Douglas Lane & Associates LLC Decreases Stock Holdings in GE HealthCare Technologies Inc. $GEHC

Key Points

• Douglas Lane & Associates cut its GE HealthCare stake by 23.3% in the third quarter, selling 84,036 shares and retaining 276,439 shares valued at approximately $18.1 million. Institutional investors collectively own 82.06% of GEHC.
• GE HealthCare shares rose 2.2% to $65.64, while the company’s latest quarterly results beat expectations with adjusted EPS of $1.13 and revenue of $5.29 billion. Revenue increased 5.8% year over year.
• The company raised its quarterly dividend to $0.04 per share, or $0.16 annually. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $78.52.

Douglas Lane & Associates LLC lowered its stake in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 23.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 276,439 shares of the company's stock after selling 84,036 shares during the period. Douglas Lane & Associates LLC owned 0.06% of GE HealthCare Technologies worth $18,071,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Auto Owners Insurance Co lifted its position in shares of GE HealthCare Technologies by 9,525.4% in the fourth quarter. Auto Owners Insurance Co now owns 33,982,610 shares of the company's stock worth $278,725,000 after buying an additional 33,629,559 shares in the last quarter. State Street Corp raised its holdings in shares of GE HealthCare Technologies by 1.6% during the 2nd quarter. State Street Corp now owns 20,861,566 shares of the company's stock worth $1,335,349,000 after acquiring an additional 323,090 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its position in shares of GE HealthCare Technologies by 13.2% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 13,455,814 shares of the company's stock valued at $861,307,000 after acquiring an additional 1,571,226 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of GE HealthCare Technologies by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 5,399,439 shares of the company's stock valued at $384,219,000 after purchasing an additional 105,995 shares in the last quarter. Finally, Boston Partners increased its position in GE HealthCare Technologies by 21.7% in the fourth quarter. Boston Partners now owns 4,659,562 shares of the company's stock worth $382,223,000 after purchasing an additional 830,626 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

GE HealthCare Technologies Stock Up 2.2%

NASDAQ GEHC traded up $1.42 during trading on Friday, reaching $65.64. 790,681 shares of the company's stock traded hands, compared to its average volume of 4,259,048. The company's 50 day simple moving average is $68.73 and its two-hundred day simple moving average is $66.87. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.26 and a quick ratio of 0.97. The firm has a market cap of $29.65 billion, a price-to-earnings ratio of 15.06, a price-to-earnings-growth ratio of 1.71 and a beta of 0.73. GE HealthCare Technologies Inc. has a 12-month low of $58.75 and a 12-month high of $89.77.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $1.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.04 by $0.09. The business had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.26 billion. GE HealthCare Technologies had a return on equity of 20.12% and a net margin of 9.33%.The business's revenue was up 5.8% compared to the same quarter last year. During the same period last year, the business posted $1.06 EPS. As a group, sell-side analysts forecast that GE HealthCare Technologies Inc. will post 4.93 EPS for the current fiscal year.

GE HealthCare Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 23rd will be issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.2%. This is an increase from GE HealthCare Technologies's previous quarterly dividend of $0.0350. The ex-dividend date is Friday, October 23rd. GE HealthCare Technologies's dividend payout ratio is currently 3.21%.

Wall Street Analyst Weigh In

GEHC has been the subject of a number of recent research reports. Hovde Group initiated coverage on shares of GE HealthCare Technologies in a research note on Friday, July 17th. They issued a "market perform" rating and a $14.00 price objective for the company. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of GE HealthCare Technologies in a report on Monday. Evercore reiterated an "outperform" rating and issued a $84.00 price target on shares of GE HealthCare Technologies in a research report on Thursday, July 30th. Barclays upgraded GE HealthCare Technologies to a "strong-buy" rating in a research report on Wednesday. Finally, UBS Group lifted their target price on GE HealthCare Technologies from $67.00 to $73.00 and gave the stock a "neutral" rating in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, GE HealthCare Technologies has a consensus rating of "Moderate Buy" and an average target price of $78.52.

GE HealthCare Technologies Company Profile

GE HealthCare Technologies Inc is a global medical technology and healthcare services company that develops, manufactures and supports products used by hospitals, clinicians and researchers. Its offerings are designed to assist with disease detection, diagnosis, treatment, patient monitoring and clinical workflow management.

The company's portfolio includes computed tomography, magnetic resonance imaging, X-ray and molecular imaging systems; ultrasound equipment; patient monitoring and anesthesia delivery technologies; and pharmaceutical diagnostics, including contrast agents used in medical imaging.

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