Resona Asset Management Co. Ltd. Grows Holdings in GE HealthCare Technologies Inc. $GEHC

Key Points

• Resona Asset Management Co. Ltd. increased its stake in GE HealthCare Technologies by 8.4%, owning 147,678 shares valued at approximately $11.9 million after purchasing an additional 11,430 shares in the first quarter.
• The company reported $1.06 EPS for the latest quarter, surpassing analysts' expectations and showing a revenue of $5 billion, reflecting a 3.5% year-over-year growth.
• Equities analysts have a consensus rating of "Moderate Buy" for GE HealthCare Technologies, with a price target averaging $88.55, indicating potential upside for investors.

Resona Asset Management Co. Ltd. lifted its stake in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 8.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,678 shares of the company's stock after purchasing an additional 11,430 shares during the period. Resona Asset Management Co. Ltd.'s holdings in GE HealthCare Technologies were worth $11,903,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Sagespring Wealth Partners LLC purchased a new position in shares of GE HealthCare Technologies in the fourth quarter valued at $213,000. Summit Investment Advisors Inc. raised its stake in GE HealthCare Technologies by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 18,988 shares of the company's stock worth $1,484,000 after buying an additional 605 shares in the last quarter. Savvy Advisors Inc. bought a new stake in shares of GE HealthCare Technologies in the 4th quarter valued at about $249,000. Mariner LLC grew its position in shares of GE HealthCare Technologies by 1.2% in the 4th quarter. Mariner LLC now owns 78,747 shares of the company's stock worth $6,156,000 after buying an additional 917 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in shares of GE HealthCare Technologies during the 4th quarter worth approximately $1,119,000. 82.06% of the stock is owned by institutional investors.

GE HealthCare Technologies Stock Performance

NASDAQ:GEHC traded up $0.06 during trading hours on Monday, reaching $73.46. The company had a trading volume of 990,108 shares, compared to its average volume of 4,051,017. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.16 and a quick ratio of 0.93. GE HealthCare Technologies Inc. has a 1-year low of $57.65 and a 1-year high of $94.80. The business's 50 day moving average price is $73.90 and its 200-day moving average price is $75.53. The firm has a market cap of $33.54 billion, a PE ratio of 15.06, a price-to-earnings-growth ratio of 2.80 and a beta of 1.13.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.91 by $0.15. The company had revenue of $5 billion during the quarter, compared to analysts' expectations of $4.96 billion. GE HealthCare Technologies had a return on equity of 23.93% and a net margin of 11.22%. GE HealthCare Technologies's quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.00 EPS. Research analysts forecast that GE HealthCare Technologies Inc. will post 4.68 EPS for the current year.

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

GE HealthCare Technologies Announces Dividend

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

Analysts Set New Price Targets

Several brokerages have recently commented on GEHC. UBS Group upgraded GE HealthCare Technologies from a "sell" rating to a "neutral" rating and decreased their price objective for the company from $74.00 to $73.00 in a report on Monday, May 5th. Wells Fargo & Company reduced their target price on GE HealthCare Technologies from $103.00 to $89.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. The Goldman Sachs Group lowered 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. Finally, Citigroup increased their price objective on shares of GE HealthCare Technologies from $89.00 to $93.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, GE HealthCare Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $88.55.

GE HealthCare Technologies Company 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.