Locust Wood Capital Advisers LLC Purchases 149,142 Shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Key Points

• Locust Wood Capital Advisers LLC has increased its stake in GE HealthCare Technologies Inc. by 9.3%, now owning approximately 1.74 million shares valued at $140.78 million, making it the firm's 7th largest holding.
• GE HealthCare Technologies recently reported an EPS of $1.06 for the quarter, exceeding the estimated $0.91, with quarterly revenue reaching $5 billion.
• The company has announced a $1 billion share repurchase program, indicating confidence in its stock value, and declared a quarterly dividend of $0.035 per share.

Locust Wood Capital Advisers LLC raised its position in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 9.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,744,318 shares of the company's stock after purchasing an additional 149,142 shares during the quarter. GE HealthCare Technologies accounts for 4.5% of Locust Wood Capital Advisers LLC's portfolio, making the stock its 7th largest position. Locust Wood Capital Advisers LLC owned approximately 0.38% of GE HealthCare Technologies worth $140,784,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Wellington Management Group LLP boosted its stake in shares of GE HealthCare Technologies by 17.2% in the fourth quarter. Wellington Management Group LLP now owns 24,341 shares of the company's stock worth $1,903,000 after buying an additional 3,575 shares during the last quarter. Franklin Resources Inc. lifted its holdings in GE HealthCare Technologies by 1.7% in the fourth quarter. Franklin Resources Inc. now owns 67,536 shares of the company's stock valued at $5,280,000 after acquiring an additional 1,105 shares during the period. Federated Hermes Inc. boosted its position in GE HealthCare Technologies by 115.3% in the 4th quarter. Federated Hermes Inc. now owns 71,733 shares of the company's stock worth $5,608,000 after purchasing an additional 38,415 shares in the last quarter. Bank of Montreal Can grew its stake in shares of GE HealthCare Technologies by 3.5% during the 4th quarter. Bank of Montreal Can now owns 733,006 shares of the company's stock worth $57,306,000 after purchasing an additional 25,053 shares during the period. Finally, Advisory Services Network LLC grew its stake in shares of GE HealthCare Technologies by 3.6% during the 4th quarter. Advisory Services Network LLC now owns 22,129 shares of the company's stock worth $1,730,000 after purchasing an additional 769 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GEHC has been the topic of a number of recent analyst reports. BTIG Research reissued a "buy" rating on shares of GE HealthCare Technologies in a report on Monday, July 14th. Citigroup upped their price objective on shares of GE HealthCare Technologies from $89.00 to $93.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. The Goldman Sachs Group dropped their target price on GE HealthCare Technologies from $94.00 to $82.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Wells Fargo & Company cut their price target on 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. Finally, Piper Sandler reduced their price target on GE HealthCare Technologies from $104.00 to $88.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $88.55.

GE HealthCare Technologies Price Performance

Shares of GE HealthCare Technologies stock traded up $0.90 during mid-day trading on Friday, reaching $72.00. 2,715,607 shares of the stock traded hands, compared to its average volume of 4,414,311. The stock has a market capitalization of $32.87 billion, a PE ratio of 14.75, a PEG ratio of 2.75 and a beta of 1.13. The business has a 50-day moving average of $73.62 and a 200 day moving average of $76.12. GE HealthCare Technologies Inc. has a fifty-two week low of $57.65 and a fifty-two week high of $94.80. The company has a quick ratio of 0.93, a current ratio of 1.16 and a debt-to-equity ratio of 0.85.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.06 EPS for the quarter, topping 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 firm had revenue of $5 billion during the quarter, compared to analysts' expectations of $4.96 billion. During the same period in the previous year, the business earned $1.00 earnings per share. The firm's revenue for the quarter was up 3.5% on a year-over-year basis. On average, analysts predict that GE HealthCare Technologies Inc. will post 4.68 EPS for the current year.

GE HealthCare Technologies Announces Dividend

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

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

GE HealthCare Technologies Company 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.