GE HealthCare Technologies Inc. $GEHC Shares Acquired by Trian Fund Management L.P.

Key Points

• Trian Fund Management dramatically increased its GE HealthCare stake by purchasing 3.08 million additional shares in the second quarter, bringing its holdings to 3.09 million shares worth approximately $197.5 million, or 0.68% of the company.
• GE HealthCare reported solid quarterly results, with EPS of $1.13 beating estimates of $1.04 and revenue of $5.29 billion rising 5.8% year over year. The company also maintains a small quarterly dividend of $0.035 per share.
• Despite institutional investors owning 82.06% of the stock, analyst sentiment remains mixed: GEHC has a consensus “Hold” rating and an average price target of $77.73, compared with a recent share price of $74.82.

Trian Fund Management L.P. boosted its holdings in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 76,194.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,085,344 shares of the company's stock after purchasing an additional 3,081,300 shares during the quarter. GE HealthCare Technologies comprises 4.7% of Trian Fund Management L.P.'s holdings, making the stock its 6th largest holding. Trian Fund Management L.P. owned 0.68% of GE HealthCare Technologies worth $197,493,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Empowered Funds LLC boosted its holdings in shares of GE HealthCare Technologies by 6.1% during the 1st quarter. Empowered Funds LLC now owns 28,848 shares of the company's stock worth $2,328,000 after buying an additional 1,665 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of GE HealthCare Technologies during the 1st quarter worth approximately $259,000. Cresset Asset Management LLC increased its stake in shares of GE HealthCare Technologies by 12.5% in the 2nd quarter. Cresset Asset Management LLC now owns 7,802 shares of the company's stock valued at $578,000 after acquiring an additional 865 shares in the last quarter. Jump Financial LLC lifted its position in shares of GE HealthCare Technologies by 317.6% during the 2nd quarter. Jump Financial LLC now owns 28,132 shares of the company's stock valued at $2,084,000 after acquiring an additional 21,396 shares during the period. Finally, Gamco Investors INC. ET AL boosted its stake in GE HealthCare Technologies by 8.6% during the second quarter. Gamco Investors INC. ET AL now owns 4,041 shares of the company's stock worth $299,000 after acquiring an additional 320 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

GE HealthCare Technologies Stock Performance

Shares of GE HealthCare Technologies stock opened at $74.82 on Friday. GE HealthCare Technologies Inc. has a 52 week low of $58.75 and a 52 week high of $89.77. The company has a quick ratio of 0.97, a current ratio of 1.26 and a debt-to-equity ratio of 0.92. The business has a 50 day moving average price of $66.61 and a 200-day moving average price of $69.60. The company has a market cap of $33.80 billion, a PE ratio of 17.16, a price-to-earnings-growth ratio of 2.16 and a beta of 0.69.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.09. The company had revenue of $5.29 billion for the quarter, compared to analysts' expectations of $5.26 billion. GE HealthCare Technologies had a return on equity of 20.12% and a net margin of 9.33%.GE HealthCare Technologies's quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.06 earnings per share. Equities analysts anticipate 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 declared 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 dividend yield of 0.2%. The ex-dividend date of this dividend was Friday, July 24th. GE HealthCare Technologies's payout ratio is 3.21%.

Wall Street Analysts Forecast Growth

GEHC has been the topic of several research reports. HSBC dropped their price objective on shares of GE HealthCare Technologies from $100.00 to $90.00 in a report on Thursday, April 30th. JPMorgan Chase & Co. cut their price target on GE HealthCare Technologies from $80.00 to $65.00 and set a "neutral" rating on the stock in a report on Thursday, April 30th. Hovde Group initiated coverage on GE HealthCare Technologies in a report on Friday, July 17th. They set a "market perform" rating and a $14.00 price objective for the company. BNP Paribas Exane cut their target price on GE HealthCare Technologies from $95.00 to $88.00 in a report on Friday, May 1st. Finally, Evercore restated an "outperform" rating and set a $84.00 price objective on shares of GE HealthCare Technologies in a report on Thursday, July 30th. Ten research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $77.73.

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.

Want to see what other hedge funds are holding GEHC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source