Blueshift Asset Management LLC Takes $446,000 Position in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Key Points

• Blueshift Asset Management LLC acquired 5,520 shares of GE HealthCare Technologies Inc., valued at approximately $446,000, indicating growing institutional interest in the company.
• The company's stock has a market cap of $31.98 billion and a recent quarterly earnings report beat analyst expectations, with an EPS of $1.06 compared to a consensus estimate of $0.91.
• GE HealthCare Technologies declared a quarterly dividend of $0.035, and approved a share buyback plan to repurchase up to $1.00 billion in shares.

Blueshift Asset Management LLC purchased a new position in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 5,520 shares of the company's stock, valued at approximately $446,000.

Several other large investors have also recently bought and sold shares of the stock. Jefferies Financial Group Inc. raised its stake in GE HealthCare Technologies by 17.1% during the 1st quarter. Jefferies Financial Group Inc. now owns 168,296 shares of the company's stock valued at $13,583,000 after purchasing an additional 24,623 shares during the last quarter. US Bancorp DE raised its stake in shares of GE HealthCare Technologies by 6.1% in the first quarter. US Bancorp DE now owns 303,864 shares of the company's stock valued at $24,525,000 after purchasing an additional 17,402 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of GE HealthCare Technologies in the first quarter valued at $308,000. Harbour Investments Inc. raised its stake in shares of GE HealthCare Technologies by 8.3% in the first quarter. Harbour Investments Inc. now owns 3,526 shares of the company's stock valued at $285,000 after purchasing an additional 269 shares in the last quarter. Finally, Natixis Advisors LLC raised its stake in shares of GE HealthCare Technologies by 8.3% in the first quarter. Natixis Advisors LLC now owns 419,645 shares of the company's stock valued at $33,870,000 after purchasing an additional 32,245 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

GEHC has been the subject of several recent analyst reports. UBS Group upgraded GE HealthCare Technologies from a "sell" rating to a "neutral" rating and dropped their price objective for the stock from $74.00 to $73.00 in a research note on Monday, May 5th. Wall Street Zen upgraded GE HealthCare Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, May 31st. Evercore ISI dropped their price objective on GE HealthCare Technologies from $96.00 to $85.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. The Goldman Sachs Group decreased their target price on GE HealthCare Technologies from $94.00 to $82.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Finally, Citigroup increased their target price on GE HealthCare Technologies from $89.00 to $93.00 and gave the stock a "buy" rating in a report on Thursday. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $88.55.

GE HealthCare Technologies Stock Up 1.1%

GE HealthCare Technologies stock traded up $0.79 during midday trading on Monday, reaching $70.64. The stock had a trading volume of 3,251,575 shares, compared to its average volume of 4,213,391. The firm's fifty day simple moving average is $73.59 and its 200-day simple moving average is $76.58. GE HealthCare Technologies Inc. has a 1-year low of $57.65 and a 1-year high of $94.80. The stock has a market capitalization of $32.25 billion, a P/E ratio of 14.48, a price-to-earnings-growth ratio of 2.67 and a beta of 1.13. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.93 and a current ratio of 1.16.

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

GE HealthCare Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, July 25th will be 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 is Friday, July 25th. GE HealthCare Technologies's payout ratio is currently 2.87%.

GE HealthCare Technologies announced that its board has initiated a stock buyback plan on Wednesday, April 30th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

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.