JPMorgan Chase & Co. Grows Stock Holdings in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Key Points

• JPMorgan Chase & Co. has increased its stake in GE HealthCare Technologies by 49.9%, acquiring an additional 1,711,963 shares and holding approximately 1.12% of the company, valued at nearly $414.9 million.
• GE HealthCare recently reported better-than-expected quarterly earnings, with $1.06 earnings per share, exceeding analyst estimates, and revenue of $5 billion, which is up 3.5% year-over-year.
• The company declared a quarterly dividend of $0.035 per share, reflecting an annualized yield of 0.2%, and has initiated a share buyback program authorizing up to $1 billion in stock repurchases.

JPMorgan Chase & Co. increased its stake in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 49.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,140,549 shares of the company's stock after buying an additional 1,711,963 shares during the period. JPMorgan Chase & Co. owned about 1.12% of GE HealthCare Technologies worth $414,894,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. N.E.W. Advisory Services LLC purchased a new stake in shares of GE HealthCare Technologies in the first quarter valued at about $25,000. Bogart Wealth LLC lifted its holdings 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 valued at $28,000 after purchasing an additional 247 shares in the last quarter. Stonebridge Financial Group LLC lifted its holdings 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 valued at $29,000 after purchasing an additional 222 shares in the last quarter. LGT Financial Advisors LLC lifted its holdings 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 valued at $30,000 after purchasing an additional 123 shares in the last quarter. Finally, Accredited Wealth Management LLC purchased a new stake in shares of GE HealthCare Technologies in the fourth quarter valued at about $30,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

GE HealthCare Technologies Trading Up 1.4%

Shares of GEHC opened at $73.00 on Tuesday. The stock has a fifty day moving average of $73.68 and a two-hundred day moving average of $75.93. 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 capitalization of $33.33 billion, a PE ratio of 14.96, a price-to-earnings-growth ratio of 2.75 and a beta of 1.13. GE HealthCare Technologies Inc. has a fifty-two week low of $57.65 and a fifty-two week high of $94.80.

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

GE HealthCare Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Friday, July 25th will be paid a dividend of $0.035 per share. The ex-dividend date of this dividend 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 currently 2.87%.

GE HealthCare Technologies declared that its board has authorized a share buyback program on Wednesday, April 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 3.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on GEHC shares. Morgan Stanley reduced their price target on shares of GE HealthCare Technologies from $78.00 to $74.00 and set an "equal weight" rating on the stock in a report on Thursday, July 31st. 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. Evercore ISI reduced 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. Wells Fargo & Company reduced their price target 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. Finally, Piper Sandler reduced their price target on shares of GE HealthCare Technologies from $104.00 to $88.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, GE HealthCare Technologies has a consensus rating of "Moderate Buy" and an average target price 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.

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