Invesco Ltd. Lowers Stock Position in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Key Points

• Invesco Ltd. has reduced its stake in GE HealthCare Technologies by 1.1%, now holding approximately 7.98 million shares, valued at around $643.9 million.
• GE HealthCare Technologies reported a quarterly earnings per share of $1.06, exceeding analyst expectations of $0.91, with revenue of $5 billion, representing a 3.5% year-over-year increase.
• The company has initiated a $1 billion share repurchase plan, indicating management's belief that its stock may be undervalued.

Invesco Ltd. cut its stake in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 1.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 7,978,041 shares of the company's stock after selling 89,886 shares during the period. Invesco Ltd. owned 1.74% of GE HealthCare Technologies worth $643,908,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in GEHC. Susquehanna Fundamental Investments LLC acquired a new position in shares of GE HealthCare Technologies during the 4th quarter valued at $20,891,000. Breakwater Capital Group acquired a new position in shares of GE HealthCare Technologies during the 1st quarter valued at $210,000. Bessemer Group Inc. lifted its holdings in shares of GE HealthCare Technologies by 24.3% during the 1st quarter. Bessemer Group Inc. now owns 6,671 shares of the company's stock valued at $538,000 after acquiring an additional 1,306 shares in the last quarter. Flagship Harbor Advisors LLC lifted its holdings in shares of GE HealthCare Technologies by 17.4% during the 1st quarter. Flagship Harbor Advisors LLC now owns 3,443 shares of the company's stock valued at $278,000 after acquiring an additional 511 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in GE HealthCare Technologies by 23.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 50,859 shares of the company's stock worth $4,105,000 after buying an additional 9,769 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

GE HealthCare Technologies Stock Up 1.3%

Shares of NASDAQ:GEHC opened at $72.00 on Friday. 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 company has a market cap of $32.87 billion, a PE ratio of 14.75, a price-to-earnings-growth ratio of 2.75 and a beta of 1.13. GE HealthCare Technologies Inc. has a 52 week low of $57.65 and a 52 week high of $94.80. The firm has a 50 day simple moving average of $73.62 and a 200 day simple moving average of $76.12.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate 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 net margin of 11.22% and a return on equity of 23.93%. The company's revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.00 EPS. As a group, research analysts expect that GE HealthCare Technologies Inc. will post 4.68 earnings per share for the current year.

GE HealthCare Technologies declared that its board has initiated 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 repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

GE HealthCare Technologies Dividend Announcement

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

Analysts Set New Price Targets

GEHC has been the topic of a number of recent analyst reports. UBS Group upgraded shares of GE HealthCare Technologies from a "sell" rating to a "neutral" rating and cut their price objective for the stock from $74.00 to $73.00 in a report on Monday, May 5th. Evercore ISI cut their target price on shares of 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. Piper Sandler cut their target price on shares of GE HealthCare Technologies from $104.00 to $88.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Wells Fargo & Company cut 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 research note on Thursday, May 1st. Finally, The Goldman Sachs Group cut their target price on shares of GE HealthCare Technologies from $94.00 to $82.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average 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.

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