Envestnet Asset Management Inc. Purchases 63,445 Shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Envestnet Asset Management Inc. boosted its holdings in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 5.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,223,217 shares of the company's stock after purchasing an additional 63,445 shares during the period. Envestnet Asset Management Inc. owned approximately 0.27% of GE HealthCare Technologies worth $98,726,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of GE HealthCare Technologies in the 4th quarter valued at approximately $488,531,000. Capital Research Global Investors lifted its position in shares of GE HealthCare Technologies by 4.5% in the 4th quarter. Capital Research Global Investors now owns 60,832,004 shares of the company's stock valued at $4,755,851,000 after acquiring an additional 2,608,066 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of GE HealthCare Technologies by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 52,537,446 shares of the company's stock valued at $4,107,378,000 after acquiring an additional 2,155,429 shares in the last quarter. Eminence Capital LP purchased a new stake in shares of GE HealthCare Technologies in the 4th quarter valued at approximately $102,574,000. Finally, Invesco Ltd. lifted its position in shares of GE HealthCare Technologies by 18.4% in the 4th quarter. Invesco Ltd. now owns 8,067,927 shares of the company's stock valued at $630,751,000 after acquiring an additional 1,252,613 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

GE HealthCare Technologies Stock Down 0.9%

Shares of GEHC traded down $0.68 during mid-day trading on Monday, hitting $74.45. 2,048,168 shares of the company's stock were exchanged, compared to its average volume of 3,529,277. The firm has a fifty day moving average of $72.36 and a two-hundred day moving average of $77.33. GE HealthCare Technologies Inc. has a twelve month low of $57.65 and a twelve month high of $94.80. The stock has a market cap of $34.09 billion, a price-to-earnings ratio of 15.67, a P/E/G ratio of 2.53 and a beta of 1.14. The company has a quick ratio of 0.76, a current ratio of 0.98 and a debt-to-equity ratio of 0.73.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.91 by $0.10. The company had revenue of $4.78 billion for the quarter, compared to analyst estimates of $4.66 billion. GE HealthCare Technologies had a net margin of 11.02% and a return on equity of 24.95%. GE HealthCare Technologies's quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.90 EPS. On average, sell-side analysts forecast that GE HealthCare Technologies Inc. will post 4.68 earnings per share for the current year.

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 dividend of $0.035 per share. This represents a $0.14 annualized dividend and a dividend yield of 0.19%. The ex-dividend date is Friday, July 25th. GE HealthCare Technologies's dividend payout ratio is currently 2.95%.

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

Analysts Set New Price Targets

Several equities research analysts recently commented on GEHC shares. Evercore ISI reduced their price target on shares of GE HealthCare Technologies from $96.00 to $85.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. UBS Group upgraded shares of GE HealthCare Technologies from a "sell" rating to a "neutral" rating and dropped their price objective for the company from $74.00 to $73.00 in a research note on Monday, May 5th. Wall Street Zen upgraded shares of GE HealthCare Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, May 31st. Wells Fargo & Company dropped their price objective on shares of GE HealthCare Technologies from $103.00 to $89.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Finally, Piper Sandler dropped their price objective on shares of 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. Three investment 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. According to data from MarketBeat.com, GE HealthCare Technologies has an average rating of "Moderate Buy" and an average price target of $88.55.

GE HealthCare Technologies Company 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.