Rovin Capital UT ADV Takes Position in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Rovin Capital UT ADV purchased a new stake in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,274 shares of the company's stock, valued at approximately $506,000.

Several other large investors have also added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of GE HealthCare Technologies during the 4th quarter worth approximately $488,531,000. Capital Research Global Investors boosted its stake in GE HealthCare Technologies by 4.5% during the fourth quarter. Capital Research Global Investors now owns 60,832,004 shares of the company's stock worth $4,755,851,000 after acquiring an additional 2,608,066 shares in the last quarter. Vanguard Group Inc. grew its holdings in GE HealthCare Technologies by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 52,537,446 shares of the company's stock worth $4,107,378,000 after purchasing an additional 2,155,429 shares during the period. Eminence Capital LP bought a new stake in GE HealthCare Technologies in the fourth quarter valued at $102,574,000. Finally, Invesco Ltd. raised its holdings in shares of GE HealthCare Technologies by 18.4% during the fourth quarter. Invesco Ltd. now owns 8,067,927 shares of the company's stock valued at $630,751,000 after purchasing an additional 1,252,613 shares during the period. Institutional investors and hedge funds own 82.06% of the company's stock.

GE HealthCare Technologies Price Performance

NASDAQ GEHC traded up $0.03 during trading hours on Thursday, hitting $76.15. The company had a trading volume of 1,800,200 shares, compared to its average volume of 3,507,784. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.76 and a current ratio of 0.98. The firm has a market capitalization of $34.87 billion, a price-to-earnings ratio of 16.03, a PEG ratio of 2.56 and a beta of 1.14. GE HealthCare Technologies Inc. has a 52 week low of $57.65 and a 52 week high of $94.80. The firm has a 50 day simple moving average of $71.38 and a 200 day simple moving average of $77.51.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.10. The company had revenue of $4.78 billion during the quarter, compared to analyst estimates of $4.66 billion. GE HealthCare Technologies had a return on equity of 24.95% and a net margin of 11.02%. The firm's quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the company earned $0.90 earnings per share. Equities research analysts expect that GE HealthCare Technologies Inc. will post 4.68 earnings per share for the current year.

GE HealthCare Technologies declared that its board has approved a stock buyback 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 shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its shares are undervalued.

GE HealthCare Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, July 25th will be paid a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a yield of 0.18%. GE HealthCare Technologies's dividend payout ratio is presently 2.95%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Wall Street Zen raised shares of GE HealthCare Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, May 31st. Evercore ISI lowered their price objective on shares of GE HealthCare Technologies from $96.00 to $85.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. BTIG Research set a $95.00 target price on shares of GE HealthCare Technologies and gave the company a "buy" rating in a research report on Monday, April 14th. UBS Group upgraded shares of GE HealthCare Technologies from a "sell" rating to a "neutral" rating and decreased their price target for the stock from $74.00 to $73.00 in a research note on Monday, May 5th. Finally, Wells Fargo & Company dropped their price objective on GE HealthCare Technologies from $103.00 to $89.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, GE HealthCare Technologies currently has an average rating of "Moderate Buy" and an average target price of $88.27.

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.