State Street Corp Has $1.34 Billion Stock Holdings in GE HealthCare Technologies Inc. $GEHC

Key Points

• State Street increased its GE HealthCare stake by 1.6% in the second quarter, bringing its holdings to 20.86 million shares valued at approximately $1.34 billion. Institutional investors collectively own 82.06% of the company.
• GE HealthCare reported quarterly earnings of $1.13 per share, surpassing the $1.04 consensus estimate, while revenue rose 5.8% year over year to $5.29 billion.
• Analysts maintain a “Moderate Buy” consensus with a $78.39 average price target, compared with the stock’s recent price of $66.27. The company also declared a quarterly dividend of $0.04 per share.

State Street Corp increased its position in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 1.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,861,566 shares of the company's stock after purchasing an additional 323,090 shares during the quarter. State Street Corp owned approximately 4.62% of GE HealthCare Technologies worth $1,335,349,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Anchor Investment Management LLC raised its position in shares of GE HealthCare Technologies by 10.5% during the 2nd quarter. Anchor Investment Management LLC now owns 2,804 shares of the company's stock valued at $179,000 after acquiring an additional 266 shares during the last quarter. Core Capital Management & Research inc. acquired a new stake in shares of GE HealthCare Technologies during the second quarter worth $100,000. Community Bank of Raymore increased its holdings in GE HealthCare Technologies by 30.4% in the second quarter. Community Bank of Raymore now owns 20,595 shares of the company's stock valued at $1,318,000 after purchasing an additional 4,800 shares during the last quarter. Tidal Investments LLC grew its position in shares of GE HealthCare Technologies by 12.6% during the 2nd quarter. Tidal Investments LLC now owns 86,995 shares of the company's stock worth $5,569,000 after buying an additional 9,759 shares during the period. Finally, National Pension Service grew its holdings in GE HealthCare Technologies by 13.1% during the second quarter. National Pension Service now owns 862,154 shares of the company's stock valued at $55,186,000 after purchasing an additional 99,696 shares during the period. 82.06% of the stock is owned by institutional investors.

GE HealthCare Technologies Stock Performance

GEHC opened at $66.27 on Wednesday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.97 and a current ratio of 1.26. The business's 50-day simple moving average is $68.38 and its 200 day simple moving average is $67.46. The firm has a market capitalization of $29.93 billion, a PE ratio of 15.20, a PEG ratio of 1.71 and a beta of 0.70. GE HealthCare Technologies Inc. has a 52-week low of $58.75 and a 52-week high of $89.77.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last released its quarterly earnings data 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 return on equity of 20.12% and a net margin of 9.33%.The company had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.26 billion. During the same quarter in the prior year, the firm posted $1.06 EPS. The firm's revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, sell-side analysts expect that GE HealthCare Technologies Inc. will post 4.93 earnings per share for the current fiscal year.

GE HealthCare Technologies Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 23rd will be paid a $0.04 dividend. This is a positive change from GE HealthCare Technologies's previous quarterly dividend of $0.04. This represents a $0.16 annualized dividend and a yield of 0.2%. The ex-dividend date is Friday, October 23rd. GE HealthCare Technologies's dividend payout ratio is currently 3.21%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. BTIG Research reissued a "buy" rating and set a $79.00 price target on shares of GE HealthCare Technologies in a research report on Thursday, September 17th. Zacks Research raised GE HealthCare Technologies from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. Citigroup raised their price target on GE HealthCare Technologies from $69.00 to $75.00 and gave the stock a "neutral" rating in a research report on Thursday, July 30th. 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. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of GE HealthCare Technologies in a research note on Wednesday, August 12th. Eleven investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, GE HealthCare Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $78.39.

About GE HealthCare Technologies

GE HealthCare Technologies Inc is a global medical technology, pharmaceutical diagnostics and digital solutions company headquartered in Chicago, Illinois. The company provides products and services designed to support healthcare providers across diagnostic imaging, clinical care and treatment planning.

Its portfolio includes imaging systems such as magnetic resonance imaging, computed tomography, molecular imaging, X-ray and surgical imaging equipment. GE HealthCare also offers ultrasound systems, patient monitoring and care solutions, anesthesia delivery and respiratory care products, maternal and infant care technologies, and healthcare information technology.

The company's Pharmaceutical Diagnostics business develops and supplies contrast media and radiopharmaceuticals used to enhance medical imaging and support the detection and monitoring of disease.

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