Pacer Advisors Inc. Sells 13,871 Shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Key Points

• Pacer Advisors Inc. reduced its holdings in GE HealthCare Technologies by 23.1%, selling 13,871 shares and bringing its total to 46,105 shares valued at $3,721,000.
• Citigroup raised its price target for GE HealthCare Technologies from $86.00 to $89.00, reflecting a positive outlook, while Goldman Sachs and others adjusted their targets downward.
• The company declared a quarterly dividend of $0.035 per share, and has also authorized a share repurchase plan of up to $1.00 billion to buy back 3.1% of its stock, indicating confidence in its valuation.

Pacer Advisors Inc. reduced its stake in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 23.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 46,105 shares of the company's stock after selling 13,871 shares during the period. Pacer Advisors Inc.'s holdings in GE HealthCare Technologies were worth $3,721,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GEHC. Bogart Wealth LLC grew its stake in shares of GE HealthCare Technologies by 260.0% in the 1st quarter. Bogart Wealth LLC now owns 342 shares of the company's stock valued at $28,000 after buying an additional 247 shares during the period. Stonebridge Financial Group LLC boosted its holdings in 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 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 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 last quarter. Accredited Wealth Management LLC purchased a new stake in shares of GE HealthCare Technologies during the fourth quarter valued at approximately $30,000. Finally, Ameriflex Group Inc. bought a new position in GE HealthCare Technologies during the fourth quarter valued at $31,000. 82.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on GEHC shares. Morgan Stanley reduced their target price on GE HealthCare Technologies from $78.00 to $74.00 and set an "equal weight" rating for the company in a report on Thursday. Citigroup lifted their target price on GE HealthCare Technologies from $89.00 to $93.00 and gave the company a "buy" rating in a report on Thursday. Evercore ISI reduced their target price on GE HealthCare Technologies from $96.00 to $85.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Wells Fargo & Company reduced their target price on GE HealthCare Technologies from $103.00 to $89.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Finally, The Goldman Sachs Group dropped their price objective on 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. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $88.55.

GE HealthCare Technologies Price Performance

GEHC stock traded down $0.99 during mid-day trading on Friday, hitting $70.33. 1,977,331 shares of the stock were exchanged, compared to its average volume of 4,087,134. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.16 and a quick ratio of 0.76. The business has a fifty day moving average price of $73.57 and a 200 day moving average price of $76.79. GE HealthCare Technologies Inc. has a 12 month low of $57.65 and a 12 month high of $94.80. The stock has a market capitalization of $32.21 billion, a price-to-earnings ratio of 14.39, a PEG ratio of 2.43 and a beta of 1.14.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $0.91 by $0.15. The firm had revenue of $5 billion for 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.00 earnings per share. On average, sell-side analysts anticipate that GE HealthCare Technologies Inc. will post 4.68 EPS for the current year.

GE HealthCare Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, July 25th will be issued a $0.035 dividend. The ex-dividend date is Friday, July 25th. This represents a $0.14 annualized dividend and a dividend yield of 0.2%. GE HealthCare Technologies's payout ratio is currently 2.95%.

GE HealthCare Technologies declared that its Board of Directors has initiated a share repurchase plan on Wednesday, April 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

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.