US Bancorp DE Buys 17,402 Shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Key Points

• US Bancorp DE increased its stake in GE HealthCare Technologies Inc. by 6.1%, now owning approximately 0.07% of the company worth $24.5 million after purchasing an additional 17,402 shares.
• GE HealthCare recently reported a quarterly earnings per share (EPS) of $1.06, surpassing analysts' expectations of $0.91, and recorded a revenue of $5 billion, up 3.5% compared to the previous year.
• The company has authorized a $1 billion share buyback program, indicating confidence in its stock value, alongside a declared quarterly dividend of $0.035 per share, yielding 0.2% annually.

US Bancorp DE grew its position in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 6.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 303,864 shares of the company's stock after buying an additional 17,402 shares during the period. US Bancorp DE owned approximately 0.07% of GE HealthCare Technologies worth $24,525,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC acquired a new position in shares of GE HealthCare Technologies in the 4th quarter valued at $20,891,000. Breakwater Capital Group acquired a new position in GE HealthCare Technologies in the 1st quarter worth $210,000. Bessemer Group Inc. boosted its stake in GE HealthCare Technologies by 24.3% in the 1st quarter. Bessemer Group Inc. now owns 6,671 shares of the company's stock worth $538,000 after purchasing an additional 1,306 shares during the period. Flagship Harbor Advisors LLC boosted its stake in GE HealthCare Technologies by 17.4% in the 1st quarter. Flagship Harbor Advisors LLC now owns 3,443 shares of the company's stock worth $278,000 after purchasing an additional 511 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in GE HealthCare Technologies by 23.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 50,859 shares of the company's stock worth $4,105,000 after purchasing an additional 9,769 shares during the period. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. The Goldman Sachs Group reduced their target price on shares of GE HealthCare Technologies from $94.00 to $82.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. BTIG Research reaffirmed a "buy" rating on shares of GE HealthCare Technologies in a research note on Monday, July 14th. UBS Group raised shares of GE HealthCare Technologies from a "sell" rating to a "neutral" rating and reduced their target price for the stock from $74.00 to $73.00 in a research note on Monday, May 5th. Citigroup increased their price objective on shares of GE HealthCare Technologies from $89.00 to $93.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Evercore ISI reduced 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 note on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, GE HealthCare Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $88.55.

GE HealthCare Technologies Stock Performance

Shares of GEHC stock traded up $0.79 on Monday, reaching $70.64. The stock had a trading volume of 3,251,575 shares, compared to its average volume of 4,213,391. The company has a quick ratio of 0.93, a current ratio of 1.16 and a debt-to-equity ratio of 0.85. The firm's 50-day moving average is $73.62 and its two-hundred day moving average is $76.48. The firm has a market capitalization of $32.25 billion, a price-to-earnings ratio of 14.48, a P/E/G ratio of 2.67 and a beta of 1.13. GE HealthCare Technologies Inc. has a 12 month low of $57.65 and a 12 month high of $94.80.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.15. The company had revenue of $5 billion for the quarter, compared to analysts' expectations of $4.96 billion. GE HealthCare Technologies had a net margin of 11.22% and a return on equity of 23.93%. GE HealthCare Technologies's quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.00 EPS. On average, research analysts expect that GE HealthCare Technologies Inc. will post 4.68 EPS for the current fiscal year.

GE HealthCare Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, July 25th will be 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 of this dividend is Friday, July 25th. GE HealthCare Technologies's dividend payout ratio is presently 2.87%.

GE HealthCare Technologies declared that its board has authorized a stock buyback plan on Wednesday, April 30th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership 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.