Westfield Capital Management Co. LP Sells 3,685 Shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Key Points

• Westfield Capital Management Co. LP reduced its stake in GE HealthCare Technologies by 0.6%, selling 3,685 shares and now holding 644,607 shares valued at approximately $52 million.
• GE HealthCare Technologies has announced a stock repurchase plan to buy back up to $1 billion in shares, indicating management's belief that the stock is undervalued.
• The company reported earnings of $1.06 per share, exceeding analyst estimates of $0.91, with quarterly revenue reaching $5 billion, up 3.5% year-over-year.

Westfield Capital Management Co. LP reduced its holdings in GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 0.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 644,607 shares of the company's stock after selling 3,685 shares during the quarter. Westfield Capital Management Co. LP owned approximately 0.14% of GE HealthCare Technologies worth $52,026,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. N.E.W. Advisory Services LLC acquired a new position in shares of GE HealthCare Technologies during the first quarter worth approximately $25,000. Bogart Wealth LLC raised its position in GE HealthCare Technologies by 260.0% in the 1st quarter. Bogart Wealth LLC now owns 342 shares of the company's stock worth $28,000 after purchasing an additional 247 shares during the last quarter. Stonebridge Financial Group LLC lifted its holdings in GE HealthCare Technologies by 165.7% during the 1st quarter. Stonebridge Financial Group LLC now owns 356 shares of the company's stock worth $29,000 after buying an additional 222 shares in the last quarter. LGT Financial Advisors LLC boosted its position in GE HealthCare Technologies by 46.2% in the 4th quarter. LGT Financial Advisors LLC now owns 389 shares of the company's stock valued at $30,000 after buying an additional 123 shares during the last quarter. Finally, Accredited Wealth Management LLC bought a new position in GE HealthCare Technologies in the 4th quarter valued at $30,000. 82.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on GEHC. Piper Sandler dropped their target price on 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. Morgan Stanley dropped their price objective on GE HealthCare Technologies from $78.00 to $74.00 and set an "equal weight" rating for the company in a report on Thursday, July 31st. Citigroup upped their target price on shares of GE HealthCare Technologies from $89.00 to $93.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Wells Fargo & Company dropped their price target on shares of GE HealthCare Technologies from $103.00 to $89.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. Finally, BTIG Research restated a "buy" rating on shares of GE HealthCare Technologies in a report on Monday, July 14th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $88.55.

GE HealthCare Technologies Trading Up 1.3%

GE HealthCare Technologies stock traded up $0.90 during midday trading on Friday, hitting $72.00. 2,715,606 shares of the stock were exchanged, compared to its average volume of 4,099,667. GE HealthCare Technologies Inc. has a 52 week low of $57.65 and a 52 week high of $94.80. 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 stock has a market capitalization of $32.87 billion, a PE ratio of 14.75, a P/E/G ratio of 2.67 and a beta of 1.13. The company has a fifty day simple moving average of $73.58 and a two-hundred day simple moving average of $76.31.

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

GE HealthCare Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, July 25th will be paid a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a 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 shares. This repurchase authorization authorizes the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically a sign 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.