Envestnet Portfolio Solutions Inc. Reduces Stock Holdings in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Envestnet Portfolio Solutions Inc. cut its position in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 20.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,347 shares of the company's stock after selling 12,382 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in GE HealthCare Technologies were worth $3,983,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of GE HealthCare Technologies during the 4th quarter valued at approximately $488,531,000. Capital Research Global Investors increased its stake in GE HealthCare Technologies by 4.5% during the fourth quarter. Capital Research Global Investors now owns 60,832,004 shares of the company's stock worth $4,755,851,000 after acquiring an additional 2,608,066 shares during the last quarter. Vanguard Group Inc. raised its position in GE HealthCare Technologies by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 52,537,446 shares of the company's stock valued at $4,107,378,000 after purchasing an additional 2,155,429 shares during the period. Eminence Capital LP acquired a new position in shares of GE HealthCare Technologies in the 4th quarter valued at $102,574,000. Finally, Invesco Ltd. lifted its stake 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 purchasing an additional 1,252,613 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on GEHC shares. UBS Group upgraded shares of GE HealthCare Technologies from a "sell" rating to a "neutral" rating and reduced their price objective for the company from $74.00 to $73.00 in a report on Monday, May 5th. Morgan Stanley dropped their price target on shares of GE HealthCare Technologies from $86.00 to $78.00 and set an "equal weight" rating for the company in a research report on Tuesday, May 6th. The Goldman Sachs Group reduced their price target on shares of GE HealthCare Technologies from $94.00 to $82.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Piper Sandler lowered their price objective on shares of GE HealthCare Technologies from $104.00 to $88.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Finally, BTIG Research set a $95.00 target price on shares of GE HealthCare Technologies and gave the company a "buy" rating in a report on Monday, April 14th. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $88.27.

GE HealthCare Technologies Stock Performance

Shares of GEHC stock opened at $71.28 on Friday. The firm has a 50 day moving average of $69.57 and a two-hundred day moving average of $77.92. The stock has a market capitalization of $32.64 billion, a PE ratio of 15.01, a P/E/G ratio of 2.40 and a beta of 1.13. 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 Inc. has a 52 week low of $57.65 and a 52 week high of $94.80.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.10. The business had revenue of $4.78 billion for the quarter, compared to analysts' expectations of $4.66 billion. GE HealthCare Technologies had a return on equity of 24.95% and a net margin of 11.02%. The company's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period last year, the firm earned $0.90 earnings per share. On average, research analysts predict that GE HealthCare Technologies Inc. will post 4.68 EPS for the current fiscal year.

GE HealthCare Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Friday, April 25th were paid a $0.035 dividend. This represents a $0.14 annualized dividend and a dividend yield of 0.20%. The ex-dividend date of this dividend was Friday, April 25th. GE HealthCare Technologies's payout ratio is presently 2.95%.

GE HealthCare Technologies announced that its board has authorized a share buyback program on Wednesday, April 30th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

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.

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