Wealthfront Advisers LLC Increases Stock Position in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Wealthfront Advisers LLC increased its position in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 21.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,121 shares of the company's stock after buying an additional 4,998 shares during the period. Wealthfront Advisers LLC's holdings in GE HealthCare Technologies were worth $2,270,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Norges Bank bought a new stake in GE HealthCare Technologies in the fourth quarter valued at $488,531,000. Capital Research Global Investors increased its stake in GE HealthCare Technologies by 4.5% in the fourth quarter. Capital Research Global Investors now owns 60,832,004 shares of the company's stock valued at $4,755,851,000 after purchasing an additional 2,608,066 shares in the last quarter. Vanguard Group Inc. increased its stake in GE HealthCare Technologies by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 52,537,446 shares of the company's stock valued at $4,107,378,000 after purchasing an additional 2,155,429 shares in the last quarter. Eminence Capital LP bought a new stake in GE HealthCare Technologies in the fourth quarter valued at $102,574,000. Finally, Invesco Ltd. increased its stake in GE HealthCare Technologies by 18.4% in the fourth quarter. Invesco Ltd. now owns 8,067,927 shares of the company's stock valued at $630,751,000 after purchasing an additional 1,252,613 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. UBS Group upgraded shares of GE HealthCare Technologies from a "sell" rating to a "neutral" rating and reduced their price objective for the company from $74.00 to $73.00 in a report on Monday, May 5th. Evercore ISI reduced their price objective on shares of GE HealthCare Technologies from $96.00 to $85.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. BTIG Research reiterated a "buy" rating on shares of GE HealthCare Technologies in a report on Monday, July 14th. Morgan Stanley reduced their price objective on shares of GE HealthCare Technologies from $86.00 to $78.00 and set an "equal weight" rating for the company in a report on Tuesday, May 6th. Finally, Wells Fargo & Company cut their price target on shares of GE HealthCare Technologies from $103.00 to $89.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $88.55.

GE HealthCare Technologies Stock Performance

GEHC traded down $0.28 during midday trading on Friday, reaching $75.96. The company had a trading volume of 3,383,572 shares, compared to its average volume of 3,560,874. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.76 and a current ratio of 0.98. The stock has a market cap of $34.78 billion, a PE ratio of 15.99, a P/E/G ratio of 2.56 and a beta of 1.14. GE HealthCare Technologies Inc. has a 12-month low of $57.65 and a 12-month high of $94.80. The business has a 50-day moving average price of $72.98 and a two-hundred day moving average price of $77.22.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $1.01 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.10. The firm had revenue of $4.78 billion for the quarter, compared to analysts' expectations of $4.66 billion. GE HealthCare Technologies had a net margin of 11.02% and a return on equity of 24.95%. The company's quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.90 earnings per share. On average, sell-side analysts expect that GE HealthCare Technologies Inc. will post 4.68 earnings per share for the current fiscal year.

GE HealthCare Technologies Dividend Announcement

The business also recently announced 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. This represents a $0.14 dividend on an annualized basis and a yield of 0.18%. The ex-dividend date of this dividend is Friday, July 25th. GE HealthCare Technologies's payout ratio is 2.95%.

GE HealthCare Technologies announced that its Board of Directors has approved a share buyback plan on Wednesday, April 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 3.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is 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.