GE HealthCare Technologies (NASDAQ:GEHC) Stock Moved Up to Strong-Buy by Barclays

Key Points

• Barclays upgraded GE HealthCare Technologies to “strong buy,” while the broader analyst consensus remains “moderate buy” with an average price target of $78.52.
• GE HealthCare reported quarterly adjusted earnings of $1.13 per share, exceeding estimates of $1.04, while revenue reached $5.29 billion and rose 5.8% year over year.
• GEHC shares opened at $64.67, below their 50-day and 200-day moving averages, and institutional investors collectively own 82.06% of the company.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) was upgraded by analysts at Barclays to a "strong-buy" rating in a note issued to investors on Wednesday, Zacks reports.

A number of other research firms have also recently weighed in on GEHC. Zacks Research raised GE HealthCare Technologies from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 11th. Weiss Ratings raised GE HealthCare Technologies from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday. Citigroup cut their price objective on GE HealthCare Technologies from $75.00 to $71.00 and set a "neutral" rating for the company in a research report on Monday. Wells Fargo & Company upped their target price on GE HealthCare Technologies from $75.00 to $85.00 and gave the stock an "overweight" rating in a research note on Thursday, July 30th. Finally, Piper Sandler reiterated a "buy" rating on shares of GE HealthCare Technologies in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $78.52.

GE HealthCare Technologies Stock Performance

Shares of NASDAQ GEHC opened at $64.67 on Wednesday. The company's fifty day moving average price is $68.84 and its 200 day moving average price is $66.91. GE HealthCare Technologies has a 1 year low of $58.75 and a 1 year high of $89.77. The company has a market capitalization of $29.21 billion, a PE ratio of 14.83, a price-to-earnings-growth ratio of 1.71 and a beta of 0.73. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.97 and a current ratio of 1.26.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.04 by $0.09. GE HealthCare Technologies had a net margin of 9.33% and a return on equity of 20.12%. The company had revenue of $5.29 billion during the quarter, compared to analysts' expectations of $5.26 billion. During the same quarter in the previous year, the company earned $1.06 earnings per share. The firm's revenue for the quarter was up 5.8% on a year-over-year basis. On average, research analysts predict that GE HealthCare Technologies will post 4.93 earnings per share for the current year.

Hedge Funds Weigh In On GE HealthCare Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in GEHC. Moody National Bank Trust Division raised its stake in GE HealthCare Technologies by 28.2% in the 3rd quarter. Moody National Bank Trust Division now owns 12,814 shares of the company's stock valued at $838,000 after purchasing an additional 2,817 shares during the last quarter. Central Pacific Bank Trust Division boosted its stake in GE HealthCare Technologies by 28.7% during the 3rd quarter. Central Pacific Bank Trust Division now owns 13,462 shares of the company's stock worth $880,000 after purchasing an additional 3,000 shares during the last quarter. Eastern Bank boosted its stake in GE HealthCare Technologies by 15.3% during the 3rd quarter. Eastern Bank now owns 1,460 shares of the company's stock worth $95,000 after purchasing an additional 194 shares during the last quarter. CX Institutional grew its holdings in shares of GE HealthCare Technologies by 10.5% during the third quarter. CX Institutional now owns 4,190 shares of the company's stock worth $274,000 after buying an additional 399 shares in the last quarter. Finally, Versant Capital Management Inc grew its holdings in shares of GE HealthCare Technologies by 29.9% during the third quarter. Versant Capital Management Inc now owns 4,878 shares of the company's stock worth $319,000 after buying an additional 1,124 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

GE HealthCare Technologies Company Profile

GE HealthCare Technologies Inc is a global medical technology and healthcare services company that develops, manufactures and supports products used by hospitals, clinicians and researchers. Its offerings are designed to assist with disease detection, diagnosis, treatment, patient monitoring and clinical workflow management.

The company's portfolio includes computed tomography, magnetic resonance imaging, X-ray and molecular imaging systems; ultrasound equipment; patient monitoring and anesthesia delivery technologies; and pharmaceutical diagnostics, including contrast agents used in medical imaging.

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