GE HealthCare Technologies (NASDAQ:GEHC) Price Target Lowered to $74.00 at Morgan Stanley

Key Points

• Morgan Stanley has lowered its price target for GE HealthCare Technologies from $78.00 to $74.00, indicating a potential upside of 3.25% from the stock's previous close.
• GE HealthCare recently reported earnings of $1.06 per share, beating the consensus estimate of $0.91, with revenue of $5 billion for the quarter, up 3.5% year-over-year.
• The company announced a stock repurchase plan allowing for the buyback of up to $1 billion in shares, reflecting management's belief that the stock is currently undervalued.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) had its price target reduced by investment analysts at Morgan Stanley from $78.00 to $74.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's target price indicates a potential upside of 3.25% from the company's previous close.

Several other equities research analysts also recently issued reports on the stock. 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. The Goldman Sachs Group lowered their price objective on shares of GE HealthCare Technologies from $94.00 to $82.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Wall Street Zen raised shares of GE HealthCare Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, May 31st. BTIG Research reaffirmed a "buy" rating on shares of GE HealthCare Technologies in a research report on Monday, July 14th. Finally, Citigroup raised their target price on shares of GE HealthCare Technologies from $86.00 to $89.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Three analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $88.18.

GE HealthCare Technologies Trading Up 0.0%

NASDAQ:GEHC traded up $0.03 during trading hours on Thursday, hitting $71.67. The stock had a trading volume of 2,905,387 shares, compared to its average volume of 4,076,722. GE HealthCare Technologies has a one year low of $57.65 and a one year high of $94.80. 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 company has a market cap of $32.82 billion, a price-to-earnings ratio of 15.09, a P/E/G ratio of 2.62 and a beta of 1.14. The business's 50 day moving average is $73.54 and its 200-day moving average is $76.89.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $1.06 EPS for the quarter, beating 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 firm had revenue of $5 billion during the quarter, compared to the consensus estimate of $4.96 billion. During the same quarter in the prior year, the firm earned $1.00 earnings per share. The business's quarterly revenue was up 3.5% on a year-over-year basis. Sell-side analysts anticipate that GE HealthCare Technologies will post 4.68 EPS for the current fiscal year.

GE HealthCare Technologies declared that its board has approved a stock repurchase plan on Wednesday, April 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to purchase 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.

Hedge Funds Weigh In On GE HealthCare Technologies

Several hedge funds have recently bought and sold shares of GEHC. Capital Research Global Investors increased its holdings in GE HealthCare Technologies by 4.5% in the 4th quarter. Capital Research Global Investors now owns 60,832,004 shares of the company's stock valued at $4,755,851,000 after buying an additional 2,608,066 shares during the period. JPMorgan Chase & Co. increased its holdings in GE HealthCare Technologies by 49.9% in the 1st quarter. JPMorgan Chase & Co. now owns 5,140,549 shares of the company's stock valued at $414,894,000 after buying an additional 1,711,963 shares during the period. Eminence Capital LP bought a new position in GE HealthCare Technologies in the 4th quarter valued at about $102,574,000. Invesco Ltd. increased its holdings in GE HealthCare Technologies by 18.4% in the 4th quarter. Invesco Ltd. now owns 8,067,927 shares of the company's stock valued at $630,751,000 after buying an additional 1,252,613 shares during the period. Finally, BNP Paribas Financial Markets bought a new position in GE HealthCare Technologies in the 4th quarter valued at about $76,093,000. 82.06% of the stock is owned by institutional investors.

GE HealthCare Technologies Company 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.

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