Nan Fung Trinity HK Ltd. Sells 470,350 Shares of GE HealthCare Technologies Inc. $GEHC

Key Points

• Nan Fung Trinity HK cut its GE HealthCare stake by 51%, selling 470,350 shares in the third quarter. It retained 451,375 shares, valued at about $29.5 million.
• GE HealthCare reported quarterly earnings of $1.34 per share, beating estimates of $1.20, while revenue rose 7.2% year over year to $5.51 billion.
• The company raised its quarterly dividend to $0.04 per share. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $82.17.

Nan Fung Trinity HK Ltd. cut its stake in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 51.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 451,375 shares of the company's stock after selling 470,350 shares during the period. GE HealthCare Technologies comprises approximately 2.8% of Nan Fung Trinity HK Ltd.'s portfolio, making the stock its 13th largest position. Nan Fung Trinity HK Ltd. owned about 0.10% of GE HealthCare Technologies worth $29,506,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in GEHC. Trian Fund Management L.P. lifted its stake in GE HealthCare Technologies by 76,194.4% during the second quarter. Trian Fund Management L.P. now owns 3,085,344 shares of the company's stock worth $197,493,000 after purchasing an additional 3,081,300 shares during the last quarter. Mizuho Markets Cayman LP boosted its holdings in shares of GE HealthCare Technologies by 173.2% in the 1st quarter. Mizuho Markets Cayman LP now owns 3,068,500 shares of the company's stock worth $218,416,000 after purchasing an additional 1,945,500 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of GE HealthCare Technologies by 13.2% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 13,455,814 shares of the company's stock valued at $861,307,000 after purchasing an additional 1,571,226 shares during the last quarter. Amundi increased its position in shares of GE HealthCare Technologies by 129.9% during the 2nd quarter. Amundi now owns 2,500,094 shares of the company's stock valued at $160,031,000 after purchasing an additional 1,412,453 shares during the last quarter. Finally, Perpetual Ltd increased its position in shares of GE HealthCare Technologies by 107.4% during the 3rd quarter. Perpetual Ltd now owns 2,712,232 shares of the company's stock valued at $177,299,000 after purchasing an additional 1,404,683 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

GE HealthCare Technologies Trading Down 0.9%

Shares of GEHC stock opened at $81.84 on Friday. The stock has a market capitalization of $37.00 billion, a PE ratio of 17.27, a P/E/G ratio of 2.08 and a beta of 0.65. GE HealthCare Technologies Inc. has a 1-year low of $58.75 and a 1-year high of $89.77. The business has a 50-day moving average of $70.29 and a 200 day moving average of $70.10. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.30 and a quick ratio of 1.01.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $1.34 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.14. The business had revenue of $5.51 billion for the quarter, compared to analysts' expectations of $5.35 billion. GE HealthCare Technologies had a return on equity of 20.45% and a net margin of 9.96%. The business's quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.07 EPS. As a group, sell-side analysts anticipate that GE HealthCare Technologies Inc. will post 5.02 earnings per share for the current year.

GE HealthCare Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 23rd will be paid a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.2%. This is a boost from GE HealthCare Technologies's previous quarterly dividend of $0.0350. The ex-dividend date of this dividend is Friday, October 23rd. GE HealthCare Technologies's payout ratio is currently 3.38%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on GEHC shares. Wall Street Zen upgraded GE HealthCare Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, October 31st. Needham & Company LLC reaffirmed a "buy" rating and issued a $93.00 target price on shares of GE HealthCare Technologies in a research note on Monday, October 5th. Evercore reiterated an "outperform" rating and set a $84.00 price target on shares of GE HealthCare Technologies in a research report on Thursday, July 30th. Piper Sandler reiterated a "buy" rating on shares of GE HealthCare Technologies in a research report on Wednesday, July 29th. Finally, Oppenheimer reissued an "outperform" rating on shares of GE HealthCare Technologies in a research note on Thursday, July 30th. Twelve equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $82.17.

GE HealthCare Technologies Profile

GE HealthCare Technologies Inc. is a global medical technology company that develops and provides equipment, software and services for healthcare providers. Its offerings support medical imaging, diagnosis, patient monitoring and treatment across a range of clinical settings. The company's products include magnetic resonance imaging, computed tomography, molecular imaging and ultrasound systems, as well as patient monitoring and care solutions. Its Pharmaceutical Diagnostics business supplies contrast agents and radiopharmaceuticals used in medical imaging.

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