Rockland Trust Co. Sells 238 Shares of GE Vernova Inc. (NYSE:GEV)

Rockland Trust Co. trimmed its position in shares of GE Vernova Inc. (NYSE:GEV) by 1.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,658 shares of the company’s stock after selling 238 shares during the quarter. Rockland Trust Co.’s holdings in GE Vernova were worth $4,821,000 as of its most recent filing with the Securities and Exchange Commission.

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

GE Vernova Price Performance

Shares of GEV stock opened at $381.73 on Wednesday. GE Vernova Inc. has a 12 month low of $115.00 and a 12 month high of $388.88. The company’s fifty day simple moving average is $341.28 and its 200-day simple moving average is $260.29.

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

GE Vernova Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.26%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. BMO Capital Markets raised their price objective on shares of GE Vernova from $245.00 to $288.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Morgan Stanley lifted their target price on GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Evercore ISI upped their price target on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Jefferies Financial Group lifted their price objective on GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, JPMorgan Chase & Co. upped their target price on shares of GE Vernova from $367.00 to $374.00 and gave the company an “overweight” rating in a research report on Tuesday. Seven research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $318.60.

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.