17,335 Shares in GE HealthCare Technologies Inc. (NASDAQ:GEHC) Purchased by Fox Run Management L.L.C.

Key Points

• Fox Run Management L.L.C. has made a new investment of approximately $1.40 million in GE HealthCare Technologies by acquiring 17,335 shares during the first quarter.
• GE HealthCare reported a quarterly EPS of $1.06, exceeding expectations of $0.91, with revenues of $5 billion for the quarter, reflecting a year-over-year growth of 3.5%.
• The company has initiated a $1.00 billion stock repurchase program, signaling management's belief that its stock is currently undervalued.

Fox Run Management L.L.C. purchased a new position in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 17,335 shares of the company's stock, valued at approximately $1,399,000.

Several other hedge funds have also recently modified their holdings of the stock. Capital Research Global Investors lifted its holdings in shares of 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 purchasing an additional 2,608,066 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of GE HealthCare Technologies by 49.9% during the first quarter. JPMorgan Chase & Co. now owns 5,140,549 shares of the company's stock worth $414,894,000 after purchasing an additional 1,711,963 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of 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 worth $374,162,000 after purchasing an additional 596,486 shares during the period. Northern Trust Corp lifted its holdings in GE HealthCare Technologies by 13.6% in the fourth quarter. Northern Trust Corp now owns 4,631,875 shares of the company's stock valued at $362,120,000 after acquiring an additional 555,816 shares during the period. Finally, D1 Capital Partners L.P. lifted its holdings in GE HealthCare Technologies by 22.0% in 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 acquiring an additional 629,270 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on GEHC shares. The Goldman Sachs Group reduced their target price on GE HealthCare Technologies from $94.00 to $82.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Evercore ISI reduced their target price on GE HealthCare Technologies from $96.00 to $85.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Wall Street Zen raised GE HealthCare Technologies from a "hold" rating to a "buy" rating in a report on Saturday, May 31st. Citigroup raised their target price on GE HealthCare Technologies from $89.00 to $93.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Finally, Wells Fargo & Company reduced their target price on GE HealthCare Technologies from $103.00 to $89.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $88.55.

GE HealthCare Technologies Price Performance

Shares of GEHC stock traded down $0.26 during mid-day trading on Friday, reaching $73.40. The stock had a trading volume of 2,926,427 shares, compared to its average volume of 4,249,127. GE HealthCare Technologies Inc. has a 12-month low of $57.65 and a 12-month high of $94.80. The company has a market cap of $33.51 billion, a P/E ratio of 15.04, a price-to-earnings-growth ratio of 2.80 and a beta of 1.13. The business has a 50-day simple moving average of $73.90 and a 200 day simple moving average of $75.63. The company has a current ratio of 1.16, a quick ratio of 0.93 and a debt-to-equity ratio of 0.85.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.15. GE HealthCare Technologies had a return on equity of 23.93% and a net margin of 11.22%. The business had revenue of $5 billion during the quarter, compared to analysts' expectations of $4.96 billion. During the same quarter last year, the business posted $1.00 earnings per share. The business's revenue for the quarter was up 3.5% on a year-over-year basis. On average, sell-side analysts anticipate that GE HealthCare Technologies Inc. will post 4.68 earnings per share for the current year.

GE HealthCare Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, July 25th were given a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Friday, July 25th. GE HealthCare Technologies's dividend payout ratio (DPR) is currently 2.87%.

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

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.