Nuveen LLC Takes Position in GE HealthCare Technologies Inc. $GEHC

Key Points

• Nuveen LLC has acquired a new stake in GE HealthCare Technologies, purchasing 954,748 shares valued at approximately $77 million which constitutes about 0.21% of the company's stock.
• GE HealthCare Technologies reported earnings per share of $1.06 for the last quarter, exceeding estimates by $0.15, along with a revenue of $5 billion, which was above analysts' expectations.
• The company announced a $1 billion stock buyback plan and a quarterly dividend of $0.035 per share, indicating a belief that its stock is currently undervalued.

Nuveen LLC purchased a new position in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 954,748 shares of the company's stock, valued at approximately $77,058,000. Nuveen LLC owned about 0.21% of GE HealthCare Technologies as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GEHC. N.E.W. Advisory Services LLC purchased a new position in GE HealthCare Technologies during the 1st quarter worth $25,000. Bogart Wealth LLC boosted its stake 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 worth $28,000 after buying an additional 247 shares during the period. Stonebridge Financial Group LLC grew 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 worth $29,000 after buying an additional 222 shares during the last quarter. LGT Financial Advisors LLC increased its position in GE HealthCare Technologies by 46.2% in the 4th 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 acquired a new position in GE HealthCare Technologies in the 4th quarter valued at about $30,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

GE HealthCare Technologies Trading Up 0.3%

GEHC traded up $0.19 during trading on Monday, hitting $73.59. 904,433 shares of the company's stock were exchanged, compared to its average volume of 4,050,222. GE HealthCare Technologies Inc. has a 1 year low of $57.65 and a 1 year high of $94.80. The stock has a 50 day moving average price of $73.90 and a 200 day moving average price of $75.53. The firm has a market cap of $33.60 billion, a P/E ratio of 15.09, a price-to-earnings-growth ratio of 2.80 and a beta of 1.13. The company has a current ratio of 1.16, a quick ratio of 0.93 and a debt-to-equity ratio of 0.85.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm's quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.00 EPS. As a group, analysts expect that GE HealthCare Technologies Inc. will post 4.68 EPS for the current fiscal year.

GE HealthCare Technologies Dividend Announcement

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

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group decreased their price target on GE HealthCare Technologies from $94.00 to $82.00 and set a "buy" rating for the company in a report on Thursday, May 1st. BTIG Research restated a "buy" rating on shares of GE HealthCare Technologies in a report on Monday, July 14th. Evercore ISI dropped 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. Morgan Stanley reduced their target price on GE HealthCare Technologies from $78.00 to $74.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 31st. Finally, Wall Street Zen upgraded shares of GE HealthCare Technologies from a "hold" rating to a "buy" rating in a report on Saturday, May 31st. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $88.55.

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.