Forsta AP Fonden Cuts Stake in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Key Points

• Forsta AP Fonden reduced its stake in GE HealthCare Technologies by 2.7%, holding $10.88 million worth of shares as of its latest SEC filing.
• The company recently announced a quarterly dividend of $0.035 per share, with a dividend yield of 0.2%.
• GE HealthCare Technologies reported earnings of $1.06 per share for the last quarter, exceeding analyst expectations of $0.91.

Forsta AP Fonden reduced its stake in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 2.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,775 shares of the company's stock after selling 3,700 shares during the period. Forsta AP Fonden's holdings in GE HealthCare Technologies were worth $10,878,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in GEHC. Capital Research Global Investors lifted its position 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 valued at $4,755,851,000 after acquiring an additional 2,608,066 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in GE HealthCare Technologies by 14.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,785,740 shares of the company's stock valued at $374,162,000 after purchasing an additional 596,486 shares during the period. Northern Trust Corp lifted its position in GE HealthCare Technologies by 13.6% during the fourth quarter. Northern Trust Corp now owns 4,631,875 shares of the company's stock valued at $362,120,000 after purchasing an additional 555,816 shares during the period. D1 Capital Partners L.P. lifted its position in GE HealthCare Technologies by 22.0% during the fourth quarter. D1 Capital Partners L.P. now owns 3,486,584 shares of the company's stock valued at $272,581,000 after purchasing an additional 629,270 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in GE HealthCare Technologies by 14.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,325,096 shares of the company's stock valued at $259,956,000 after buying an additional 416,386 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

GEHC has been the subject of a number of research reports. Wells Fargo & Company cut their target price on shares of GE HealthCare Technologies from $103.00 to $89.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. BTIG Research restated a "buy" rating on shares of GE HealthCare Technologies in a research report on Monday, July 14th. Piper Sandler lowered their price target on shares of GE HealthCare Technologies from $104.00 to $88.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Morgan Stanley lowered their price target on shares of GE HealthCare Technologies from $78.00 to $74.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 31st. Finally, Evercore ISI lowered their price target on shares of 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. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $88.55.

GE HealthCare Technologies Trading Up 1.9%

GE HealthCare Technologies stock traded up $1.41 during trading on Tuesday, hitting $74.41. The company 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 current ratio of 1.16, a quick ratio of 0.93 and a debt-to-equity ratio of 0.85. The company's 50 day simple moving average is $73.74 and its 200-day simple moving average is $75.92. The stock has a market cap of $33.97 billion, a price-to-earnings 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, beating the consensus estimate of $0.91 by $0.15. GE HealthCare Technologies had a net margin of 11.22% and a return on equity of 23.93%. The firm had revenue of $5 billion during the quarter, compared to the consensus estimate of $4.96 billion. During the same quarter last year, the firm earned $1.00 EPS. The firm's revenue for the quarter was up 3.5% on a year-over-year basis. As a group, analysts expect that GE HealthCare Technologies Inc. will post 4.68 EPS for the current fiscal year.

GE HealthCare Technologies announced that its Board of Directors has authorized a stock repurchase program on Wednesday, April 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 3.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its shares are undervalued.

GE HealthCare Technologies Announces Dividend

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

About GE HealthCare Technologies

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.