Freestone Grove Partners LP Invests $1.02 Million in GE HealthCare Technologies Inc. $GEHC

Key Points

• Freestone Grove Partners initiated a GE HealthCare stake of 15,933 shares valued at approximately $1.02 million during the second quarter.
• Institutional investors own 82.06% of GE HealthCare, while analyst sentiment is mixed: the consensus rating is “Hold” with a target price of $77.73.
• GE HealthCare exceeded quarterly expectations, reporting $1.13 in earnings per share and $5.29 billion in revenue, with revenue up 5.8% year over year.

Freestone Grove Partners LP bought a new stake in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 15,933 shares of the company's stock, valued at approximately $1,020,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of GEHC. Auto Owners Insurance Co lifted its position in shares of GE HealthCare Technologies by 9,525.4% in the fourth quarter. Auto Owners Insurance Co now owns 33,982,610 shares of the company's stock valued at $278,725,000 after buying an additional 33,629,559 shares during the last quarter. Norges Bank bought a new stake in GE HealthCare Technologies in the 4th quarter valued at $596,024,000. Barrow Hanley Mewhinney & Strauss LLC bought a new position in GE HealthCare Technologies during the fourth quarter worth $533,655,000. Cynosure Group LLC increased its holdings in shares of GE HealthCare Technologies by 21,045.4% in the fourth quarter. Cynosure Group LLC now owns 4,365,462 shares of the company's stock valued at $358,055,000 after purchasing an additional 4,344,817 shares during the last quarter. Finally, Boston Partners bought a new position in shares of GE HealthCare Technologies in the third quarter valued at about $287,627,000. Institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

GEHC has been the topic of a number of research reports. BTIG Research reiterated a "buy" rating and issued a $79.00 price target on shares of GE HealthCare Technologies in a research note on Wednesday, August 19th. Zacks Research raised GE HealthCare Technologies from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 11th. Argus dropped their target price on GE HealthCare Technologies from $95.00 to $80.00 and set a "buy" rating for the company in a report on Tuesday, May 19th. Evercore restated an "outperform" rating and issued a $84.00 price target on shares of GE HealthCare Technologies in a research note on Thursday, July 30th. Finally, Oppenheimer reaffirmed an "outperform" rating on shares of GE HealthCare Technologies in a research report on Thursday, July 30th. Ten research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $77.73.

GE HealthCare Technologies Trading Down 1.0%

GEHC opened at $71.72 on Friday. The company has a market cap of $32.40 billion, a P/E ratio of 16.45, a PEG ratio of 2.07 and a beta of 0.69. The company has a current ratio of 1.26, a quick ratio of 0.97 and a debt-to-equity ratio of 0.92. The company's 50 day moving average is $67.67 and its 200-day moving average is $69.33. GE HealthCare Technologies Inc. has a 1-year low of $58.75 and a 1-year high of $89.77.

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

GE HealthCare Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 24th were issued a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Friday, July 24th. GE HealthCare Technologies's dividend payout ratio is presently 3.21%.

About GE HealthCare Technologies

GE HealthCare Technologies NASDAQ: GEHC is a global medical technology and diagnostics company that develops, manufactures and markets a broad range of products and services for healthcare providers. Its portfolio centers on diagnostic imaging systems, including MRI, CT, PET and X-ray modalities, as well as ultrasound equipment. The company also supplies patient monitoring and anesthesia delivery systems, interventional and surgical imaging solutions, and molecular imaging technologies used in both clinical care and research settings.

In addition to hardware, GE HealthCare offers software, analytics and lifecycle services aimed at improving clinical workflows and equipment uptime.

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