GE Vernova Inc. (NYSE:GEV) Shares Acquired by Prestige Wealth Management Group LLC

Prestige Wealth Management Group LLC lifted its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 175.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 121 shares of the company’s stock after acquiring an additional 77 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in GE Vernova were worth $31,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in GEV. Mountaineer Partners Management LLC acquired a new position in shares of GE Vernova during the 3rd quarter valued at $2,507,296,000. Newport Trust Company LLC acquired a new position in shares of GE Vernova during the 2nd quarter valued at $650,140,000. Bank of New York Mellon Corp acquired a new position in GE Vernova in the 2nd quarter worth $537,674,000. Marshall Wace LLP acquired a new position in GE Vernova in the 2nd quarter worth $399,770,000. Finally, Legal & General Group Plc acquired a new position in GE Vernova in the 2nd quarter worth $293,699,000.

Analyst Ratings Changes

GEV has been the topic of a number of recent analyst reports. Bank of America boosted their price objective on shares of GE Vernova from $300.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. The Goldman Sachs Group boosted their price objective on shares of GE Vernova from $220.00 to $308.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of GE Vernova in a report on Monday, October 21st. They issued a “buy” rating and a $354.00 price objective on the stock. Morgan Stanley boosted their target price on shares of GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, TD Cowen initiated coverage on shares of GE Vernova in a research report on Thursday, December 5th. They issued a “buy” rating and a $400.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $304.73.

GE Vernova Stock Performance

NYSE GEV opened at $327.41 on Wednesday. The company has a 50-day moving average price of $306.45 and a two-hundred day moving average price of $228.84. GE Vernova Inc. has a 52 week low of $115.00 and a 52 week high of $357.09.

GE Vernova Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.31%.

GE Vernova announced that its Board of Directors has approved a stock buyback plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to reacquire up to 6.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

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.