GE HealthCare Technologies (NASDAQ:GEHC) Price Target Lowered to $78.00 at Morgan Stanley

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) had its price target cut by research analysts at Morgan Stanley from $86.00 to $78.00 in a report released on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's price objective indicates a potential upside of 14.25% from the company's previous close.

GEHC has been the subject of a number of other reports. Jefferies Financial Group upgraded GE HealthCare Technologies from a "hold" rating to a "buy" rating and raised their target price for the company from $95.00 to $103.00 in a research note on Wednesday, January 8th. Wells Fargo & Company reduced their target price on shares of GE HealthCare Technologies from $103.00 to $89.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Citigroup dropped their price objective on shares of GE HealthCare Technologies from $105.00 to $86.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. Evercore ISI decreased their price objective on 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. Finally, UBS Group upgraded shares of GE HealthCare Technologies from a "sell" rating to a "neutral" rating and cut their target price for the company from $74.00 to $73.00 in a research report on Monday. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $88.27.

GE HealthCare Technologies Stock Performance

Shares of GEHC stock traded down $1.10 during mid-day trading on Tuesday, reaching $68.27. The stock had a trading volume of 661,186 shares, compared to its average volume of 3,296,574. GE HealthCare Technologies has a one year low of $57.65 and a one year high of $94.80. The firm has a market cap of $31.26 billion, a PE ratio of 15.79, a P/E/G ratio of 3.19 and a beta of 1.21. The company has a quick ratio of 0.83, a current ratio of 1.04 and a debt-to-equity ratio of 0.88. The firm's 50 day simple moving average is $73.91 and its 200 day simple moving average is $81.15.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.91 by $0.10. The company had revenue of $4.78 billion for the quarter, compared to the consensus estimate of $4.66 billion. GE HealthCare Technologies had a net margin of 10.13% and a return on equity of 25.74%. The firm's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.90 EPS. On average, analysts forecast that GE HealthCare Technologies will post 4.68 EPS for the current year.

GE HealthCare Technologies announced that its Board of Directors has initiated a share buyback plan on Wednesday, April 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On GE HealthCare Technologies

Several hedge funds have recently modified their holdings of the stock. Susquehanna Fundamental Investments LLC acquired a new position in shares of GE HealthCare Technologies during the 4th quarter worth approximately $20,891,000. Cathy Pareto & Associates Inc. acquired a new position in GE HealthCare Technologies during the fourth quarter worth $670,000. Principal Financial Group Inc. raised its position in GE HealthCare Technologies by 1.9% during the third quarter. Principal Financial Group Inc. now owns 1,009,910 shares of the company's stock worth $94,780,000 after acquiring an additional 19,010 shares in the last quarter. Apollon Wealth Management LLC lifted its stake in GE HealthCare Technologies by 46.5% in the fourth quarter. Apollon Wealth Management LLC now owns 13,111 shares of the company's stock valued at $1,025,000 after acquiring an additional 4,160 shares during the last quarter. Finally, Sanibel Captiva Trust Company Inc. grew its position in shares of GE HealthCare Technologies by 139.9% in the 4th quarter. Sanibel Captiva Trust Company Inc. now owns 7,484 shares of the company's stock valued at $585,000 after acquiring an additional 4,364 shares during the period. Institutional investors own 82.06% of the company's stock.

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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