Geode Capital Management LLC Buys 80,479 Shares of GE Vernova Inc. (NYSE:GEV)

Geode Capital Management LLC boosted its stake in GE Vernova Inc. (NYSE:GEV - Free Report) by 1.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,594,223 shares of the company's stock after acquiring an additional 80,479 shares during the period. Geode Capital Management LLC owned 2.03% of GE Vernova worth $1,420,763,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Pittenger & Anderson Inc. increased its position in shares of GE Vernova by 28.0% during the third quarter. Pittenger & Anderson Inc. now owns 160 shares of the company's stock valued at $41,000 after buying an additional 35 shares during the period. SteelPeak Wealth LLC grew its holdings in shares of GE Vernova by 2.5% during the 3rd quarter. SteelPeak Wealth LLC now owns 1,569 shares of the company's stock worth $400,000 after acquiring an additional 38 shares during the period. Global Retirement Partners LLC raised its position in shares of GE Vernova by 0.9% in the 3rd quarter. Global Retirement Partners LLC now owns 4,507 shares of the company's stock worth $1,149,000 after acquiring an additional 40 shares in the last quarter. Whittier Trust Co. grew its stake in GE Vernova by 1.9% in the third quarter. Whittier Trust Co. now owns 2,106 shares of the company's stock worth $537,000 after purchasing an additional 40 shares during the period. Finally, Dunhill Financial LLC grew its stake in GE Vernova by 21.6% in the third quarter. Dunhill Financial LLC now owns 225 shares of the company's stock worth $57,000 after purchasing an additional 40 shares during the period.

Wall Street Analyst Weigh In

GEV has been the topic of a number of research reports. Bank of America boosted their target price on shares of GE Vernova from $300.00 to $320.00 and gave the company a "buy" rating in a report on Thursday, October 24th. Royal Bank of Canada restated an "outperform" rating and issued a $376.00 price objective on shares of GE Vernova in a report on Wednesday. HSBC reiterated a "hold" rating and set a $255.00 target price (up from $240.00) on shares of GE Vernova in a report on Friday, October 4th. William Blair reaffirmed an "outperform" rating on shares of GE Vernova in a research report on Wednesday. Finally, Jefferies Financial Group boosted their target price on GE Vernova from $293.00 to $336.00 and gave the stock a "buy" rating in a report on Friday, October 18th. Seven 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 data from MarketBeat.com, GE Vernova has an average rating of "Moderate Buy" and a consensus target price of $307.15.

GE Vernova Price Performance

Shares of NYSE:GEV traded up $16.49 during midday trading on Wednesday, reaching $343.88. 6,668,676 shares of the company were exchanged, compared to its average volume of 3,452,027. The business's fifty day moving average is $307.87 and its two-hundred day moving average is $229.90. GE Vernova Inc. has a one year low of $115.00 and a one year high of $357.09.

GE Vernova announced that its board has initiated a share buyback plan on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

GE Vernova Dividend Announcement

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 given a dividend of $0.25 per share. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.29%.

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.