Saudi Central Bank Buys 15,126 Shares of GE HealthCare Technologies Inc. $GEHC

Key Points

• Saudi Central Bank nearly doubled its GE HealthCare stake in the second quarter, buying 15,126 shares to reach 31,940 shares valued at approximately $2.04 million.
• Institutional ownership remains high at 82.06%, with several investors—including TD Waterhouse Canada, Concurrent Investment Advisors and NEOS Investment Management—also increasing their positions.
• GE HealthCare exceeded quarterly earnings expectations, reporting $1.13 in EPS and $5.29 billion in revenue, while analysts maintain a consensus “Hold” rating with an average price target of $77.73.

Saudi Central Bank increased its stake in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 90.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,940 shares of the company's stock after buying an additional 15,126 shares during the quarter. Saudi Central Bank's holdings in GE HealthCare Technologies were worth $2,044,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in GEHC. NBH Bank bought a new position in shares of GE HealthCare Technologies during the 2nd quarter worth approximately $26,000. AlphaGrep UK Ltd raised its stake in shares of GE HealthCare Technologies by 14.8% during the 2nd quarter. AlphaGrep UK Ltd now owns 4,798 shares of the company's stock worth $307,000 after purchasing an additional 617 shares during the period. TD Waterhouse Canada Inc. boosted its holdings in shares of GE HealthCare Technologies by 9.5% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 579,138 shares of the company's stock worth $37,590,000 after buying an additional 50,318 shares during the last quarter. Concurrent Investment Advisors LLC boosted its holdings in shares of GE HealthCare Technologies by 15.2% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 10,570 shares of the company's stock worth $677,000 after buying an additional 1,391 shares during the last quarter. Finally, NEOS Investment Management LLC grew its position in GE HealthCare Technologies by 21.2% during the second quarter. NEOS Investment Management LLC now owns 375,920 shares of the company's stock valued at $24,063,000 after buying an additional 65,678 shares during the period. 82.06% of the stock is owned by institutional investors.

GE HealthCare Technologies Stock Performance

Shares of GEHC opened at $68.86 on Tuesday. GE HealthCare Technologies Inc. has a twelve month low of $58.75 and a twelve month high of $89.77. The stock has a market cap of $31.10 billion, a PE ratio of 15.79, a P/E/G ratio of 1.82 and a beta of 0.70. The company has a quick ratio of 0.97, a current ratio of 1.26 and a debt-to-equity ratio of 0.92. The business's 50-day moving average price is $68.36 and its 200-day moving average price is $68.84.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.04 by $0.09. GE HealthCare Technologies had a net margin of 9.33% and a return on equity of 20.12%. The firm had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.26 billion. During the same period last year, the firm earned $1.06 EPS. The business's quarterly revenue was up 5.8% compared to the same quarter last year. On average, equities analysts forecast that GE HealthCare Technologies Inc. will post 4.93 EPS for the current fiscal year.

GE HealthCare Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 24th were issued a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Friday, July 24th. GE HealthCare Technologies's payout ratio is presently 3.21%.

Wall Street Analysts Forecast Growth

GEHC has been the topic of several research reports. Royal Bank Of Canada initiated coverage on shares of GE HealthCare Technologies in a research report on Tuesday, June 23rd. They issued an "outperform" rating and a $80.00 price objective on the stock. Weiss Ratings reissued a "hold (c-)" rating on shares of GE HealthCare Technologies in a research report on Wednesday, August 12th. BMO Capital Markets started coverage on shares of GE HealthCare Technologies in a research note on Wednesday, July 8th. They set a "market perform" rating and a $70.00 price target for the company. Oppenheimer reissued an "outperform" rating on shares of GE HealthCare Technologies in a report on Thursday, July 30th. Finally, Evercore reaffirmed an "outperform" rating and set a $84.00 price target on shares of GE HealthCare Technologies in a research report on Thursday, July 30th. Ten investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $77.73.

GE HealthCare Technologies Company Profile

GE HealthCare Technologies NASDAQ: GEHC is a global medical technology and diagnostics company that develops, manufactures and markets a broad range of products and services for healthcare providers. Its portfolio centers on diagnostic imaging systems, including MRI, CT, PET and X-ray modalities, as well as ultrasound equipment. The company also supplies patient monitoring and anesthesia delivery systems, interventional and surgical imaging solutions, and molecular imaging technologies used in both clinical care and research settings.

In addition to hardware, GE HealthCare offers software, analytics and lifecycle services aimed at improving clinical workflows and equipment uptime.

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