GE HealthCare Technologies Inc. (NASDAQ:GEHC) Shares Sold by Deutsche Bank AG

Key Points

• Deutsche Bank AG reduced its stake in GE HealthCare Technologies by 2.9%, selling 50,978 shares during the first quarter, leaving it with 1,703,490 shares valued at approximately $137.5 million.
• GE HealthCare Technologies reported quarterly earnings of $1.06 per share, exceeding expectations, alongside a revenue figure of $5 billion, which is an increase of 3.5% year-over-year.
• The company announced a quarterly dividend of $0.035 per share and initiated a stock repurchase program allowing for up to $1 billion in buybacks, indicating a belief that its stock is undervalued.

Deutsche Bank AG cut its holdings in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 2.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,703,490 shares of the company's stock after selling 50,978 shares during the quarter. Deutsche Bank AG owned approximately 0.37% of GE HealthCare Technologies worth $137,489,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC grew its position in shares of GE HealthCare Technologies by 16.9% during the 1st quarter. Chicago Partners Investment Group LLC now owns 6,172 shares of the company's stock worth $498,000 after buying an additional 892 shares during the period. Charles Schwab Investment Management Inc. boosted its position in GE HealthCare Technologies by 3.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,069,114 shares of the company's stock worth $247,708,000 after acquiring an additional 109,858 shares during the last quarter. ASR Vermogensbeheer N.V. acquired a new stake in shares of GE HealthCare Technologies in the 1st quarter valued at approximately $2,235,000. AXS Investments LLC boosted its holdings in shares of GE HealthCare Technologies by 84.6% in the 1st quarter. AXS Investments LLC now owns 17,797 shares of the company's stock valued at $1,436,000 after buying an additional 8,154 shares during the last quarter. Finally, Wealthspire Advisors LLC increased its position in GE HealthCare Technologies by 9.2% during the 1st quarter. Wealthspire Advisors LLC now owns 6,457 shares of the company's stock worth $521,000 after buying an additional 545 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

GE HealthCare Technologies Stock Performance

Shares of GEHC stock traded up $1.41 on Tuesday, reaching $74.41. The stock had a trading volume of 2,337,972 shares, compared to its average volume of 4,565,339. 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 quick ratio of 0.93 and a current ratio of 1.16. The company has a 50 day simple moving average of $73.74 and a 200 day simple moving average of $75.92. The stock has a market cap of $33.97 billion, a P/E ratio of 15.25, a price-to-earnings-growth ratio of 2.79 and a beta of 1.13.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.91 by $0.15. The company had revenue of $5 billion during 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%. GE HealthCare Technologies's revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.00 earnings per share. Equities research analysts expect that GE HealthCare Technologies Inc. will post 4.68 EPS for the current year.

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

GE HealthCare Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, July 25th will be issued a $0.035 dividend. This represents a $0.14 annualized dividend and a yield of 0.2%. The ex-dividend date is Friday, July 25th. GE HealthCare Technologies's payout ratio is presently 2.87%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on GEHC. Piper Sandler reduced their price objective 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. UBS Group raised GE HealthCare Technologies from a "sell" rating to a "neutral" rating and cut their target price for the company from $74.00 to $73.00 in a research report on Monday, May 5th. BTIG Research reissued a "buy" rating on shares of GE HealthCare Technologies in a research report on Monday, July 14th. Evercore ISI dropped their price target 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, Citigroup boosted their price objective on GE HealthCare Technologies from $89.00 to $93.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock 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.