands at $156.18 billion, with a price-to-earnings ratio of 93.75 and a beta of 1.68. GE Vernova recently announced a quarterly dividend of $0.25 per share, payable on November 17, 2023, to stockholders of record as of October 20, 2023. This translates to an annualized dividend of $1.00 and a yield of 0.2%. The company’s payout ratio is 16.29%.
In related news, Chief Financial Officer Kenneth Scott Parks sold 3,300 shares of the company’s stock on August 26, 2023. The shares were sold at an average price of $620.00, totaling approximately $2.05 million. Following this transaction, Parks owns 7,590 shares valued at about $4.71 million, reflecting a decrease of 30.30% in his position. The details of this transaction have been disclosed in a filing with the SEC.
Analyst Ratings and Market Consensus
Several equity analysts have provided updated ratings for GE Vernova. Barclays raised its price target from $706.00 to $710.00 and assigned an “overweight” rating. Melius Research set a target price of $740.00 with a “buy” rating, while HSBC adjusted its target from $570.00 to $580.00, maintaining a “hold” rating. Weiss Ratings reiterated a “hold (c)” rating, and Bank of America increased its price objective from $550.00 to $620.00 with a “buy” rating.
Overall, the stock has received a consensus rating of “Moderate Buy,” with four analysts rating it as a Strong Buy, nineteen as Buy, eight as Hold, and two as Sell. The consensus target price for GE Vernova currently stands at $607.81, according to MarketBeat.com.
As GE Vernova continues to navigate the complexities of the energy market, investor interest and institutional activity remain pivotal in shaping its future trajectory. For those tracking the company’s performance, recent filings and analysis provide valuable insights into its operational and financial strategies.
