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Russell Investments Group Ltd. Sells 83,486 Shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC)

GE HealthCare Technologies logo with Medical background

Key Points

  • Russell Investments Group Ltd. reduced its stake in GE HealthCare Technologies by 18.1%, selling 83,486 shares and now holding approximately $30.47 million worth of the company's stock.
  • GE HealthCare Technologies reported earnings of $1.06 per share, exceeding analyst estimates of $0.91, along with revenues of $5 billion for the quarter.
  • The company announced a quarterly dividend of $0.035 per share, reflecting an annualized dividend yield of 0.2%.
  • Want stock alerts on GE HealthCare Technologies? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Russell Investments Group Ltd. cut its position in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 18.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 377,798 shares of the company's stock after selling 83,486 shares during the quarter. Russell Investments Group Ltd. owned about 0.08% of GE HealthCare Technologies worth $30,469,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GEHC. Sagespring Wealth Partners LLC bought a new stake in GE HealthCare Technologies in the 4th quarter valued at $213,000. Mariner LLC boosted its stake in GE HealthCare Technologies by 1.2% in the 4th quarter. Mariner LLC now owns 78,747 shares of the company's stock valued at $6,156,000 after purchasing an additional 917 shares during the period. Jump Financial LLC lifted its position in shares of GE HealthCare Technologies by 15.3% during the 4th quarter. Jump Financial LLC now owns 8,740 shares of the company's stock valued at $683,000 after acquiring an additional 1,163 shares during the period. NewEdge Advisors LLC lifted its position in shares of GE HealthCare Technologies by 4.2% during the 4th quarter. NewEdge Advisors LLC now owns 17,907 shares of the company's stock valued at $1,400,000 after acquiring an additional 715 shares during the period. Finally, Marshall Wace LLP grew its holdings in shares of GE HealthCare Technologies by 22.5% during the 4th quarter. Marshall Wace LLP now owns 240,713 shares of the company's stock worth $18,819,000 after purchasing an additional 44,180 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

GE HealthCare Technologies Stock Performance

NASDAQ:GEHC opened at $73.40 on Friday. The stock's 50-day simple moving average is $73.90 and its 200 day simple moving average is $75.71. The firm has a market capitalization of $33.51 billion, a PE ratio of 15.04, a price-to-earnings-growth ratio of 2.81 and a beta of 1.13. The company has a quick ratio of 0.93, a current ratio of 1.16 and a debt-to-equity ratio of 0.85. GE HealthCare Technologies Inc. has a twelve month low of $57.65 and a twelve month high of $94.80.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.15. The business had revenue of $5 billion for the quarter, compared to analyst estimates 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 revenue was up 3.5% compared to the same quarter last year. During the same period last year, the firm posted $1.00 earnings per share. On average, analysts anticipate that GE HealthCare Technologies Inc. will post 4.68 EPS for the current fiscal year.

GE HealthCare Technologies Announces Dividend

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

GE HealthCare Technologies declared that its board has approved a stock repurchase plan on Wednesday, April 30th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. 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 report on Thursday, May 1st. Citigroup increased their target price on GE HealthCare Technologies from $89.00 to $93.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. UBS Group raised GE HealthCare Technologies from a "sell" rating to a "neutral" rating and reduced their target price for the stock from $74.00 to $73.00 in a report on Monday, May 5th. BTIG Research reissued a "buy" rating on shares of GE HealthCare Technologies in a report on Monday, July 14th. Finally, Morgan Stanley reduced their target price on GE HealthCare Technologies from $78.00 to $74.00 and set an "equal weight" rating on the stock in a report on Thursday, July 31st. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $88.55.

Read Our Latest Analysis on GE HealthCare Technologies

About GE HealthCare Technologies

(Free Report)

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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Institutional Ownership by Quarter for GE HealthCare Technologies (NASDAQ:GEHC)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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