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Citigroup Forecasts Strong Price Appreciation for GE HealthCare Technologies (NASDAQ:GEHC) Stock

GE HealthCare Technologies logo with Medical background

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) had its price objective boosted by Citigroup from $86.00 to $89.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's price objective would suggest a potential upside of 17.87% from the company's current price.

A number of other brokerages also recently issued reports on GEHC. Morgan Stanley reduced their price objective on shares of GE HealthCare Technologies from $86.00 to $78.00 and set an "equal weight" rating on the stock in a research note on Tuesday, May 6th. BTIG Research set a $95.00 price target on shares of GE HealthCare Technologies and gave the company a "buy" rating in a research note on Monday, April 14th. UBS Group upgraded shares of GE HealthCare Technologies from a "sell" rating to a "neutral" rating and reduced their price target for the company from $74.00 to $73.00 in a research note on Monday, May 5th. Evercore ISI dropped their price objective on shares of GE HealthCare Technologies from $96.00 to $85.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Finally, The Goldman Sachs Group dropped their price objective on shares of GE HealthCare Technologies from $94.00 to $82.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $88.55.

Read Our Latest Stock Analysis on GEHC

GE HealthCare Technologies Stock Performance

Shares of NASDAQ:GEHC traded up $0.31 on Wednesday, hitting $75.51. The company had a trading volume of 2,555,999 shares, compared to its average volume of 3,527,349. GE HealthCare Technologies has a 1-year low of $57.65 and a 1-year high of $94.80. The stock has a market cap of $34.58 billion, a price-to-earnings ratio of 15.90, a P/E/G ratio of 2.51 and a beta of 1.14. The stock has a 50 day moving average price of $71.99 and a 200 day moving average price of $77.42. The company has a current ratio of 0.98, a quick ratio of 0.76 and a debt-to-equity ratio of 0.73.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.91 by $0.10. GE HealthCare Technologies had a net margin of 11.02% and a return on equity of 24.95%. The firm had revenue of $4.78 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the previous year, the company earned $0.90 earnings per share. The company's quarterly revenue was up 2.7% on a year-over-year basis. Analysts expect that GE HealthCare Technologies will post 4.68 EPS for the current year.

GE HealthCare Technologies announced that its board has authorized a stock repurchase plan on Wednesday, April 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Institutional Trading of GE HealthCare Technologies

Several hedge funds have recently modified their holdings of GEHC. Bank of New Hampshire grew its position in GE HealthCare Technologies by 46.3% in the 2nd quarter. Bank of New Hampshire now owns 1,264 shares of the company's stock valued at $94,000 after purchasing an additional 400 shares during the period. Byrne Asset Management LLC grew its position in GE HealthCare Technologies by 4.4% in the 2nd quarter. Byrne Asset Management LLC now owns 16,942 shares of the company's stock valued at $1,255,000 after purchasing an additional 714 shares during the period. Czech National Bank grew its position in GE HealthCare Technologies by 6.6% in the 2nd quarter. Czech National Bank now owns 111,923 shares of the company's stock valued at $8,290,000 after purchasing an additional 6,889 shares during the period. Salem Investment Counselors Inc. grew its position in GE HealthCare Technologies by 5.7% in the 2nd quarter. Salem Investment Counselors Inc. now owns 123,216 shares of the company's stock valued at $9,127,000 after purchasing an additional 6,691 shares during the period. Finally, RB Capital Management LLC grew its position in GE HealthCare Technologies by 16.6% in the 2nd quarter. RB Capital Management LLC now owns 5,741 shares of the company's stock valued at $425,000 after purchasing an additional 817 shares during the period. Institutional investors own 82.06% of the company's stock.

About GE HealthCare Technologies

(Get Free Report)

GE HealthCare Technologies Inc engages in the development, manufacture, and marketing of products, services, and complementary digital solutions used in the diagnosis, treatment, and monitoring of patients in the United States, Canada, and internationally. The company operates through four segments: Imaging, Ultrasound, Patient Care Solutions, and Pharmaceutical Diagnostics.

Further Reading

Analyst Recommendations for GE HealthCare Technologies (NASDAQ:GEHC)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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