Wedge Capital Management L L P NC Boosts Holdings in GE HealthCare Technologies Inc. $GEHC

Key Points

• Wedge Capital Management increased its GE HealthCare stake by 27.8% in the second quarter, adding 100,462 shares to own 461,283 shares valued at approximately $29.5 million. Institutional investors collectively hold 82.06% of the company.
• GE HealthCare reported quarterly earnings of $1.13 per share, exceeding estimates of $1.04, while revenue rose 5.8% year over year to $5.29 billion. The company also declared a quarterly dividend of $0.035 per share.
• Analyst sentiment is mixed, with ten Buy, ten Hold and one Sell rating; the consensus rating is Hold with a $77.73 price target, compared with shares opening at $72.75.

Wedge Capital Management L L P NC increased its holdings in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 27.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 461,283 shares of the company's stock after acquiring an additional 100,462 shares during the period. Wedge Capital Management L L P NC owned approximately 0.10% of GE HealthCare Technologies worth $29,527,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Northside Capital Management LLC increased its position in shares of GE HealthCare Technologies by 26.5% during the 2nd quarter. Northside Capital Management LLC now owns 241,923 shares of the company's stock worth $15,485,000 after purchasing an additional 50,634 shares during the last quarter. Investors Research Corp acquired a new position in GE HealthCare Technologies in the second quarter valued at about $288,000. Tema ETFs LLC boosted its stake in GE HealthCare Technologies by 10.4% during the second quarter. Tema ETFs LLC now owns 9,214 shares of the company's stock worth $590,000 after buying an additional 870 shares during the period. Generali Investments Management Co LLC increased its position in shares of GE HealthCare Technologies by 5.1% during the second quarter. Generali Investments Management Co LLC now owns 6,098 shares of the company's stock valued at $390,000 after acquiring an additional 298 shares during the last quarter. Finally, Wynn Capital LLC lifted its holdings in shares of GE HealthCare Technologies by 10.7% in the 2nd quarter. Wynn Capital LLC now owns 4,636 shares of the company's stock worth $297,000 after acquiring an additional 447 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

GE HealthCare Technologies Stock Down 0.3%

Shares of NASDAQ:GEHC opened at $72.75 on Wednesday. The company has a quick ratio of 0.97, a current ratio of 1.26 and a debt-to-equity ratio of 0.92. GE HealthCare Technologies Inc. has a fifty-two week low of $58.75 and a fifty-two week high of $89.77. The stock has a market cap of $32.86 billion, a price-to-earnings ratio of 16.69, a price-to-earnings-growth ratio of 2.11 and a beta of 0.69. The firm's 50 day moving average price is $65.14 and its 200 day moving average price is $69.88.

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

GE HealthCare Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 24th will be given a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Friday, July 24th. GE HealthCare Technologies's payout ratio is currently 3.21%.

Insider Activity

In related news, Director Kevin Lobo bought 10,000 shares of the company's stock in a transaction that occurred on Friday, May 22nd. The shares were purchased at an average cost of $64.18 per share, with a total value of $641,800.00. Following the transaction, the director directly owned 14,363 shares of the company's stock, valued at approximately $921,817.34. This represents a 229.20% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.36% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on GEHC shares. Evercore restated an "outperform" rating and set a $84.00 price target on shares of GE HealthCare Technologies in a research report on Thursday, July 30th. Oppenheimer reaffirmed an "outperform" rating on shares of GE HealthCare Technologies in a research report on Thursday, July 30th. BMO Capital Markets initiated coverage on shares of GE HealthCare Technologies in a research note on Wednesday, July 8th. They issued a "market perform" rating and a $70.00 price objective for the company. Jefferies Financial Group cut their target price on shares of GE HealthCare Technologies from $105.00 to $90.00 in a research note on Thursday, April 30th. Finally, Rothschild & Co Redburn dropped their price target on shares of GE HealthCare Technologies from $110.00 to $98.00 in a research note on Thursday, April 30th. Ten equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $77.73.

About GE HealthCare Technologies

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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