Cullen Investment Group LTD. Trims Stake in GE Vernova Inc. (NYSE:GEV)

Cullen Investment Group LTD. reduced its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 2.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,074 shares of the company’s stock after selling 32 shares during the period. Cullen Investment Group LTD.’s holdings in GE Vernova were worth $353,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Castleview Partners LLC purchased a new stake in shares of GE Vernova in the third quarter worth $28,000. Covestor Ltd increased its stake in shares of GE Vernova by 61.3% in the third quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 46 shares in the last quarter. Darwin Wealth Management LLC purchased a new stake in shares of GE Vernova in the third quarter worth $31,000. Prestige Wealth Management Group LLC increased its stake in shares of GE Vernova by 175.0% in the third quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 77 shares in the last quarter. Finally, Planning Capital Management Corp increased its stake in shares of GE Vernova by 1,000.0% in the third quarter. Planning Capital Management Corp now owns 143 shares of the company’s stock worth $36,000 after purchasing an additional 130 shares in the last quarter.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Jefferies Financial Group increased their price objective on shares of GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Evercore ISI upped their target price on shares of GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of GE Vernova in a research report on Monday, October 21st. They set a “buy” rating and a $354.00 target price for the company. TD Cowen assumed coverage on shares of GE Vernova in a research report on Thursday, December 5th. They set a “buy” rating and a $400.00 target price for the company. Finally, The Goldman Sachs Group upped their target price on shares of GE Vernova from $324.00 to $400.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Seven research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, GE Vernova has an average rating of “Moderate Buy” and an average target price of $318.60.

GE Vernova Stock Performance

GE Vernova stock opened at $381.73 on Wednesday. The firm has a 50-day moving average price of $341.28 and a 200-day moving average price of $260.29. GE Vernova Inc. has a 12-month low of $115.00 and a 12-month high of $388.88.

GE Vernova Announces Dividend

The company also recently announced 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. The ex-dividend date is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.26%.

GE Vernova declared that its board has approved a stock buyback program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 6.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

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.