iA Global Asset Management Inc. Cuts Position in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Key Points

• iA Global Asset Management Inc. reduced its stake in GE HealthCare Technologies by 22% in the first quarter, bringing its total holdings to approximately $4.06 million.
• GE HealthCare Technologies experienced a net income margin of 11.22% and reported $5 billion in revenue for the last quarter, exceeding analysts' forecasts.
• The company has announced a share buyback plan for $1 billion, indicating confidence in its stock valuation, alongside a recent quarterly dividend of $0.035 per share.

iA Global Asset Management Inc. lessened its position in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 22.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 50,338 shares of the company's stock after selling 14,200 shares during the quarter. iA Global Asset Management Inc.'s holdings in GE HealthCare Technologies were worth $4,063,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of GEHC. N.E.W. Advisory Services LLC purchased a new stake in shares of GE HealthCare Technologies during the first quarter worth $25,000. Bogart Wealth LLC increased its holdings in GE HealthCare Technologies by 260.0% during the 1st quarter. Bogart Wealth LLC now owns 342 shares of the company's stock worth $28,000 after purchasing an additional 247 shares during the period. Stonebridge Financial Group LLC raised its position in GE HealthCare Technologies by 165.7% in the 1st quarter. Stonebridge Financial Group LLC now owns 356 shares of the company's stock valued at $29,000 after purchasing an additional 222 shares in the last quarter. LGT Financial Advisors LLC boosted its stake in shares of GE HealthCare Technologies by 46.2% in 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. Finally, Accredited Wealth Management LLC purchased a new position in shares of GE HealthCare Technologies in the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 82.06% of the company's stock.

GE HealthCare Technologies Stock Performance

GE HealthCare Technologies stock traded up $0.90 during midday trading on Friday, hitting $72.00. 2,715,607 shares of the company's stock were exchanged, compared to its average volume of 4,414,311. The firm's 50 day simple moving average is $73.62 and its 200 day simple moving average is $76.20. GE HealthCare Technologies Inc. has a 12-month low of $57.65 and a 12-month high of $94.80. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.93 and a current ratio of 1.16. The stock has a market cap of $32.87 billion, a price-to-earnings ratio of 14.75, a price-to-earnings-growth ratio of 2.72 and a beta of 1.13.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.15. The firm had revenue of $5 billion for the quarter, compared to analyst estimates of $4.96 billion. GE HealthCare Technologies had a return on equity of 23.93% and a net margin of 11.22%. The business's revenue was up 3.5% on a year-over-year basis. During the same quarter last year, the company posted $1.00 earnings per share. Equities research analysts predict that GE HealthCare Technologies Inc. will post 4.68 EPS for the current year.

GE HealthCare Technologies announced that its Board of Directors has authorized a share buyback plan on Wednesday, April 30th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its shares are undervalued.

GE HealthCare Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, July 25th will be paid a $0.035 dividend. This represents a $0.14 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Friday, July 25th. GE HealthCare Technologies's dividend payout ratio (DPR) is 2.87%.

Analysts Set New Price Targets

GEHC has been the topic of several analyst reports. UBS Group raised shares of GE HealthCare Technologies from a "sell" rating to a "neutral" rating and reduced their target price for the company from $74.00 to $73.00 in a report on Monday, May 5th. Citigroup increased their price objective on shares of GE HealthCare Technologies from $89.00 to $93.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. The Goldman Sachs Group decreased 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 report on Thursday, May 1st. Wells Fargo & Company lowered their target price on shares of GE HealthCare Technologies from $103.00 to $89.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. Finally, Wall Street Zen upgraded GE HealthCare Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, May 31st. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $88.55.

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.