TCW Group Inc. Has $54.43 Million Stock Holdings in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Key Points

• TCW Group Inc. increased its stake in GE HealthCare Technologies Inc. by 14.5%, owning approximately 674,367 shares worth $54.43 million after acquiring additional shares in the first quarter.
• GE HealthCare Technologies reported earnings of $1.01 per share, surpassing estimates and achieving a revenue of $4.78 billion for the last quarter, marking a 2.7% year-over-year growth.
• The company initiated a stock repurchase plan allowing for up to $1 billion in buybacks, signaling confidence in its stock value, and also declared a quarterly dividend of $0.035 per share.

TCW Group Inc. increased its holdings in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 14.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 674,367 shares of the company's stock after acquiring an additional 85,247 shares during the period. TCW Group Inc. owned about 0.15% of GE HealthCare Technologies worth $54,428,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of GEHC. Bogart Wealth LLC lifted its holdings in GE HealthCare Technologies by 260.0% in the first quarter. Bogart Wealth LLC now owns 342 shares of the company's stock valued at $28,000 after buying an additional 247 shares during the period. Stonebridge Financial Group LLC raised its holdings in GE HealthCare Technologies by 165.7% in the first quarter. Stonebridge Financial Group LLC now owns 356 shares of the company's stock worth $29,000 after purchasing an additional 222 shares during the period. LGT Financial Advisors LLC raised its holdings in GE HealthCare Technologies by 46.2% in the fourth quarter. LGT Financial Advisors LLC now owns 389 shares of the company's stock worth $30,000 after purchasing an additional 123 shares during the period. Accredited Wealth Management LLC acquired a new stake in GE HealthCare Technologies in the fourth quarter worth $30,000. Finally, Ameriflex Group Inc. acquired a new stake in GE HealthCare Technologies in the fourth quarter worth $31,000. 82.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on GEHC. Wall Street Zen upgraded shares of GE HealthCare Technologies from a "hold" rating to a "buy" rating in a report on Saturday, May 31st. Piper Sandler lowered their price objective on shares of GE HealthCare Technologies from $104.00 to $88.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Citigroup increased their price objective on shares of GE HealthCare Technologies from $86.00 to $89.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Evercore ISI lowered their price objective on shares of GE HealthCare Technologies from $96.00 to $85.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Finally, UBS Group raised shares of GE HealthCare Technologies from a "sell" rating to a "neutral" rating and lowered their price objective for the stock from $74.00 to $73.00 in a research report on Monday, May 5th. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $88.18.

GE HealthCare Technologies Stock Performance

Shares of GEHC stock traded up $0.03 during midday trading on Thursday, hitting $71.67. 3,796,770 shares of the company were exchanged, compared to its average volume of 4,083,319. The firm has a market capitalization of $32.82 billion, a P/E ratio of 15.09, a PEG ratio of 2.62 and a beta of 1.14. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.76 and a current ratio of 0.98. The firm's 50 day moving average price is $73.54 and its two-hundred day moving average price is $76.89. GE HealthCare Technologies Inc. has a 52 week low of $57.65 and a 52 week high of $94.80.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.15. GE HealthCare Technologies had a net margin of 11.02% and a return on equity of 24.95%. The business had revenue of $5 billion during the quarter, compared to analysts' expectations of $4.96 billion. During the same quarter in the previous year, the company earned $1.00 EPS. The business's revenue was up 3.5% on a year-over-year basis. As a group, equities research analysts anticipate that GE HealthCare Technologies Inc. will post 4.68 earnings per share for the current year.

GE HealthCare Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Friday, July 25th will be paid a $0.035 dividend. This represents a $0.14 annualized dividend and a yield of 0.20%. The ex-dividend date of this dividend is Friday, July 25th. GE HealthCare Technologies's dividend payout ratio (DPR) is 2.95%.

GE HealthCare Technologies declared that its Board of Directors 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 purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

GE HealthCare Technologies 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.