HB Wealth Management LLC Raises Position in GE Vernova Inc. (NYSE:GEV)

HB Wealth Management LLC increased its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 10.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 5,949 shares of the company’s stock after buying an additional 546 shares during the quarter. HB Wealth Management LLC’s holdings in GE Vernova were worth $1,957,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Waverton Investment Management Ltd lifted its holdings in GE Vernova by 10.0% during the third quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock worth $185,459,000 after acquiring an additional 66,455 shares during the period. Hanlon Investment Management Inc. bought a new stake in GE Vernova during the third quarter worth $1,101,000. Atria Investments Inc lifted its holdings in GE Vernova by 127.0% during the third quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock worth $1,297,000 after acquiring an additional 2,847 shares during the period. Fractal Investments LLC bought a new stake in GE Vernova during the third quarter worth $1,530,000. Finally, Legal & General Group Plc bought a new stake in GE Vernova during the second quarter worth $293,699,000.

GE Vernova Stock Performance

GE Vernova stock opened at $401.84 on Monday. The business has a 50-day simple moving average of $344.59 and a 200 day simple moving average of $264.36. GE Vernova Inc. has a 52 week low of $115.00 and a 52 week high of $404.13.

GE Vernova declared that its board has initiated a share repurchase program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to repurchase up to 6.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.25%. The ex-dividend date of this dividend is Friday, December 20th.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Truist Financial lifted their price target on GE Vernova from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Thursday. Raymond James lowered GE Vernova from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. The Goldman Sachs Group boosted their target price on GE Vernova from $400.00 to $446.00 and gave the company a “buy” rating in a research note on Thursday. Guggenheim lowered their target price on GE Vernova from $400.00 to $380.00 and set a “buy” rating on the stock in a research note on Wednesday, December 11th. Finally, BMO Capital Markets boosted their target price on GE Vernova from $245.00 to $288.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Seven equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $321.35.

GE Vernova Company Profile

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.