Hsbc Holdings PLC Sells 58,609 Shares of GE HealthCare Technologies Inc. $GEHC

Key Points

• Hsbc Holdings PLC reduced its stake in GE HealthCare Technologies by 6.6%, owning 823,671 shares worth approximately $66.42 million at the end of the last quarter.
• GE HealthCare Technologies reported earnings of $1.06 EPS, exceeding expectations of $0.91, with a revenue of $5 billion for the quarter, reflecting a 3.5% year-over-year increase.
• The company announced a $1 billion stock buyback plan, indicating the board's belief that the stock is undervalued, and recently declared a quarterly dividend of $0.035 per share.

Hsbc Holdings PLC trimmed its position in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 6.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 823,671 shares of the company's stock after selling 58,609 shares during the period. Hsbc Holdings PLC owned 0.18% of GE HealthCare Technologies worth $66,420,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. N.E.W. Advisory Services LLC purchased a new stake in GE HealthCare Technologies in the first quarter worth $25,000. Bogart Wealth LLC grew its stake in shares of GE HealthCare Technologies by 260.0% in the first quarter. Bogart Wealth LLC now owns 342 shares of the company's stock worth $28,000 after acquiring an additional 247 shares during the last quarter. Stonebridge Financial Group LLC grew its stake in shares of GE HealthCare Technologies by 165.7% in the first quarter. Stonebridge Financial Group LLC now owns 356 shares of the company's stock worth $29,000 after acquiring an additional 222 shares during the last quarter. LGT Financial Advisors LLC grew its stake in shares of GE HealthCare Technologies by 46.2% in the fourth quarter. LGT Financial Advisors LLC now owns 389 shares of the company's stock worth $30,000 after acquiring an additional 123 shares during the last quarter. Finally, Accredited Wealth Management LLC purchased a new stake in shares of GE HealthCare Technologies in the fourth quarter worth $30,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

GE HealthCare Technologies Stock Performance

Shares of NASDAQ:GEHC traded down $0.63 during midday trading on Monday, reaching $74.59. 1,988,477 shares of the company's stock traded hands, compared to its average volume of 4,016,356. The company has a market cap of $34.05 billion, a price-to-earnings ratio of 15.28, a P/E/G ratio of 2.87 and a beta of 1.13. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.93 and a current ratio of 1.16. GE HealthCare Technologies Inc. has a one year low of $57.65 and a one year high of $94.80. The stock has a 50 day moving average of $74.00 and a 200 day moving average of $75.04.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.15. The firm had revenue of $5 billion for the quarter, compared to the consensus estimate of $4.96 billion. GE HealthCare Technologies had a return on equity of 23.93% and a net margin of 11.22%.The company's quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.00 earnings per share. GE HealthCare Technologies has set its FY 2025 guidance at 4.430-4.630 EPS. As a group, equities research analysts anticipate that GE HealthCare Technologies Inc. will post 4.68 EPS for the current fiscal year.

GE HealthCare Technologies declared that its board has authorized a share repurchase plan on Wednesday, April 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

GE HealthCare Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, July 25th were issued 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 was Friday, July 25th. GE HealthCare Technologies's dividend payout ratio is presently 2.87%.

Analyst Upgrades and Downgrades

GEHC has been the topic of a number of recent research reports. Evercore ISI cut their target price on GE HealthCare Technologies from $96.00 to $85.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. UBS Group raised GE HealthCare Technologies from a "sell" rating to a "neutral" rating and cut their target price for the stock from $74.00 to $73.00 in a research note on Monday, May 5th. Morgan Stanley cut their target price on GE HealthCare Technologies from $78.00 to $74.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 31st. BTIG Research reissued a "buy" rating on shares of GE HealthCare Technologies in a research note on Monday, July 14th. Finally, Citigroup increased their target price on GE HealthCare Technologies from $89.00 to $93.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $88.55.

GE HealthCare Technologies 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.