GE Vernova Inc. (NYSE:GEV) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. increased its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 2.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 577,284 shares of the company’s stock after buying an additional 12,323 shares during the quarter. Principal Financial Group Inc.’s holdings in GE Vernova were worth $147,196,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in GEV. Waverton Investment Management Ltd raised its holdings in shares of GE Vernova by 10.0% in the third quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock worth $185,459,000 after buying an additional 66,455 shares during the last quarter. Hanlon Investment Management Inc. purchased a new position in GE Vernova in the 3rd quarter worth $1,101,000. Atria Investments Inc lifted its position in GE Vernova by 127.0% during the 3rd 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 purchased a new stake in GE Vernova during the 3rd quarter valued at about $1,530,000. Finally, Legal & General Group Plc acquired a new position in shares of GE Vernova in the second quarter valued at about $293,699,000.

Analysts Set New Price Targets

Several research firms have commented on GEV. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a report on Wednesday, December 11th. Royal Bank of Canada restated an “outperform” rating and issued a $376.00 price target on shares of GE Vernova in a research note on Wednesday, December 11th. JPMorgan Chase & Co. upped their price target on GE Vernova from $356.00 to $367.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Guggenheim cut their price objective on GE Vernova from $400.00 to $380.00 and set a “buy” rating for the company in a research report on Wednesday, December 11th. Finally, HSBC reiterated a “hold” rating and set a $255.00 target price (up previously from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. 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 company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $314.35.

GE Vernova Stock Up 3.0 %

Shares of GEV opened at $342.66 on Friday. GE Vernova Inc. has a 52-week low of $115.00 and a 52-week high of $357.09. The stock has a fifty day simple moving average of $319.21 and a two-hundred day simple moving average of $237.89.

GE Vernova Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date of this dividend is Friday, December 20th.

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

GE Vernova 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.