Spinnaker Trust Buys 27,772 Shares of GE HealthCare Technologies Inc. $GEHC

Key Points

• Spinnaker Trust increased its GE HealthCare stake by 60.1% in the second quarter, purchasing 27,772 shares for a total of 74,005 shares valued at approximately $4.74 million. Institutional investors own 82.06% of the company.
• GE HealthCare reported quarterly earnings of $1.13 per share, exceeding the $1.04 analyst consensus, while revenue rose 5.8% year over year to $5.29 billion.
• Analyst sentiment remains mixed, with ten Buy and eleven Hold ratings; the consensus rating is Hold with an average price target of $77.73, versus a recent share price of $71.72.

Spinnaker Trust raised its stake in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 60.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 74,005 shares of the company's stock after buying an additional 27,772 shares during the quarter. Spinnaker Trust's holdings in GE HealthCare Technologies were worth $4,737,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Laurel Wealth Advisors LLC acquired a new position in GE HealthCare Technologies during the fourth quarter valued at approximately $26,000. Godfrey Financial Associates Inc. bought a new stake in GE HealthCare Technologies in the fourth quarter valued at approximately $27,000. Montag A & Associates Inc. raised its holdings in GE HealthCare Technologies by 105.4% in the fourth quarter. Montag A & Associates Inc. now owns 341 shares of the company's stock worth $28,000 after purchasing an additional 175 shares during the period. Transamerica Financial Advisors LLC raised its holdings in GE HealthCare Technologies by 331.6% in the fourth quarter. Transamerica Financial Advisors LLC now owns 341 shares of the company's stock worth $28,000 after purchasing an additional 262 shares during the period. Finally, Physician Wealth Advisors Inc. boosted its position in shares of GE HealthCare Technologies by 60.4% during the first quarter. Physician Wealth Advisors Inc. now owns 433 shares of the company's stock worth $31,000 after purchasing an additional 163 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

GE HealthCare Technologies Trading Down 1.0%

NASDAQ GEHC opened at $71.72 on Friday. GE HealthCare Technologies Inc. has a 12 month low of $58.75 and a 12 month high of $89.77. The company has a current ratio of 1.26, a quick ratio of 0.97 and a debt-to-equity ratio of 0.92. The stock has a 50 day moving average of $67.67 and a 200-day moving average of $69.33. The company has a market cap of $32.40 billion, a PE ratio of 16.45, a PEG ratio of 2.07 and a beta of 0.69.

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

GE HealthCare Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 24th were paid a $0.035 dividend. This represents a $0.14 annualized dividend and a yield of 0.2%. The ex-dividend date was Friday, July 24th. GE HealthCare Technologies's dividend payout ratio (DPR) is 3.21%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GEHC. UBS Group boosted their price target on shares of GE HealthCare Technologies from $67.00 to $73.00 and gave the company a "neutral" rating in a report on Friday, July 31st. Hovde Group began coverage on GE HealthCare Technologies in a research note on Friday, July 17th. They set a "market perform" rating and a $14.00 price objective on the stock. BTIG Research reiterated a "buy" rating and set a $79.00 target price on shares of GE HealthCare Technologies in a report on Wednesday, August 19th. Oppenheimer reissued an "outperform" rating on shares of GE HealthCare Technologies in a research note on Thursday, July 30th. Finally, Royal Bank Of Canada began coverage on GE HealthCare Technologies in a report on Tuesday, June 23rd. They set an "outperform" rating and a $80.00 price objective on the stock. Ten investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price 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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