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

Suvretta Capital Management LLC lowered its position in General Electric (NYSE:GE) by 2.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm 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 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of GE. Teachers Insurance & Annuity Association of America acquired a new position in General Electric in the 3rd quarter worth about $304,000. Vinva Investment Management Ltd increased its position in shares of General Electric by 218.2% in the third quarter. Vinva Investment Management Ltd now owns 20,366 shares of the conglomerate’s stock valued at $3,775,000 after buying an additional 13,965 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of General Electric by 6.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,556,515 shares of the conglomerate’s stock worth $1,236,428,000 after buying an additional 413,388 shares during the period. Public Sector Pension Investment Board lifted its position in shares of General Electric by 719.9% during the 3rd quarter. Public Sector Pension Investment Board now owns 345,886 shares of the conglomerate’s stock valued at $65,227,000 after buying an additional 303,700 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in General Electric by 4.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 438,780 shares of the conglomerate’s stock valued at $82,745,000 after acquiring an additional 19,885 shares during the period. 74.77% of the stock is owned by hedge funds and other institutional investors.

General Electric Stock Performance

NYSE:GE opened at $180.60 on Friday. The company’s 50-day moving average is $183.12 and its two-hundred day moving average is $171.50. General Electric has a 1-year low of $94.54 and a 1-year high of $194.80. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.13 and a quick ratio of 0.85. The firm has a market capitalization of $195.46 billion, a price-to-earnings ratio of 31.74, a PEG ratio of 1.78 and a beta of 1.19.

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

General Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Thursday, September 26th were issued a $0.28 dividend. The ex-dividend date of this dividend was Thursday, September 26th. This represents a $1.12 annualized dividend and a yield of 0.62%. General Electric’s dividend payout ratio (DPR) 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 company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total transaction of $1,267,910.00. Following the transaction, the senior vice president now directly owns 13,289 shares in the company, valued at $2,407,036.57. This represents a 34.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Russell Stokes sold 15,550 shares of General Electric stock in a transaction on Monday, November 18th. The shares were sold at an average price of $178.29, for a total value of $2,772,409.50. Following the completion of the sale, the senior vice president now directly owns 148,857 shares of the company’s stock, valued at $26,539,714.53. The trade was 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 currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GE. Sanford C. Bernstein upped their price objective on shares of General Electric from $201.00 to $225.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Bank of America raised their price target on shares of General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company increased their target price on General Electric from $205.00 to $210.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Royal Bank of Canada lowered their price target on General Electric from $210.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Finally, Citigroup increased their price objective on General Electric from $198.00 to $216.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, General Electric presently has an average rating of “Moderate Buy” and an average price target of $200.93.

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.