Korea Investment CORP Lowers Stock Position in GE HealthCare Technologies Inc. $GEHC

Key Points

• Korea Investment CORP cut its GE HealthCare stake by 60.7% in the second quarter, selling 130,014 shares and retaining 84,222 shares valued at approximately $5.39 million. Institutional investors collectively own 82.06% of the company.
• GE HealthCare reported quarterly earnings of $1.13 per share, exceeding estimates of $1.04, while revenue rose 5.8% year over year to $5.29 billion. The company also pays a quarterly dividend of $0.035 per share.
• Analyst sentiment remains mixed, with 10 Buy ratings and 11 Hold ratings, producing an overall “Hold” consensus and an average price target of $77.73.

Korea Investment CORP lessened its stake in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 60.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,222 shares of the company's stock after selling 130,014 shares during the period. Korea Investment CORP's holdings in GE HealthCare Technologies were worth $5,391,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in GE HealthCare Technologies by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 52,275,767 shares of the company's stock worth $4,287,658,000 after acquiring an additional 267,058 shares in the last quarter. Auto Owners Insurance Co raised its position in GE HealthCare Technologies by 9,525.4% during the fourth quarter. Auto Owners Insurance Co now owns 33,982,610 shares of the company's stock valued at $278,725,000 after purchasing an additional 33,629,559 shares in the last quarter. Dodge & Cox lifted its stake in GE HealthCare Technologies by 13.4% during the fourth quarter. Dodge & Cox now owns 31,211,229 shares of the company's stock worth $2,559,945,000 after purchasing an additional 3,693,918 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of GE HealthCare Technologies by 1.6% in the 4th quarter. Capital Research Global Investors now owns 25,362,352 shares of the company's stock worth $2,080,248,000 after purchasing an additional 389,796 shares in the last quarter. Finally, State Street Corp boosted its holdings in shares of GE HealthCare Technologies by 2.0% in the 4th quarter. State Street Corp now owns 20,049,677 shares of the company's stock worth $1,644,475,000 after purchasing an additional 401,932 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

GE HealthCare Technologies Stock Performance

Shares of NASDAQ:GEHC opened at $74.19 on Tuesday. The company has a market cap of $33.51 billion, a price-to-earnings ratio of 17.02, a price-to-earnings-growth ratio of 2.16 and a beta of 0.69. The company has a 50-day moving average price of $66.80 and a 200-day moving average price of $69.49. The company has a current ratio of 1.26, a quick ratio of 0.97 and a debt-to-equity ratio of 0.92. GE HealthCare Technologies Inc. has a 12 month low of $58.75 and a 12 month high of $89.77.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.09. GE HealthCare Technologies had a return on equity of 20.12% and a net margin of 9.33%.The company had revenue of $5.29 billion for the quarter, compared to analysts' expectations of $5.26 billion. During the same period last year, the firm earned $1.06 earnings per share. GE HealthCare Technologies's quarterly revenue was up 5.8% on a year-over-year basis. As a group, equities analysts anticipate that GE HealthCare Technologies Inc. will post 4.93 EPS for the current year.

GE HealthCare Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 24th were issued a $0.035 dividend. The ex-dividend date was Friday, July 24th. This represents a $0.14 annualized dividend and a yield of 0.2%. GE HealthCare Technologies's dividend payout ratio (DPR) is 3.21%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on GEHC shares. JPMorgan Chase & Co. decreased their price objective on GE HealthCare Technologies from $80.00 to $65.00 and set a "neutral" rating on the stock in a report on Thursday, April 30th. Stifel Nicolaus set a $80.00 target price on GE HealthCare Technologies in a research note on Wednesday, April 29th. The Goldman Sachs Group reissued a "neutral" rating on shares of GE HealthCare Technologies in a research note on Monday, June 8th. BNP Paribas Exane lowered their price objective on shares of GE HealthCare Technologies from $95.00 to $88.00 in a report on Friday, May 1st. Finally, Evercore reaffirmed an "outperform" rating and issued a $84.00 price objective on shares of GE HealthCare Technologies in a research note on Thursday, July 30th. Ten investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $77.73.

GE HealthCare Technologies Company Profile

GE HealthCare Technologies NASDAQ: GEHC is a global medical technology and diagnostics company that develops, manufactures and markets a broad range of products and services for healthcare providers. Its portfolio centers on diagnostic imaging systems, including MRI, CT, PET and X-ray modalities, as well as ultrasound equipment. The company also supplies patient monitoring and anesthesia delivery systems, interventional and surgical imaging solutions, and molecular imaging technologies used in both clinical care and research settings.

In addition to hardware, GE HealthCare offers software, analytics and lifecycle services aimed at improving clinical workflows and equipment uptime.

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