GE HealthCare Technologies Inc. (NASDAQ:GEHC) Shares Sold by Cynosure Group LLC

Key Points

• Cynosure Group LLC has reduced its stake in GE HealthCare Technologies by 36.2%, selling 11,727 shares and now owning 20,645 shares worth approximately $1.67 million.
• Recent analyst reports include an increase in price targets from Citigroup, raising their target from $89.00 to $93.00, with several firms issuing upgrades and downgrades in ratings.
• GE HealthCare Technologies reported $1.06 earnings per share, surpassing estimates, and declared a $0.035 quarterly dividend, indicating a 2.87% dividend payout ratio.

Cynosure Group LLC cut its holdings in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 36.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,645 shares of the company's stock after selling 11,727 shares during the quarter. Cynosure Group LLC's holdings in GE HealthCare Technologies were worth $1,666,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Capital Research Global Investors lifted its stake in GE HealthCare Technologies by 4.5% during the 4th quarter. Capital Research Global Investors now owns 60,832,004 shares of the company's stock valued at $4,755,851,000 after acquiring an additional 2,608,066 shares during the period. Eminence Capital LP bought a new stake in shares of GE HealthCare Technologies during the 4th quarter valued at $102,574,000. BNP Paribas Financial Markets bought a new position in shares of GE HealthCare Technologies during the 4th quarter valued at approximately $76,093,000. GAMMA Investing LLC raised its position in shares of GE HealthCare Technologies by 9,524.6% during the 1st quarter. GAMMA Investing LLC now owns 771,507 shares of the company's stock valued at $62,268,000 after purchasing an additional 763,491 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its stake in shares of GE HealthCare Technologies by 41.6% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 2,451,179 shares of the company's stock worth $191,633,000 after acquiring an additional 719,866 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on GEHC shares. BTIG Research restated a "buy" rating on shares of GE HealthCare Technologies in a research report on Monday, July 14th. UBS Group raised GE HealthCare Technologies from a "sell" rating to a "neutral" rating and dropped their price objective for the stock from $74.00 to $73.00 in a research note on Monday, May 5th. Evercore ISI reduced their price target on GE HealthCare Technologies from $96.00 to $85.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. The Goldman Sachs Group reduced their price objective on shares of GE HealthCare Technologies from $94.00 to $82.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Finally, Wall Street Zen raised GE HealthCare Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, May 31st. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, GE HealthCare Technologies has an average rating of "Moderate Buy" and an average target price of $88.55.

GE HealthCare Technologies Stock Performance

NASDAQ:GEHC traded up $0.69 during trading hours on Wednesday, reaching $75.10. 1,441,763 shares of the company's stock were exchanged, compared to its average volume of 4,073,502. GE HealthCare Technologies Inc. has a 1-year low of $57.65 and a 1-year 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. The firm has a market capitalization of $34.29 billion, a price-to-earnings ratio of 15.38, a P/E/G ratio of 2.79 and a beta of 1.13. The company has a 50-day moving average of $73.74 and a 200 day moving average of $75.92.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last released its 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 net margin of 11.22% and a return on equity of 23.93%. The company had revenue of $5 billion during the quarter, compared to analysts' expectations of $4.96 billion. During the same quarter last year, the business earned $1.00 EPS. The business's revenue was up 3.5% on a year-over-year basis. Research analysts anticipate that GE HealthCare Technologies Inc. will post 4.68 EPS for the current 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 dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis 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 is currently 2.87%.

GE HealthCare Technologies declared that its board has authorized a stock 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 reacquire 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.