Royal Bank of Canada Purchases 479,826 Shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Royal Bank of Canada grew its position in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 57.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,314,473 shares of the company's stock after purchasing an additional 479,826 shares during the period. Royal Bank of Canada owned approximately 0.29% of GE HealthCare Technologies worth $102,767,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in GE HealthCare Technologies during the fourth quarter worth about $488,531,000. Capital Research Global Investors raised its holdings 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. Van ECK Associates Corp raised its holdings in GE HealthCare Technologies by 107.3% during the fourth quarter. Van ECK Associates Corp now owns 4,841,652 shares of the company's stock worth $378,520,000 after acquiring an additional 2,506,417 shares in the last quarter. Vanguard Group Inc. raised its holdings in GE HealthCare Technologies by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 52,537,446 shares of the company's stock worth $4,107,378,000 after acquiring an additional 2,155,429 shares in the last quarter. Finally, Eminence Capital LP bought a new stake in GE HealthCare Technologies during the fourth quarter worth about $102,574,000. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on GEHC. BTIG Research set a $95.00 price objective on GE HealthCare Technologies and gave the company a "buy" rating in a research note on Monday, April 14th. Citigroup dropped their price objective on GE HealthCare Technologies from $105.00 to $86.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. The Goldman Sachs Group dropped their price objective on GE HealthCare Technologies from $94.00 to $82.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Morgan Stanley dropped their price objective on GE HealthCare Technologies from $86.00 to $78.00 and set an "equal weight" rating on the stock in a research note on Tuesday, May 6th. Finally, UBS Group raised GE HealthCare Technologies from a "sell" rating to a "neutral" rating and decreased their target price for the company from $74.00 to $73.00 in a research report on Monday, May 5th. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $88.27.

GE HealthCare Technologies Trading Down 0.0%

Shares of NASDAQ:GEHC opened at $73.10 on Tuesday. The company has a market capitalization of $33.47 billion, a P/E ratio of 16.88, a P/E/G ratio of 3.19 and a beta of 1.21. GE HealthCare Technologies Inc. has a 1 year low of $57.65 and a 1 year high of $94.80. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.04 and a quick ratio of 0.83. The business's 50 day simple moving average is $71.06 and its 200 day simple moving average is $80.02.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.10. GE HealthCare Technologies had a return on equity of 25.74% and a net margin of 10.13%. The business had revenue of $4.78 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the prior year, the business posted $0.90 earnings per share. The firm's quarterly revenue was up 2.7% compared to the same quarter last year. On average, research analysts anticipate that GE HealthCare Technologies Inc. will post 4.68 EPS for the current fiscal year.

GE HealthCare Technologies announced that its board has authorized a stock repurchase program on Wednesday, April 30th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to repurchase up to 3.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its shares are undervalued.

GE HealthCare Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Friday, April 25th were paid a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a yield of 0.19%. The ex-dividend date was Friday, April 25th. GE HealthCare Technologies's payout ratio is presently 2.95%.

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.

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