LPL Financial LLC Has $37 Million Stake in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Key Points

• LPL Financial LLC increased its stake in GE HealthCare Technologies by 3.1%, acquiring an additional 13,886 shares, bringing its total ownership to approximately $37 million.
• GE HealthCare Technologies reported a quarterly EPS of $1.06, exceeding estimates, with revenues of $5 billion, which was also above consensus expectations.
• The company has authorized a $1 billion share repurchase plan and announced a quarterly dividend of $0.035 per share, indicating confidence in its stock value.

LPL Financial LLC boosted its position in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 3.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 458,453 shares of the company's stock after purchasing an additional 13,886 shares during the period. LPL Financial LLC owned about 0.10% of GE HealthCare Technologies worth $37,002,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of GEHC. LGT Financial Advisors LLC increased its holdings in shares of GE HealthCare Technologies by 46.2% during the fourth quarter. LGT Financial Advisors LLC now owns 389 shares of the company's stock worth $30,000 after purchasing an additional 123 shares during the period. Integrated Wealth Concepts LLC increased its holdings in shares of GE HealthCare Technologies by 0.7% during the fourth quarter. Integrated Wealth Concepts LLC now owns 17,173 shares of the company's stock worth $1,343,000 after purchasing an additional 126 shares during the period. Graypoint LLC increased its holdings in shares of GE HealthCare Technologies by 5.7% during the first quarter. Graypoint LLC now owns 3,028 shares of the company's stock worth $244,000 after purchasing an additional 162 shares during the period. Ferguson Wellman Capital Management Inc. increased its holdings in shares of GE HealthCare Technologies by 3.2% during the first quarter. Ferguson Wellman Capital Management Inc. now owns 5,336 shares of the company's stock worth $431,000 after purchasing an additional 166 shares during the period. Finally, Spire Wealth Management increased its holdings in shares of GE HealthCare Technologies by 5.2% during the first quarter. Spire Wealth Management now owns 3,367 shares of the company's stock worth $272,000 after purchasing an additional 166 shares during the period. Institutional investors own 82.06% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GEHC. Wells Fargo & Company decreased their price objective 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. Morgan Stanley decreased their price objective on shares of GE HealthCare Technologies from $78.00 to $74.00 and set an "equal weight" rating on the stock in a research note on Thursday. BTIG Research reissued a "buy" rating on shares of GE HealthCare Technologies in a research note on Monday, July 14th. Piper Sandler decreased their price objective 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. Finally, Wall Street Zen raised shares of GE HealthCare Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, May 31st. Three investment 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 stock presently has an average rating of "Moderate Buy" and a consensus price target of $88.55.

GE HealthCare Technologies Price Performance

Shares of NASDAQ GEHC traded down $1.47 during midday trading on Friday, reaching $69.85. 5,053,870 shares of the company were exchanged, compared to its average volume of 4,213,391. The stock has a market cap of $31.89 billion, a P/E ratio of 14.31, a PEG ratio of 2.67 and a beta of 1.13. The stock's 50-day moving average price is $73.59 and its 200-day moving average price is $76.58. The company has a quick ratio of 0.93, a current ratio of 1.16 and a debt-to-equity ratio of 0.85. GE HealthCare Technologies Inc. has a one year low of $57.65 and a one year high of $94.80.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.06 EPS 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 analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.00 earnings per share. On average, sell-side analysts anticipate that GE HealthCare Technologies Inc. will post 4.68 earnings per share for the current fiscal year.

GE HealthCare Technologies Dividend Announcement

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

GE HealthCare Technologies declared that its board has initiated a stock 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 buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

GE HealthCare Technologies Company 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.