Foster Victor Wealth Advisors LLC Acquires New Stake in General Electric (NYSE:GE)

Foster Victor Wealth Advisors LLC bought a new stake in General Electric (NYSE:GE) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 1,238 shares of the conglomerate’s stock, valued at approximately $202,000.

Other hedge funds also recently modified their holdings of the company. Capital World Investors lifted its holdings in shares of General Electric by 2,818.1% during the 1st quarter. Capital World Investors now owns 12,749,560 shares of the conglomerate’s stock worth $2,237,930,000 after acquiring an additional 12,312,648 shares during the period. Norges Bank acquired a new position in General Electric during the fourth quarter worth approximately $1,193,159,000. Capital International Investors raised its stake in General Electric by 9.9% during the first quarter. Capital International Investors now owns 59,100,643 shares of the conglomerate’s stock worth $10,373,936,000 after purchasing an additional 5,309,543 shares during the period. Canada Pension Plan Investment Board boosted its holdings in shares of General Electric by 221.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 7,121,741 shares of the conglomerate’s stock valued at $1,250,079,000 after purchasing an additional 4,907,530 shares during the last quarter. Finally, Evergreen Quality Fund GP Ltd. purchased a new stake in shares of General Electric during the 1st quarter valued at $385,745,000. 74.77% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, SVP Russell Stokes sold 45,309 shares of the business’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $162.82, for a total value of $7,377,211.38. Following the completion of the sale, the senior vice president now directly owns 112,958 shares of the company’s stock, valued at $18,391,821.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.66% of the stock is owned by company insiders.

General Electric Stock Down 0.3 %

Shares of General Electric stock opened at $169.42 on Friday. General Electric has a 1-year low of $84.42 and a 1-year high of $177.20. The company has a market capitalization of $185.45 billion, a PE ratio of 55.55, a P/E/G ratio of 1.70 and a beta of 1.21. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.14 and a quick ratio of 0.85. The business has a 50-day moving average of $163.24 and a 200-day moving average of $160.31.

General Electric (NYSE:GE) last issued its quarterly earnings data on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.21. The firm had revenue of $9.09 billion during the quarter, compared to analyst estimates of $8.44 billion. General Electric had a return on equity of 16.07% and a net margin of 7.66%. General Electric’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.68 EPS. As a group, equities analysts forecast that General Electric will post 4.15 EPS for the current fiscal year.

General Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Thursday, July 11th were paid a dividend of $0.28 per share. The ex-dividend date was Thursday, July 11th. This represents a $1.12 dividend on an annualized basis and a yield of 0.66%. General Electric’s dividend payout ratio (DPR) is 36.72%.

Analysts Set New Price Targets

GE has been the topic of a number of research analyst reports. Bank of America lifted their target price on General Electric from $165.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Argus boosted their target price on General Electric from $170.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. JPMorgan Chase & Co. raised their price target on shares of General Electric from $148.00 to $175.00 and gave the company an “overweight” rating in a report on Monday, May 13th. The Goldman Sachs Group boosted their price objective on shares of General Electric from $190.00 to $211.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Finally, Citigroup raised their target price on shares of General Electric from $120.43 to $186.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $190.38.

General Electric Company Profile

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.