Mackenzie Financial Corp Buys 4,867 Shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Key Points

• Mackenzie Financial Corp has increased its stake in GE HealthCare Technologies by 6.0%, bringing its total to 85,595 shares valued at approximately $6.91 million.
• Analysts have a consensus rating of "Moderate Buy" for GE HealthCare Technologies, with a target price averaging $88.55, though several firms have adjusted their target prices downwards.
• GE HealthCare Technologies reported strong quarterly earnings of $1.06 per share, exceeding estimates, and has initiated a $1 billion share buyback program.

Mackenzie Financial Corp increased its position in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 6.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,595 shares of the company's stock after purchasing an additional 4,867 shares during the period. Mackenzie Financial Corp's holdings in GE HealthCare Technologies were worth $6,908,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of GEHC. Bogart Wealth LLC increased its position in shares of GE HealthCare Technologies by 260.0% during the 1st quarter. Bogart Wealth LLC now owns 342 shares of the company's stock valued at $28,000 after purchasing an additional 247 shares during the last quarter. Stonebridge Financial Group LLC increased its position in shares of GE HealthCare Technologies by 165.7% during the 1st quarter. Stonebridge Financial Group LLC now owns 356 shares of the company's stock valued at $29,000 after purchasing an additional 222 shares during the last quarter. LGT Financial Advisors LLC increased its position in shares of GE HealthCare Technologies by 46.2% during the 4th quarter. LGT Financial Advisors LLC now owns 389 shares of the company's stock valued at $30,000 after purchasing an additional 123 shares during the last quarter. Accredited Wealth Management LLC purchased a new stake in shares of GE HealthCare Technologies during the 4th quarter valued at about $30,000. Finally, Ameriflex Group Inc. purchased a new stake in shares of GE HealthCare Technologies during the 4th quarter valued at about $31,000. Institutional investors own 82.06% of the company's stock.

GE HealthCare Technologies Price Performance

GEHC traded down $0.08 during trading on Tuesday, reaching $70.56. 2,042,122 shares of the company traded hands, compared to its average volume of 4,089,036. 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 $32.21 billion, a P/E ratio of 14.48, a PEG ratio of 2.67 and a beta of 1.13. GE HealthCare Technologies Inc. has a 12-month low of $57.65 and a 12-month high of $94.80. The firm has a fifty day simple moving average of $73.62 and a 200 day simple moving average of $76.48.

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

GE HealthCare Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, July 25th will be given 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 dividend payout ratio is currently 2.87%.

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

Wall Street Analysts Forecast Growth

GEHC has been the subject of several analyst reports. Morgan Stanley reduced their target price on shares of GE HealthCare Technologies from $78.00 to $74.00 and set an "equal weight" rating for the company in a report on Thursday, July 31st. BTIG Research reissued a "buy" rating on shares of GE HealthCare Technologies in a report on Monday, July 14th. Evercore ISI reduced their target price on shares of GE HealthCare Technologies from $96.00 to $85.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. UBS Group raised shares of GE HealthCare Technologies from a "sell" rating to a "neutral" rating and reduced their target price for the stock from $74.00 to $73.00 in a report on Monday, May 5th. Finally, Piper Sandler reduced their target price on shares of GE HealthCare Technologies from $104.00 to $88.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, GE HealthCare Technologies currently has a consensus rating of "Moderate Buy" and a consensus price target 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.