Envestnet Asset Management Inc. Reduces Position in GE HealthCare Technologies Inc. $GEHC

Key Points

• Envestnet Asset Management cut its GE HealthCare Technologies position by 35.5% in the second quarter, selling 87,950 shares and retaining 159,665 shares valued at approximately $10.2 million.
• Institutional investors own 82.06% of GEHC shares, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $78.39.
• GE HealthCare exceeded quarterly earnings and revenue estimates, reporting $1.13 in EPS and $5.29 billion in revenue, while increasing its quarterly dividend to $0.04 per share.

Envestnet Asset Management Inc. reduced its position in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 35.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 159,665 shares of the company's stock after selling 87,950 shares during the quarter. Envestnet Asset Management Inc.'s holdings in GE HealthCare Technologies were worth $10,220,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GEHC. Auto Owners Insurance Co grew its position in shares of GE HealthCare Technologies by 9,525.4% in the 4th 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 during the last quarter. Capital Research Global Investors lifted its holdings in shares of GE HealthCare Technologies by 1.6% during the 4th quarter. Capital Research Global Investors now owns 25,362,352 shares of the company's stock valued at $2,080,248,000 after purchasing an additional 389,796 shares during the last quarter. State Street Corp boosted its position in shares of GE HealthCare Technologies by 1.6% in the 2nd quarter. State Street Corp now owns 20,861,566 shares of the company's stock worth $1,335,349,000 after purchasing an additional 323,090 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its stake in 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 worth $861,307,000 after buying an additional 1,571,226 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in GE HealthCare Technologies by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,399,439 shares of the company's stock valued at $384,219,000 after buying an additional 105,995 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Citigroup raised their price target on GE HealthCare Technologies from $69.00 to $75.00 and gave the stock a "neutral" rating in a report on Thursday, July 30th. Oppenheimer reaffirmed an "outperform" rating on shares of GE HealthCare Technologies in a research report on Thursday, July 30th. UBS Group boosted their target price on shares of GE HealthCare Technologies from $67.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, July 31st. Weiss Ratings restated a "hold (c-)" rating on shares of GE HealthCare Technologies in a research note on Wednesday, August 12th. Finally, Wells Fargo & Company raised their price target on shares of GE HealthCare Technologies from $75.00 to $85.00 and gave the stock an "overweight" rating in a report on Thursday, July 30th. Eleven research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $78.39.

GE HealthCare Technologies Stock Performance

GEHC opened at $63.98 on Friday. The firm has a market capitalization of $28.90 billion, a PE ratio of 14.67, a P/E/G ratio of 1.73 and a beta of 0.73. The firm has a 50 day moving average of $68.81 and a two-hundred day moving average of $67.09. GE HealthCare Technologies Inc. has a 12-month low of $58.75 and a 12-month high of $89.77. The company has a current ratio of 1.26, a quick ratio of 0.97 and a debt-to-equity ratio of 0.92.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $1.13 earnings per share for the quarter, beating 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 business had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.26 billion. During the same quarter last year, the business posted $1.06 EPS. The company's revenue was up 5.8% on a year-over-year basis. On average, analysts anticipate that GE HealthCare Technologies Inc. will post 4.93 EPS for the current year.

GE HealthCare Technologies Increases Dividend

The company also recently announced 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 is a positive change from GE HealthCare Technologies's previous quarterly dividend of $0.0350. The ex-dividend date of this dividend is Friday, October 23rd. This represents a $0.16 annualized dividend and a dividend yield of 0.3%. GE HealthCare Technologies's payout ratio is presently 3.21%.

GE HealthCare Technologies 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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