Bank of New York Mellon Corp Reduces Position in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Bank of New York Mellon Corp decreased its holdings in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 2.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,376,253 shares of the company's stock after selling 100,333 shares during the quarter. Bank of New York Mellon Corp owned about 0.74% of GE HealthCare Technologies worth $272,497,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. CoreFirst Bank & Trust bought a new position in GE HealthCare Technologies in the fourth quarter worth $25,000. Runnymede Capital Advisors Inc. bought a new stake in GE HealthCare Technologies in the 4th quarter worth about $28,000. Stonebridge Financial Group LLC increased its holdings in GE HealthCare Technologies by 165.7% in the 1st quarter. Stonebridge Financial Group LLC now owns 356 shares of the company's stock worth $29,000 after buying an additional 222 shares in the last quarter. LGT Financial Advisors LLC increased its holdings in GE HealthCare Technologies by 46.2% in the 4th quarter. LGT Financial Advisors LLC now owns 389 shares of the company's stock worth $30,000 after buying an additional 123 shares in the last quarter. Finally, Accredited Wealth Management LLC bought a new stake in GE HealthCare Technologies in the 4th quarter worth about $30,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on GEHC shares. The Goldman Sachs Group lowered their price objective on GE HealthCare Technologies from $94.00 to $82.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Piper Sandler decreased their target price on 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. Morgan Stanley decreased their price objective on GE HealthCare Technologies from $86.00 to $78.00 and set an "equal weight" rating on the stock in a research report on Tuesday, May 6th. Evercore ISI cut their target price on GE HealthCare Technologies from $96.00 to $85.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Finally, Wall Street Zen raised GE HealthCare Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, May 31st. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, GE HealthCare Technologies currently has a consensus rating of "Moderate Buy" and an average target price of $88.27.

GE HealthCare Technologies Stock Performance

GEHC traded up $1.76 on Tuesday, reaching $76.37. The company had a trading volume of 184,545 shares, compared to its average volume of 3,511,078. GE HealthCare Technologies Inc. has a 1 year low of $57.65 and a 1 year high of $94.80. The company has a quick ratio of 0.76, a current ratio of 0.98 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $34.97 billion, a PE ratio of 16.03, a P/E/G ratio of 2.56 and a beta of 1.14. The stock has a 50-day moving average price of $71.85 and a 200-day moving average price of $77.44.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.10. GE HealthCare Technologies had a return on equity of 24.95% and a net margin of 11.02%. The firm had revenue of $4.78 billion for the quarter, compared to analysts' expectations of $4.66 billion. During the same quarter in the previous year, the firm posted $0.90 EPS. The firm's revenue for the quarter was up 2.7% on a year-over-year basis. As a group, 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 authorized a share buyback plan on Wednesday, April 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

GE HealthCare Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Friday, July 25th will be issued a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a yield of 0.18%. The ex-dividend date of this dividend is Friday, July 25th. GE HealthCare Technologies's dividend payout ratio (DPR) is presently 2.95%.

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.