Perpetual Ltd Acquires 1,404,683 Shares of GE HealthCare Technologies Inc. $GEHC

Key Points

• Perpetual Ltd more than doubled its GE HealthCare stake in the third quarter, purchasing 1.4 million additional shares for a total of 2.71 million shares valued at approximately $177.3 million.
• Analyst sentiment is broadly positive, with GEHC receiving a “Moderate Buy” consensus rating and an average price target of $78.35; Barclays recently upgraded the stock to “strong buy.”
• GE HealthCare exceeded quarterly earnings and revenue estimates, while revenue rose 5.8% year over year. The company also increased its quarterly dividend to $0.04 per share.

Perpetual Ltd increased its holdings in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 107.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,712,232 shares of the company's stock after purchasing an additional 1,404,683 shares during the quarter. GE HealthCare Technologies accounts for about 2.8% of Perpetual Ltd's holdings, making the stock its 8th largest holding. Perpetual Ltd owned 0.60% of GE HealthCare Technologies worth $177,299,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Wedmont Private Capital grew its stake in GE HealthCare Technologies by 80.3% in the 3rd quarter. Wedmont Private Capital now owns 7,550 shares of the company's stock valued at $485,000 after acquiring an additional 3,362 shares during the period. Acropolis Investment Management LLC raised its position in GE HealthCare Technologies by 137.9% during the third quarter. Acropolis Investment Management LLC now owns 3,939 shares of the company's stock worth $257,000 after acquiring an additional 2,283 shares during the period. GAMMA Investing LLC raised its position in GE HealthCare Technologies by 30.0% during the third quarter. GAMMA Investing LLC now owns 12,961 shares of the company's stock worth $847,000 after acquiring an additional 2,990 shares during the period. Farther Finance Advisors LLC lifted its holdings in GE HealthCare Technologies by 26.2% during the third quarter. Farther Finance Advisors LLC now owns 10,788 shares of the company's stock valued at $705,000 after purchasing an additional 2,243 shares in the last quarter. Finally, Valeo Financial Advisors LLC lifted its holdings in GE HealthCare Technologies by 3.5% during the third quarter. Valeo Financial Advisors LLC now owns 4,850 shares of the company's stock valued at $317,000 after purchasing an additional 163 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GEHC. Royal Bank Of Canada reiterated an "outperform" rating on shares of GE HealthCare Technologies in a research report on Monday, October 5th. Weiss Ratings upgraded shares of GE HealthCare Technologies from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, October 6th. Zacks Research raised shares of GE HealthCare Technologies from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. Barclays raised shares of GE HealthCare Technologies to a "strong-buy" rating in a research note on Wednesday, October 7th. Finally, Piper Sandler reiterated a "buy" rating on shares of GE HealthCare Technologies in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $78.35.

GE HealthCare Technologies Trading Up 3.0%

Shares of GEHC stock opened at $67.74 on Tuesday. The stock's fifty day moving average is $68.64 and its two-hundred day moving average is $66.81. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.97 and a current ratio of 1.26. The firm has a market capitalization of $30.60 billion, a P/E ratio of 15.54, a PEG ratio of 1.73 and a beta of 0.73. GE HealthCare Technologies Inc. has a fifty-two week low of $58.75 and a fifty-two week high of $89.77.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $1.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.04 by $0.09. The business had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.26 billion. GE HealthCare Technologies had a net margin of 9.33% and a return on equity of 20.12%. The company's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.06 earnings per share. Research analysts expect that GE HealthCare Technologies Inc. will post 4.93 earnings per share for the current fiscal year.

GE HealthCare Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 23rd will be given a dividend of $0.04 per share. The ex-dividend date is Friday, October 23rd. This is a boost from GE HealthCare Technologies's previous quarterly dividend of $0.0350. This represents a $0.16 dividend on an annualized basis and a yield of 0.2%. GE HealthCare Technologies's dividend payout ratio (DPR) is presently 3.67%.

GE HealthCare Technologies Profile

GE HealthCare Technologies Inc is a global medical technology and healthcare services company that develops, manufactures and supports products used by hospitals, clinicians and researchers. Its offerings are designed to assist with disease detection, diagnosis, treatment, patient monitoring and clinical workflow management.

The company's portfolio includes computed tomography, magnetic resonance imaging, X-ray and molecular imaging systems; ultrasound equipment; patient monitoring and anesthesia delivery technologies; and pharmaceutical diagnostics, including contrast agents used in medical imaging.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.