GE HealthCare Technologies Inc. (NASDAQ:GEHC) Shares Acquired by State of Michigan Retirement System

State of Michigan Retirement System lifted its holdings in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 8.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 514,053 shares of the company's stock after buying an additional 40,100 shares during the period. State of Michigan Retirement System owned approximately 0.11% of GE HealthCare Technologies worth $41,489,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Haverford Trust Co grew its stake in GE HealthCare Technologies by 2.4% in the 4th quarter. Haverford Trust Co now owns 4,896 shares of the company's stock worth $383,000 after acquiring an additional 115 shares during the period. Intact Investment Management Inc. grew its stake in shares of GE HealthCare Technologies by 15.4% during the 4th quarter. Intact Investment Management Inc. now owns 900 shares of the company's stock valued at $70,000 after buying an additional 120 shares during the period. LGT Financial Advisors LLC grew its stake in shares of GE HealthCare Technologies by 46.2% during the 4th quarter. LGT Financial Advisors LLC now owns 389 shares of the company's stock valued at $30,000 after buying an additional 123 shares during the period. Integrated Wealth Concepts LLC grew its stake in shares of GE HealthCare Technologies by 0.7% during the 4th quarter. Integrated Wealth Concepts LLC now owns 17,173 shares of the company's stock valued at $1,343,000 after buying an additional 126 shares during the period. Finally, Parallel Advisors LLC grew its stake in shares of GE HealthCare Technologies by 1.9% during the 4th quarter. Parallel Advisors LLC now owns 7,135 shares of the company's stock valued at $558,000 after buying an additional 135 shares during the period. Institutional investors and hedge funds own 82.06% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on GEHC shares. BTIG Research set a $95.00 price objective on shares of GE HealthCare Technologies and gave the company a "buy" rating in a research note on Monday, April 14th. Citigroup lifted their target price on shares of GE HealthCare Technologies from $86.00 to $89.00 and gave the company a "buy" rating in a report on Wednesday. Piper Sandler reduced their target price on shares of GE HealthCare Technologies from $104.00 to $88.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Wall Street Zen upgraded shares of GE HealthCare Technologies from a "hold" rating to a "buy" rating in a report on Saturday, May 31st. Finally, Evercore ISI reduced their target price on shares of GE HealthCare Technologies from $96.00 to $85.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $88.55.

GE HealthCare Technologies Price Performance

GEHC opened at $76.50 on Friday. GE HealthCare Technologies Inc. has a one year low of $57.65 and a one year high of $94.80. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.98 and a quick ratio of 0.76. The company's 50 day simple moving average is $72.27 and its 200-day simple moving average is $77.39. The stock has a market capitalization of $35.03 billion, a P/E ratio of 16.11, a price-to-earnings-growth ratio of 2.54 and a beta of 1.14.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last posted its 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 company had revenue of $4.78 billion for the quarter, compared to analyst estimates of $4.66 billion. GE HealthCare Technologies had a net margin of 11.02% and a return on equity of 24.95%. The business's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period last year, the business posted $0.90 earnings per share. Sell-side analysts anticipate that GE HealthCare Technologies Inc. will post 4.68 earnings per share for the current fiscal year.

GE HealthCare Technologies Dividend Announcement

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

GE HealthCare Technologies declared that its board has authorized a stock repurchase program on Wednesday, April 30th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

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.

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