GE HealthCare Technologies (NASDAQ:GEHC) Upgraded at Needham & Company LLC

Key Points

• Needham & Company upgraded GE HealthCare Technologies to “moderate buy.” The broader analyst consensus is also “Moderate Buy,” with 22 analysts split between 11 Buy and 11 Hold ratings and an average price target of $78.39.
• GE HealthCare reported quarterly earnings of $1.13 per share, exceeding the $1.04 consensus estimate, while revenue reached $5.29 billion and rose 5.8% year over year.
• The stock opened at $66.27, compared with a 52-week range of $58.75 to $89.77. Institutional investors own approximately 82.06% of the company.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) was upgraded by analysts at Needham & Company LLC to a "moderate buy" rating in a report issued on Tuesday, Zacks reports.

Several other equities research analysts have also issued reports on GEHC. Royal Bank Of Canada began coverage on shares of GE HealthCare Technologies in a report on Tuesday, June 23rd. They set an "outperform" rating and a $80.00 price target on the stock. Piper Sandler restated a "buy" rating on shares of GE HealthCare Technologies in a research report on Wednesday, July 29th. Wells Fargo & Company boosted their target price on shares of GE HealthCare Technologies from $75.00 to $85.00 and gave the stock an "overweight" rating in a research note on Thursday, July 30th. Evercore reiterated an "outperform" rating and set a $84.00 price target on shares of GE HealthCare Technologies in a report on Thursday, July 30th. Finally, Citigroup increased their price target on GE HealthCare Technologies from $69.00 to $75.00 and gave the company a "neutral" rating in a research note on Thursday, July 30th. Eleven research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, GE HealthCare Technologies has an average rating of "Moderate Buy" and a consensus target price of $78.39.

GE HealthCare Technologies Price Performance

GE HealthCare Technologies stock opened at $66.27 on Tuesday. 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 has a 52 week low of $58.75 and a 52 week high of $89.77. The stock has a market capitalization of $29.93 billion, a P/E ratio of 15.20, a price-to-earnings-growth ratio of 1.71 and a beta of 0.70. The stock has a fifty day moving average of $68.38 and a 200-day moving average of $67.46.

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 the consensus estimate of $1.04 by $0.09. The business had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.26 billion. GE HealthCare Technologies had a return on equity of 20.12% and a net margin of 9.33%.GE HealthCare Technologies's revenue was up 5.8% compared to the same quarter last year. During the same period last year, the firm posted $1.06 earnings per share. On average, sell-side analysts expect that GE HealthCare Technologies will post 4.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GE HealthCare Technologies

Several large investors have recently modified their holdings of GEHC. Andra AP fonden raised its position in shares of GE HealthCare Technologies by 8,646.2% during the second quarter. Andra AP fonden now owns 113,700 shares of the company's stock worth $7,278,000 after purchasing an additional 112,400 shares during the period. State Street Corp increased its stake in GE HealthCare Technologies by 1.6% during the 2nd quarter. State Street Corp now owns 20,861,566 shares of the company's stock valued at $1,335,349,000 after purchasing an additional 323,090 shares in the last quarter. Anchor Investment Management LLC increased its stake in GE HealthCare Technologies by 10.5% during the 2nd quarter. Anchor Investment Management LLC now owns 2,804 shares of the company's stock valued at $179,000 after purchasing an additional 266 shares in the last quarter. Core Capital Management & Research inc. acquired a new position in GE HealthCare Technologies during the second quarter worth $100,000. Finally, Community Bank of Raymore raised its holdings in GE HealthCare Technologies by 30.4% during the second quarter. Community Bank of Raymore now owns 20,595 shares of the company's stock worth $1,318,000 after buying an additional 4,800 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

GE HealthCare Technologies Company Profile

GE HealthCare Technologies Inc is a global medical technology, pharmaceutical diagnostics and digital solutions company headquartered in Chicago, Illinois. The company provides products and services designed to support healthcare providers across diagnostic imaging, clinical care and treatment planning.

Its portfolio includes imaging systems such as magnetic resonance imaging, computed tomography, molecular imaging, X-ray and surgical imaging equipment. GE HealthCare also offers ultrasound systems, patient monitoring and care solutions, anesthesia delivery and respiratory care products, maternal and infant care technologies, and healthcare information technology.

The company's Pharmaceutical Diagnostics business develops and supplies contrast media and radiopharmaceuticals used to enhance medical imaging and support the detection and monitoring of disease.

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