Jefferies Financial Group Inc. Buys 24,623 Shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Key Points

• Jefferies Financial Group Inc. increased its stake in GE HealthCare Technologies Inc. by 17.1%, now holding 168,296 shares valued at approximately $13.58 million.
• GE HealthCare Technologies reported a quarterly EPS of $1.06, exceeding estimates, with a revenue of $5 billion for the quarter, a 3.5% increase year-over-year.
• The company announced a $1 billion share buyback program, indicating management's belief that the stock is undervalued.

Jefferies Financial Group Inc. lifted its position in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 17.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 168,296 shares of the company's stock after purchasing an additional 24,623 shares during the period. Jefferies Financial Group Inc.'s holdings in GE HealthCare Technologies were worth $13,583,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Capital Research Global Investors lifted its position in shares of GE HealthCare Technologies by 4.5% during the fourth quarter. Capital Research Global Investors now owns 60,832,004 shares of the company's stock valued at $4,755,851,000 after purchasing an additional 2,608,066 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of GE HealthCare Technologies by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 11,320,576 shares of the company's stock worth $882,777,000 after acquiring an additional 342,819 shares in the last quarter. Invesco Ltd. boosted its stake in GE HealthCare Technologies by 18.4% during the 4th quarter. Invesco Ltd. now owns 8,067,927 shares of the company's stock valued at $630,751,000 after purchasing an additional 1,252,613 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of GE HealthCare Technologies by 14.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,785,740 shares of the company's stock worth $374,162,000 after acquiring an additional 596,486 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of GE HealthCare Technologies by 13.6% during the 4th quarter. Northern Trust Corp now owns 4,631,875 shares of the company's stock worth $362,120,000 after acquiring an additional 555,816 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

GE HealthCare Technologies Trading Up 0.1%

GE HealthCare Technologies stock traded up $0.05 during mid-day trading on Tuesday, hitting $70.69. The stock had a trading volume of 2,229,755 shares, compared to its average volume of 4,090,196. The company has a current ratio of 1.16, a quick ratio of 0.93 and a debt-to-equity ratio of 0.85. GE HealthCare Technologies Inc. has a 12 month low of $57.65 and a 12 month high of $94.80. The stock has a market capitalization of $32.27 billion, a PE ratio of 14.49, a P/E/G ratio of 2.67 and a beta of 1.13. The stock has a 50-day simple moving average of $73.62 and a two-hundred day simple moving average of $76.48.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last announced its 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 business 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%. GE HealthCare Technologies's revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.00 EPS. As a group, sell-side analysts forecast that GE HealthCare Technologies Inc. will post 4.68 EPS for the current year.

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

GE HealthCare Technologies Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. The Goldman Sachs Group reduced 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. Wells Fargo & Company decreased their price target on shares of GE HealthCare Technologies from $103.00 to $89.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Evercore ISI dropped 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 research report on Thursday, May 1st. UBS Group upgraded shares of GE HealthCare Technologies from a "sell" rating to a "neutral" rating and dropped their target price for the company from $74.00 to $73.00 in a research report on Monday, May 5th. Finally, BTIG Research reaffirmed a "buy" rating on shares of GE HealthCare Technologies in a research note on Monday, July 14th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.