Lansforsakringar Fondforvaltning AB publ Purchases New Stake in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Lansforsakringar Fondforvaltning AB publ bought a new stake in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 103,094 shares of the company's stock, valued at approximately $8,060,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new position in GE HealthCare Technologies in the 4th quarter valued at approximately $488,531,000. Capital Research Global Investors increased its stake in GE HealthCare Technologies by 4.5% in the 4th quarter. Capital Research Global Investors now owns 60,832,004 shares of the company's stock valued at $4,755,851,000 after buying an additional 2,608,066 shares during the period. Van ECK Associates Corp increased its stake in GE HealthCare Technologies by 107.3% in the 4th quarter. Van ECK Associates Corp now owns 4,841,652 shares of the company's stock valued at $378,520,000 after buying an additional 2,506,417 shares during the period. Vanguard Group Inc. increased its stake in GE HealthCare Technologies by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 52,537,446 shares of the company's stock valued at $4,107,378,000 after buying an additional 2,155,429 shares during the period. Finally, Eminence Capital LP acquired a new position in GE HealthCare Technologies in the 4th quarter valued at approximately $102,574,000. 82.06% of the stock is owned by institutional investors and hedge funds.

GE HealthCare Technologies Trading Down 2.2%

NASDAQ:GEHC traded down $1.57 on Friday, reaching $69.96. 7,095,456 shares of the stock traded hands, compared to its average volume of 3,468,326. The firm has a market capitalization of $32.03 billion, a price-to-earnings ratio of 16.16, a price-to-earnings-growth ratio of 3.19 and a beta of 1.21. The company's 50 day moving average is $68.96 and its 200-day moving average is $79.09. The company has a current ratio of 1.04, a quick ratio of 0.83 and a debt-to-equity ratio of 0.88. GE HealthCare Technologies Inc. has a 1-year low of $57.65 and a 1-year high of $94.80.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $1.01 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.10. The business had revenue of $4.78 billion during the quarter, compared to the consensus estimate of $4.66 billion. GE HealthCare Technologies had a net margin of 10.13% and a return on equity of 25.74%. The company's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 EPS. Equities research analysts anticipate that GE HealthCare Technologies Inc. will post 4.68 EPS for the current fiscal year.

GE HealthCare Technologies announced that its board has initiated a stock repurchase plan on Wednesday, April 30th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's management believes its stock is undervalued.

GE HealthCare Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Friday, April 25th were given a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a dividend yield of 0.20%. The ex-dividend date was Friday, April 25th. GE HealthCare Technologies's dividend payout ratio (DPR) is 2.95%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Citigroup dropped their price objective on shares of GE HealthCare Technologies from $105.00 to $86.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Morgan Stanley decreased their target price on shares of GE HealthCare Technologies from $86.00 to $78.00 and set an "equal weight" rating for the company in a research report on Tuesday, May 6th. The Goldman Sachs Group decreased their target price on shares of GE HealthCare Technologies from $94.00 to $82.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Evercore ISI decreased their target price on shares of GE HealthCare Technologies from $96.00 to $85.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Finally, UBS Group raised shares of GE HealthCare Technologies from a "sell" rating to a "neutral" rating and decreased their target price for the stock from $74.00 to $73.00 in a research report on Monday, May 5th. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $88.27.

GE HealthCare Technologies Company Profile

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.