Canandaigua National Bank & Trust Co. Raises Position in GE Vernova Inc. (NYSE:GEV)

Canandaigua National Bank & Trust Co. increased its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 1.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 2,691 shares of the company’s stock after purchasing an additional 45 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in GE Vernova were worth $885,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. FMR LLC raised its position in shares of GE Vernova by 2.5% in the 3rd quarter. FMR LLC now owns 24,047,678 shares of the company’s stock valued at $6,131,677,000 after purchasing an additional 584,208 shares during the last quarter. State Street Corp increased its stake in GE Vernova by 1.1% during the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after purchasing an additional 118,184 shares in the last quarter. Mountaineer Partners Management LLC purchased a new position in shares of GE Vernova in the third quarter worth $2,507,296,000. Geode Capital Management LLC lifted its stake in shares of GE Vernova by 1.5% during the third quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock worth $1,420,763,000 after buying an additional 80,479 shares during the period. Finally, Newport Trust Company LLC purchased a new stake in shares of GE Vernova during the second quarter valued at $650,140,000.

GE Vernova Stock Up 4.5 %

Shares of GEV opened at $370.00 on Tuesday. GE Vernova Inc. has a 52-week low of $115.00 and a 52-week high of $376.30. The firm’s fifty day moving average is $333.20 and its two-hundred day moving average is $252.19.

GE Vernova Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.27%.

GE Vernova declared that its Board of Directors has authorized a stock buyback program on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 6.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have commented on GEV shares. Hsbc Global Res cut GE Vernova from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 4th. Truist Financial upped their target price on GE Vernova from $325.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. William Blair reissued an “outperform” rating on shares of GE Vernova in a research report on Wednesday, December 11th. Morgan Stanley increased their price objective on shares of GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Barclays boosted their target price on shares of GE Vernova from $320.00 to $420.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Seven research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, GE Vernova has an average rating of “Moderate Buy” and a consensus price target of $314.35.

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.