Prudential PLC Sells 3,519 Shares of GE HealthCare Technologies Inc. $GEHC

Key Points

• Prudential PLC significantly reduced its stake in GE HealthCare Technologies by 32.8% in the first quarter, now holding 7,200 shares valued at approximately $581,000.
• GE HealthCare reported $1.06 earnings per share for its last quarter, exceeding analyst expectations and contributing to a revenue of $5 billion.
• The company has initiated a $1 billion share repurchase program, indicating that the board believes its shares may be undervalued.

Prudential PLC reduced its holdings in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 32.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,200 shares of the company's stock after selling 3,519 shares during the quarter. Prudential PLC's holdings in GE HealthCare Technologies were worth $581,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in GEHC. Capital Research Global Investors raised its holdings in shares of GE HealthCare Technologies by 4.5% in the 4th 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 in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of GE HealthCare Technologies by 49.9% in the 1st quarter. JPMorgan Chase & Co. now owns 5,140,549 shares of the company's stock worth $414,894,000 after purchasing an additional 1,711,963 shares in the last quarter. Eminence Capital LP bought a new stake in shares of GE HealthCare Technologies in the 4th quarter worth approximately $102,574,000. BNP Paribas Financial Markets bought a new stake in shares of GE HealthCare Technologies in the 4th quarter worth approximately $76,093,000. Finally, Nuveen LLC bought a new stake in shares of GE HealthCare Technologies in the 1st quarter worth approximately $77,058,000. 82.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on GEHC shares. Wells Fargo & Company dropped their target price 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. Wall Street Zen upgraded shares of GE HealthCare Technologies from a "hold" rating to a "buy" rating in a report on Saturday, May 31st. BTIG Research restated a "buy" rating on shares of GE HealthCare Technologies in a report on Monday, July 14th. The Goldman Sachs Group cut their price target on shares of GE HealthCare Technologies from $94.00 to $82.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Finally, Evercore ISI cut their price target 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. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $88.55.

GE HealthCare Technologies Stock Down 1.0%

GEHC traded down $0.72 on Thursday, reaching $73.15. 2,322,833 shares of the company traded hands, compared to its average volume of 4,050,559. The stock's 50 day moving average price is $73.95 and its 200-day moving average price is $75.30. GE HealthCare Technologies Inc. has a 52-week low of $57.65 and a 52-week high of $94.80. The company has a market cap of $33.40 billion, a price-to-earnings ratio of 14.99, a PEG ratio of 2.82 and a beta of 1.13. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.16 and a quick ratio of 0.93.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $1.06 EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $5 billion for the quarter, compared to the consensus estimate of $4.96 billion. During the same period in the previous year, the firm posted $1.00 earnings per share. The firm's revenue was up 3.5% on a year-over-year basis. GE HealthCare Technologies has set its FY 2025 guidance at 4.430-4.630 EPS. On average, sell-side analysts expect that GE HealthCare Technologies Inc. will post 4.68 EPS for the current fiscal year.

GE HealthCare Technologies declared that its Board of Directors has approved a share buyback plan on Wednesday, April 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

GE HealthCare Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, July 25th were given a dividend of $0.035 per share. The ex-dividend date of this dividend was Friday, July 25th. This represents a $0.14 dividend on an annualized basis and a yield of 0.2%. GE HealthCare Technologies's payout ratio is presently 2.87%.

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.