California State Teachers Retirement System Grows Position in GE HealthCare Technologies Inc. $GEHC

Key Points

• California State Teachers Retirement System increased its GE HealthCare position by 5,693.1% in the second quarter, adding 40.2 million shares to own 40.9 million shares, or about 9.06% of the company. Institutional investors and hedge funds collectively own 82.06% of GEHC.
• 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 maintains a quarterly dividend of $0.035 per share, for a 0.2% yield.
• Analysts remain cautious, with a consensus “Hold” rating and an average price target of $77.73; GEHC recently traded at $64.24, below its 50- and 200-day moving averages near $68.40.

California State Teachers Retirement System boosted its position in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 5,693.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,913,912 shares of the company's stock after buying an additional 40,207,660 shares during the period. California State Teachers Retirement System owned approximately 9.06% of GE HealthCare Technologies worth $2,618,900,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Godfrey Financial Associates Inc. purchased a new stake in shares of GE HealthCare Technologies in the fourth quarter valued at about $27,000. Transamerica Financial Advisors LLC raised its holdings in GE HealthCare Technologies by 331.6% during the fourth quarter. Transamerica Financial Advisors LLC now owns 341 shares of the company's stock worth $28,000 after purchasing an additional 262 shares in the last quarter. MV Capital Management Inc. purchased a new position in GE HealthCare Technologies during the fourth quarter worth about $33,000. NBH Bank acquired a new stake in GE HealthCare Technologies in the second quarter valued at about $26,000. Finally, Zions Bancorporation National Association UT lifted its position in GE HealthCare Technologies by 125.1% in the fourth quarter. Zions Bancorporation National Association UT now owns 412 shares of the company's stock valued at $34,000 after purchasing an additional 229 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

GE HealthCare Technologies Stock Performance

NASDAQ GEHC opened at $64.24 on Friday. The business has a 50 day moving average price of $68.40 and a 200 day moving average price of $68.46. The company has a market capitalization of $29.02 billion, a P/E ratio of 14.73, a PEG ratio of 1.72 and a beta of 0.70. GE HealthCare Technologies Inc. has a 1-year low of $58.75 and a 1-year high of $89.77. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.26 and a quick ratio of 0.97.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $1.13 EPS for the quarter, topping analysts' consensus estimates of $1.04 by $0.09. GE HealthCare Technologies had a return on equity of 20.12% and a net margin of 9.33%.The company had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.26 billion. During the same period in the previous year, the business earned $1.06 earnings per share. GE HealthCare Technologies's quarterly revenue was up 5.8% compared to the same quarter last year. Sell-side analysts expect 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. Shareholders of record on Friday, July 24th were issued a $0.035 dividend. This represents a $0.14 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Friday, July 24th. GE HealthCare Technologies's dividend payout ratio is 3.21%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Zacks Research upgraded GE HealthCare Technologies from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 11th. Weiss Ratings reissued a "hold (c-)" rating on shares of GE HealthCare Technologies in a report on Wednesday, August 12th. UBS Group lifted their price target on GE HealthCare Technologies from $67.00 to $73.00 and gave the company a "neutral" rating in a research note on Friday, July 31st. Citigroup upped their price objective on GE HealthCare Technologies from $69.00 to $75.00 and gave the stock a "neutral" rating in a report on Thursday, July 30th. Finally, Hovde Group assumed coverage on GE HealthCare Technologies in a research report on Friday, July 17th. They issued a "market perform" rating and a $14.00 price objective for the company. Ten equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat, GE HealthCare Technologies presently has a consensus rating of "Hold" and an average price target of $77.73.

GE HealthCare Technologies Company Profile

GE HealthCare Technologies Inc is a global medical technology, pharmaceutical diagnostics and digital solutions company headquartered in Chicago, Illinois. The company provides products and services designed to support healthcare providers across diagnostic imaging, clinical care and treatment planning.

Its portfolio includes imaging systems such as magnetic resonance imaging, computed tomography, molecular imaging, X-ray and surgical imaging equipment. GE HealthCare also offers ultrasound systems, patient monitoring and care solutions, anesthesia delivery and respiratory care products, maternal and infant care technologies, and healthcare information technology.

The company's Pharmaceutical Diagnostics business develops and supplies contrast media and radiopharmaceuticals used to enhance medical imaging and support the detection and monitoring of disease.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.