Mitsubishi UFJ Asset Management Co. Ltd. Boosts Position in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. has increased its stake in GE HealthCare Technologies Inc. by 12.0% to approximately $67.50 million, now owning about 0.18% of the company.
• Several large investors recently adjusted their holdings, with institutional investors owning 82.06% of GE HealthCare Technologies, highlighting strong interest in the stock.
• GE HealthCare reported a quarterly EPS of $1.06, exceeding estimates and indicating a 3.5% year-over-year revenue growth, amid forecasts for continued earnings growth.

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 12.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 836,360 shares of the company's stock after purchasing an additional 89,765 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.18% of GE HealthCare Technologies worth $67,503,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of GEHC. N.E.W. Advisory Services LLC bought a new stake in shares of GE HealthCare Technologies during the 1st quarter worth about $25,000. Bogart Wealth LLC raised its holdings in shares of GE HealthCare Technologies by 260.0% during the first quarter. Bogart Wealth LLC now owns 342 shares of the company's stock valued at $28,000 after acquiring an additional 247 shares during the period. Stonebridge Financial Group LLC raised its holdings in shares of GE HealthCare Technologies by 165.7% during the first quarter. Stonebridge Financial Group LLC now owns 356 shares of the company's stock valued at $29,000 after acquiring an additional 222 shares during the period. LGT Financial Advisors LLC raised 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 valued at $30,000 after acquiring an additional 123 shares during the period. Finally, Accredited Wealth Management LLC purchased a new position in GE HealthCare Technologies during the fourth quarter valued at approximately $30,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on GEHC. BTIG Research reissued a "buy" rating on shares of GE HealthCare Technologies in a research report on Monday, July 14th. The Goldman Sachs Group cut their target price on shares of GE HealthCare Technologies from $94.00 to $82.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Morgan Stanley dropped their price objective on shares of GE HealthCare Technologies from $78.00 to $74.00 and set an "equal weight" rating for the company in a research note on Thursday, July 31st. Wells Fargo & Company dropped their target price on shares of GE HealthCare Technologies from $103.00 to $89.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Finally, 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 report on Wednesday, April 23rd. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $88.55.

GE HealthCare Technologies Trading Up 1.4%

Shares of GE HealthCare Technologies stock traded up $1.00 on Monday, reaching $73.00. 4,130,006 shares of the company's stock were exchanged, compared to its average volume of 4,470,672. GE HealthCare Technologies Inc. has a 52 week low of $57.65 and a 52 week high of $94.80. The firm's 50-day moving average is $73.62 and its two-hundred day moving average is $76.04. 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 P/E ratio of 15.45, a price-to-earnings-growth ratio of 2.75 and a beta of 1.13.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.15. GE HealthCare Technologies had a return on equity of 23.93% and a net margin of 11.22%. The business had revenue of $5 billion for the quarter, compared to analysts' expectations of $4.96 billion. During the same period last year, the business earned $1.00 EPS. The business's revenue was up 3.5% on a year-over-year basis. Sell-side analysts predict that GE HealthCare Technologies Inc. will post 4.68 EPS for the current fiscal year.

GE HealthCare Technologies Announces Dividend

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

GE HealthCare Technologies announced that its board has authorized a share buyback program on Wednesday, April 30th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

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.