Arizona State Retirement System Acquires 4,253 Shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Arizona State Retirement System grew its stake in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 3.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 134,064 shares of the company's stock after acquiring an additional 4,253 shares during the period. Arizona State Retirement System's holdings in GE HealthCare Technologies were worth $10,820,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of GEHC. Susquehanna Fundamental Investments LLC bought a new stake in GE HealthCare Technologies in the fourth quarter worth $20,891,000. Breakwater Capital Group bought a new stake in GE HealthCare Technologies during the first quarter worth about $210,000. Flagship Harbor Advisors LLC grew its stake in GE HealthCare Technologies by 17.4% during the first quarter. Flagship Harbor Advisors LLC now owns 3,443 shares of the company's stock worth $278,000 after buying an additional 511 shares during the last quarter. Bessemer Group Inc. grew its stake in GE HealthCare Technologies by 24.3% during the first quarter. Bessemer Group Inc. now owns 6,671 shares of the company's stock worth $538,000 after buying an additional 1,306 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of GE HealthCare Technologies by 23.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 50,859 shares of the company's stock valued at $4,105,000 after purchasing an additional 9,769 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

GE HealthCare Technologies Stock Performance

Shares of NASDAQ GEHC traded up $0.15 during midday trading on Thursday, hitting $75.60. The company's stock had a trading volume of 481,057 shares, compared to its average volume of 3,540,356. The stock has a fifty day moving average price of $72.74 and a 200 day moving average price of $77.26. GE HealthCare Technologies Inc. has a one year low of $57.65 and a one year high of $94.80. The firm has a market capitalization of $34.62 billion, a price-to-earnings ratio of 15.89, a P/E/G ratio of 2.51 and a beta of 1.14. 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 issued its earnings results on Wednesday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.10. The company had revenue of $4.78 billion during the quarter, compared to analysts' expectations of $4.66 billion. GE HealthCare Technologies had a return on equity of 24.95% and a net margin of 11.02%. GE HealthCare Technologies's quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.90 EPS. On average, research analysts forecast that GE HealthCare Technologies Inc. will post 4.68 EPS for the current fiscal year.

GE HealthCare Technologies declared that its Board of Directors has approved a stock buyback program on Wednesday, April 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's management believes its shares are undervalued.

GE HealthCare Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Friday, July 25th will be given a dividend of $0.035 per share. The ex-dividend date is Friday, July 25th. This represents a $0.14 annualized dividend and a yield of 0.19%. GE HealthCare Technologies's payout ratio is currently 2.95%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on GEHC shares. BTIG Research reaffirmed a "buy" rating on shares of GE HealthCare Technologies in a research note on Monday. Citigroup raised their price objective on shares of GE HealthCare Technologies from $86.00 to $89.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Wall Street Zen upgraded shares of GE HealthCare Technologies from a "hold" rating to a "buy" rating in a report on Saturday, May 31st. Piper Sandler lowered their price target on shares of GE HealthCare Technologies from $104.00 to $88.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Finally, Evercore ISI lowered their price objective on shares of GE HealthCare Technologies from $96.00 to $85.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $88.55.

GE HealthCare Technologies 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.