E Fund Management Co. Ltd. Boosts Stake in GE HealthCare Technologies Inc. $GEHC

Key Points

• E Fund Management Co. Ltd. has increased its stake in GE HealthCare Technologies by 55.0%, owning 16,313 shares valued at approximately $1.32 million.
• Institutional investors control 82.06% of GE HealthCare Technologies' shares, indicating strong institutional interest in the company.
• GE HealthCare Technologies has announced a quarterly dividend of $0.035, yielding 0.2%, and a stock buyback plan of $1 billion.

E Fund Management Co. Ltd. lifted its position in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 55.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,313 shares of the company's stock after acquiring an additional 5,787 shares during the quarter. E Fund Management Co. Ltd.'s holdings in GE HealthCare Technologies were worth $1,317,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in GEHC. Tokio Marine Asset Management Co. Ltd. grew its stake in shares of GE HealthCare Technologies by 4.7% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 13,735 shares of the company's stock worth $1,109,000 after acquiring an additional 616 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in GE HealthCare Technologies by 136.1% in the first quarter. Caitong International Asset Management Co. Ltd now owns 2,111 shares of the company's stock valued at $170,000 after acquiring an additional 1,217 shares during the period. National Pension Service lifted its holdings in GE HealthCare Technologies by 11.0% in the first quarter. National Pension Service now owns 756,041 shares of the company's stock valued at $61,020,000 after acquiring an additional 74,739 shares during the period. FengHe Fund Management Pte. Ltd. acquired a new position in GE HealthCare Technologies in the first quarter valued at approximately $13,769,000. Finally, Resona Asset Management Co. Ltd. raised its stake in shares of GE HealthCare Technologies by 8.4% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 147,678 shares of the company's stock worth $11,903,000 after buying an additional 11,430 shares during the period. 82.06% of the stock is currently owned by institutional investors.

GE HealthCare Technologies Stock Performance

Shares of GEHC stock traded down $0.23 during midday trading on Monday, hitting $73.17. The company had a trading volume of 2,292,425 shares, compared to its average volume of 4,058,445. The company's 50 day simple moving average is $73.90 and its 200 day simple moving average is $75.53. GE HealthCare Technologies Inc. has a 52-week low of $57.65 and a 52-week high of $94.80. The stock has a market cap of $33.41 billion, a price-to-earnings ratio of 14.99, a PEG ratio of 2.80 and a beta of 1.13. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.16 and a quick ratio of 0.93.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last announced 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 return on equity of 23.93% and a net margin of 11.22%. The company had revenue of $5 billion for the quarter, compared to the consensus estimate of $4.96 billion. During the same period last year, the business posted $1.00 EPS. The company's revenue was up 3.5% on a year-over-year basis. Research analysts anticipate that GE HealthCare Technologies Inc. will post 4.68 earnings per share for the current fiscal year.

GE HealthCare Technologies announced that its board has authorized a share buyback plan on Wednesday, April 30th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its shares are undervalued.

GE HealthCare Technologies Dividend Announcement

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

Analyst Upgrades and Downgrades

GEHC has been the subject of several research analyst reports. 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 research note on Thursday, May 1st. Wells Fargo & Company lowered their price target 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. BTIG Research restated a "buy" rating on shares of GE HealthCare Technologies in a report on Monday, July 14th. Morgan Stanley reduced their price target on 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, Citigroup raised their target price on GE HealthCare Technologies from $89.00 to $93.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Three research 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 currently has an average rating of "Moderate Buy" and a consensus target price of $88.55.

GE HealthCare Technologies 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.