Montecito Bank & Trust Takes Position in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Montecito Bank & Trust acquired a new position in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 3,520 shares of the company's stock, valued at approximately $284,000.

A number of other large investors have also recently made changes to their positions in the company. Asset Management One Co. Ltd. grew its holdings in GE HealthCare Technologies by 5.9% during the 4th quarter. Asset Management One Co. Ltd. now owns 174,412 shares of the company's stock worth $13,867,000 after acquiring an additional 9,662 shares in the last quarter. Valeo Financial Advisors LLC grew its stake in shares of GE HealthCare Technologies by 7.6% during the fourth quarter. Valeo Financial Advisors LLC now owns 7,668 shares of the company's stock worth $599,000 after purchasing an additional 544 shares in the last quarter. New Mexico Educational Retirement Board increased its holdings in GE HealthCare Technologies by 4.8% in the fourth quarter. New Mexico Educational Retirement Board now owns 21,792 shares of the company's stock valued at $1,704,000 after buying an additional 1,000 shares during the last quarter. Rhumbline Advisers raised its stake in GE HealthCare Technologies by 4.0% in the fourth quarter. Rhumbline Advisers now owns 753,882 shares of the company's stock valued at $58,938,000 after buying an additional 29,092 shares in the last quarter. Finally, Principal Securities Inc. lifted its holdings in GE HealthCare Technologies by 681.1% during the 4th quarter. Principal Securities Inc. now owns 5,983 shares of the company's stock worth $468,000 after buying an additional 5,217 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on GEHC shares. The Goldman Sachs Group dropped their price objective on GE HealthCare Technologies from $94.00 to $82.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Citigroup dropped their price target on shares of GE HealthCare Technologies from $105.00 to $86.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. BTIG Research set a $95.00 price objective on shares of GE HealthCare Technologies and gave the stock a "buy" rating in a research report on Monday, April 14th. Piper Sandler lowered 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. Finally, Wall Street Zen upgraded 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, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $88.27.

GE HealthCare Technologies Price Performance

Shares of NASDAQ:GEHC opened at $72.86 on Tuesday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.83 and a current ratio of 1.04. GE HealthCare Technologies Inc. has a one year low of $57.65 and a one year high of $94.80. The company has a 50-day simple moving average of $68.95 and a 200-day simple moving average of $78.21. The stock has a market capitalization of $33.36 billion, a price-to-earnings ratio of 16.83, a PEG ratio of 3.19 and a beta of 1.13.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.91 by $0.10. GE HealthCare Technologies had a return on equity of 25.74% and a net margin of 10.13%. The firm had revenue of $4.78 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the prior year, the business earned $0.90 EPS. The firm's revenue was up 2.7% compared to the same quarter last year. On average, analysts predict that GE HealthCare Technologies Inc. will post 4.68 EPS for the current year.

GE HealthCare Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Friday, April 25th were issued a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a dividend yield of 0.19%. The ex-dividend date was Friday, April 25th. GE HealthCare Technologies's dividend payout ratio is presently 2.95%.

GE HealthCare Technologies declared that its Board of Directors 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 repurchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board 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.

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