Allianz Asset Management GmbH Sells 25,285 Shares of GE HealthCare Technologies Inc. $GEHC

Key Points

• Allianz Asset Management reduced its GE HealthCare stake by 6.1%, selling 25,285 shares and retaining 386,947 shares valued at approximately $24.8 million. Institutional investors collectively own 82.06% of the company.
• GE HealthCare reported quarterly earnings of $1.13 per share, beating estimates of $1.04, while revenue rose 5.8% year over year to $5.29 billion. The company also pays an annualized dividend of $0.14 per share.
• GEHC shares opened at $68.86, compared with analysts’ average price target of $77.73. Despite ten Buy ratings, eleven analysts rate the stock Hold, resulting in an overall “Hold” consensus.

Allianz Asset Management GmbH trimmed its holdings in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 6.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 386,947 shares of the company's stock after selling 25,285 shares during the period. Allianz Asset Management GmbH owned about 0.09% of GE HealthCare Technologies worth $24,768,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. NBH Bank acquired a new position in GE HealthCare Technologies during the second quarter valued at approximately $26,000. Godfrey Financial Associates Inc. bought a new position in shares of GE HealthCare Technologies in the 4th quarter valued at about $27,000. Transamerica Financial Advisors LLC increased its stake in shares of GE HealthCare Technologies by 331.6% during the 4th quarter. Transamerica Financial Advisors LLC now owns 341 shares of the company's stock worth $28,000 after purchasing an additional 262 shares during the last quarter. Physician Wealth Advisors Inc. grew its holdings in GE HealthCare Technologies by 60.4% during the first quarter. Physician Wealth Advisors Inc. now owns 433 shares of the company's stock worth $31,000 after purchasing an additional 163 shares during the period. Finally, MV Capital Management Inc. bought a new position in GE HealthCare Technologies during the fourth quarter worth about $33,000. Institutional investors and hedge funds own 82.06% of the company's stock.

GE HealthCare Technologies Price Performance

GEHC stock opened at $68.86 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 1.26 and a debt-to-equity ratio of 0.92. GE HealthCare Technologies Inc. has a 52 week low of $58.75 and a 52 week high of $89.77. The company has a market cap of $31.10 billion, a PE ratio of 15.79, a price-to-earnings-growth ratio of 1.82 and a beta of 0.70. The business has a 50-day simple moving average of $68.36 and a 200 day simple moving average of $68.84.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.04 by $0.09. The company had revenue of $5.29 billion during the quarter, compared to analysts' expectations of $5.26 billion. GE HealthCare Technologies had a net margin of 9.33% and a return on equity of 20.12%. The business's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.06 EPS. Sell-side analysts anticipate that GE HealthCare Technologies Inc. will post 4.93 EPS for the current fiscal year.

GE HealthCare Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 24th were issued a dividend of $0.035 per share. The ex-dividend date of this dividend was Friday, July 24th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 0.2%. GE HealthCare Technologies's payout ratio is 3.21%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on GEHC shares. Hovde Group assumed coverage on GE HealthCare Technologies in a research note on Friday, July 17th. They issued a "market perform" rating and a $14.00 price objective on the stock. Argus reduced their target price on GE HealthCare Technologies from $95.00 to $80.00 and set a "buy" rating for the company in a research note on Tuesday, May 19th. Wells Fargo & Company boosted their target price on GE HealthCare Technologies from $75.00 to $85.00 and gave the stock an "overweight" rating in a report on Thursday, July 30th. BMO Capital Markets began coverage on shares of GE HealthCare Technologies in a research note on Wednesday, July 8th. They issued a "market perform" rating and a $70.00 price target on the stock. Finally, Piper Sandler reissued a "buy" rating on shares of GE HealthCare Technologies in a report on Wednesday, July 29th. Ten analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $77.73.

GE HealthCare Technologies Profile

GE HealthCare Technologies NASDAQ: GEHC is a global medical technology and diagnostics company that develops, manufactures and markets a broad range of products and services for healthcare providers. Its portfolio centers on diagnostic imaging systems, including MRI, CT, PET and X-ray modalities, as well as ultrasound equipment. The company also supplies patient monitoring and anesthesia delivery systems, interventional and surgical imaging solutions, and molecular imaging technologies used in both clinical care and research settings.

In addition to hardware, GE HealthCare offers software, analytics and lifecycle services aimed at improving clinical workflows and equipment uptime.

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