Woodline Partners LP Grows Position in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Woodline Partners LP increased its position in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC - Free Report) by 30.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 93,387 shares of the company's stock after purchasing an additional 21,718 shares during the quarter. Woodline Partners LP's holdings in GE HealthCare Technologies were worth $7,301,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GEHC. CoreFirst Bank & Trust purchased a new position in GE HealthCare Technologies in the fourth quarter valued at about $25,000. Runnymede Capital Advisors Inc. purchased a new position in GE HealthCare Technologies in the fourth quarter valued at about $28,000. LGT Financial Advisors LLC boosted its stake in GE HealthCare Technologies by 46.2% in the fourth quarter. LGT Financial Advisors LLC now owns 389 shares of the company's stock valued at $30,000 after acquiring an additional 123 shares during the last quarter. Accredited Wealth Management LLC purchased a new position in GE HealthCare Technologies in the fourth quarter valued at about $30,000. Finally, Bank of Jackson Hole Trust purchased a new position in GE HealthCare Technologies in the fourth quarter valued at about $32,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

GE HealthCare Technologies Price Performance

GEHC traded down $0.23 during trading hours on Thursday, hitting $70.92. The company's stock had a trading volume of 750,273 shares, compared to its average volume of 3,437,310. The business's 50-day moving average price is $69.41 and its 200-day moving average price is $79.29. GE HealthCare Technologies Inc. has a 12 month low of $57.65 and a 12 month high of $94.80. The stock has a market cap of $32.47 billion, a price-to-earnings ratio of 16.38, a P/E/G ratio of 3.19 and a beta of 1.21. The company has a current ratio of 1.04, a quick ratio of 0.83 and a debt-to-equity ratio of 0.88.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last posted its quarterly earnings data 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 net margin of 10.13% and a return on equity of 25.74%. The business had revenue of $4.78 billion for the quarter, compared to analysts' expectations of $4.66 billion. During the same quarter in the previous year, the business posted $0.90 earnings per share. The business's revenue was up 2.7% compared to the same quarter last year. Sell-side analysts expect that GE HealthCare Technologies Inc. will post 4.68 earnings per share for the current fiscal year.

GE HealthCare Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Friday, April 25th were issued a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a dividend yield of 0.20%. The ex-dividend date of this dividend was Friday, April 25th. GE HealthCare Technologies's payout ratio is presently 2.95%.

GE HealthCare Technologies declared that its board has approved a share buyback program on Wednesday, April 30th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have recently issued reports on GEHC shares. Evercore ISI lowered their price target on shares of GE HealthCare Technologies from $96.00 to $85.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Morgan Stanley lowered their price target on shares of GE HealthCare Technologies from $86.00 to $78.00 and set an "equal weight" rating on the stock in a research report on Tuesday, May 6th. The Goldman Sachs Group lowered their price target on shares of 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. Piper Sandler lowered their target price on shares of GE HealthCare Technologies from $104.00 to $88.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Finally, Citigroup lowered their target price on shares of GE HealthCare Technologies from $105.00 to $86.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $88.27.

About GE HealthCare Technologies

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.