GE HealthCare Technologies Inc. $GEHC Shares Acquired by Allstate Corp

Key Points

• Allstate Corp has increased its stake in GE HealthCare Technologies Inc. by 26.3%, acquiring an additional 3,639 shares, bringing its total holdings to 17,463 shares valued at approximately $1,409,000.
• The company's quarterly earnings report revealed an EPS of $1.06, exceeding expectations of $0.91, alongside a revenue of $5 billion, which was higher than analyst predictions.
• GE HealthCare Technologies has authorized a $1 billion stock repurchase program indicating that the company's board believes its shares are undervalued, alongside a quarterly dividend yielding 0.2%.

Allstate Corp lifted its position in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 26.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,463 shares of the company's stock after purchasing an additional 3,639 shares during the quarter. Allstate Corp's holdings in GE HealthCare Technologies were worth $1,409,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. N.E.W. Advisory Services LLC purchased a new position in GE HealthCare Technologies in the first quarter worth about $25,000. Bogart Wealth LLC grew its position in GE HealthCare Technologies by 260.0% in the first quarter. Bogart Wealth LLC now owns 342 shares of the company's stock worth $28,000 after acquiring an additional 247 shares in the last quarter. Stonebridge Financial Group LLC grew its position in GE HealthCare Technologies by 165.7% in the first quarter. Stonebridge Financial Group LLC now owns 356 shares of the company's stock worth $29,000 after acquiring an additional 222 shares in the last quarter. LGT Financial Advisors LLC grew its position in GE HealthCare Technologies by 46.2% in the fourth quarter. LGT Financial Advisors LLC now owns 389 shares of the company's stock worth $30,000 after acquiring an additional 123 shares in the last quarter. Finally, Accredited Wealth Management LLC purchased a new position in GE HealthCare Technologies in the fourth quarter worth about $30,000. 82.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Wells Fargo & Company dropped their price target on GE HealthCare Technologies from $103.00 to $89.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Morgan Stanley dropped their price target on GE HealthCare Technologies from $78.00 to $74.00 and set an "equal weight" rating for the company in a research report on Thursday, July 31st. Evercore ISI dropped their price target on 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. Citigroup lifted their price target on GE HealthCare Technologies from $89.00 to $93.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Finally, The Goldman Sachs Group dropped their target price on 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. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, GE HealthCare Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $88.55.

GE HealthCare Technologies Stock Performance

NASDAQ:GEHC traded down $0.50 during mid-day trading on Tuesday, hitting $74.09. The company's stock had a trading volume of 1,845,918 shares, compared to its average volume of 3,989,970. GE HealthCare Technologies Inc. has a 1 year low of $57.65 and a 1 year high of $94.80. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.16 and a quick ratio of 0.93. The stock has a market cap of $33.83 billion, a price-to-earnings ratio of 15.18, a PEG ratio of 2.85 and a beta of 1.13. The business's fifty day moving average is $74.10 and its two-hundred day moving average is $74.95.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.91 by $0.15. GE HealthCare Technologies had a net margin of 11.22% and a return on equity of 23.93%. The company had revenue of $5 billion for the quarter, compared to analyst estimates of $4.96 billion. During the same period in the prior year, the company earned $1.00 earnings per share. The firm's revenue was up 3.5% on a year-over-year basis. GE HealthCare Technologies has set its FY 2025 guidance at 4.430-4.630 EPS. Analysts anticipate that GE HealthCare Technologies Inc. will post 4.68 EPS for the current fiscal year.

GE HealthCare Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, July 25th were paid a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Friday, July 25th. GE HealthCare Technologies's dividend payout ratio is presently 2.87%.

GE HealthCare Technologies declared that its Board of Directors has authorized a share buyback plan on Wednesday, April 30th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its stock is undervalued.

About GE HealthCare Technologies

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.