Sumitomo Mitsui Trust Group Inc. Boosts Stock Position in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 2.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,108,408 shares of the company's stock after acquiring an additional 22,084 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.24% of GE HealthCare Technologies worth $89,460,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in GEHC. CoreFirst Bank & Trust purchased a new stake in shares of GE HealthCare Technologies during the fourth quarter worth $25,000. Runnymede Capital Advisors Inc. purchased a new stake in shares of GE HealthCare Technologies during the fourth quarter worth $28,000. LGT Financial Advisors LLC lifted its position in shares of GE HealthCare Technologies by 46.2% during the fourth quarter. LGT Financial Advisors LLC now owns 389 shares of the company's stock worth $30,000 after acquiring an additional 123 shares in the last quarter. Accredited Wealth Management LLC purchased a new stake in shares of GE HealthCare Technologies during the fourth quarter worth $30,000. Finally, Ameriflex Group Inc. purchased a new stake in shares of GE HealthCare Technologies during the fourth quarter worth $31,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. UBS Group upgraded GE HealthCare Technologies from a "sell" rating to a "neutral" rating and dropped their target price for the stock from $74.00 to $73.00 in a research report on Monday, May 5th. BTIG Research set a $95.00 price objective on GE HealthCare Technologies and gave the stock a "buy" rating in a research report on Monday, April 14th. Citigroup lowered their price objective on GE HealthCare Technologies from $105.00 to $86.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th. The Goldman Sachs Group lowered their price objective on GE HealthCare Technologies from $94.00 to $82.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Finally, Wall Street Zen upgraded GE HealthCare Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, May 31st. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $88.27.

GE HealthCare Technologies Trading Down 0.6%

NASDAQ GEHC opened at $74.38 on Monday. The stock's 50-day simple moving average is $70.60 and its two-hundred day simple moving average is $77.58. GE HealthCare Technologies Inc. has a twelve month low of $57.65 and a twelve month high of $94.80. The company has a quick ratio of 0.76, a current ratio of 0.98 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $34.06 billion, a price-to-earnings ratio of 15.66, a PEG ratio of 2.51 and a beta of 1.14.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $1.01 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.10. GE HealthCare Technologies had a return on equity of 24.95% and a net margin of 11.02%. The business had revenue of $4.78 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter last year, the business posted $0.90 earnings per share. The company's revenue for the quarter was up 2.7% on a year-over-year basis. Research analysts forecast that GE HealthCare Technologies Inc. will post 4.68 EPS for the current fiscal year.

GE HealthCare Technologies declared that its Board of Directors has initiated a share buyback plan on Wednesday, April 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its shares are undervalued.

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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