Skandinaviska Enskilda Banken AB publ Has $8.08 Million Stock Holdings in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Key Points

• Skandinaviska Enskilda Banken AB publ increased its stake in GE HealthCare Technologies by 5.7% during the first quarter, holding 100,151 shares valued at approximately $8.08 million.
• GE HealthCare recently announced a quarterly dividend of $0.035 per share and initiated a stock buyback program valued at $1 billion, indicating confidence in the company’s valuation.
• Analysts have mixed outlooks on GE HealthCare, with price targets ranging from $73.00 to $89.00 and an overall rating of "Moderate Buy," suggesting cautious optimism in the market.

Skandinaviska Enskilda Banken AB publ grew its stake in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 5.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 100,151 shares of the company's stock after buying an additional 5,438 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in GE HealthCare Technologies were worth $8,080,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of GE HealthCare Technologies during the fourth quarter worth about $488,531,000. Capital Research Global Investors raised its position 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. Eminence Capital LP acquired a new stake in shares of GE HealthCare Technologies during the fourth quarter worth about $102,574,000. Invesco Ltd. raised its position in shares of GE HealthCare Technologies by 18.4% during the fourth quarter. Invesco Ltd. now owns 8,067,927 shares of the company's stock worth $630,751,000 after purchasing an additional 1,252,613 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of GE HealthCare Technologies by 53.5% during the fourth quarter. JPMorgan Chase & Co. now owns 3,428,586 shares of the company's stock worth $268,047,000 after purchasing an additional 1,194,983 shares during the period. Institutional investors own 82.06% of the company's stock.

GE HealthCare Technologies Stock Up 1.1%

Shares of NASDAQ:GEHC traded up $0.84 during trading on Friday, hitting $77.61. 3,132,661 shares of the company were exchanged, compared to its average volume of 3,095,229. The stock has a market cap of $35.54 billion, a price-to-earnings ratio of 16.34, a P/E/G ratio of 2.62 and a beta of 1.14. GE HealthCare Technologies Inc. has a fifty-two week low of $57.65 and a fifty-two week high of $94.80. The firm has a fifty day moving average price of $73.28 and a two-hundred day moving average price of $76.97. The company has a current ratio of 0.98, a quick ratio of 0.76 and a debt-to-equity ratio of 0.73.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.10. The firm had revenue of $4.78 billion for the quarter, compared to analyst estimates of $4.66 billion. GE HealthCare Technologies had a return on equity of 24.95% and a net margin of 11.02%. The business's quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.90 EPS. As a group, 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 repurchase plan on Wednesday, April 30th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

GE HealthCare Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Friday, July 25th will be given a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a dividend yield of 0.18%. The ex-dividend date is Friday, July 25th. GE HealthCare Technologies's dividend payout ratio (DPR) is 2.95%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on GEHC shares. Wall Street Zen raised GE HealthCare Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, May 31st. BTIG Research reissued a "buy" rating on shares of GE HealthCare Technologies in a research report on Monday, July 14th. 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 dropped their target price on GE HealthCare Technologies from $103.00 to $89.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Finally, Piper Sandler dropped their target price on GE HealthCare Technologies from $104.00 to $88.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $88.55.

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.