GE HealthCare Technologies (NASDAQ:GEHC) Stock Price Expected to Rise, Citigroup Analyst Says

Key Points

• Citigroup raised its price objective for GE HealthCare Technologies from $89.00 to $93.00, predicting a potential upside of 30.40% from the stock's previous close, alongside maintaining a "buy" rating.
• Recent earnings results showed GE HealthCare Technologies reported $1.06 EPS, surpassing expectations, with revenue increasing by 3.5% year-over-year, totaling $5 billion.
• The company has initiated a $1 billion share repurchase program, suggesting a belief from the board that its shares are currently undervalued.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) had its price objective raised by research analysts at Citigroup from $89.00 to $93.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price target would suggest a potential upside of 30.40% from the stock's previous close.

GEHC has been the subject of a number of other reports. Wall Street Zen raised GE HealthCare Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, May 31st. The Goldman Sachs Group decreased their target price on 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. Morgan Stanley cut their price target on GE HealthCare Technologies from $78.00 to $74.00 and set an "equal weight" rating for the company in a report on Thursday. Piper Sandler decreased their price objective on GE HealthCare Technologies from $104.00 to $88.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Finally, UBS Group raised shares of GE HealthCare Technologies from a "sell" rating to a "neutral" rating and dropped their price target for the stock from $74.00 to $73.00 in a research report on Monday, May 5th. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $88.55.

GE HealthCare Technologies Stock Down 0.4%

Shares of NASDAQ GEHC traded down $0.32 during mid-day trading on Thursday, reaching $71.32. The company had a trading volume of 6,256,943 shares, compared to its average volume of 4,101,102. 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 capitalization of $32.66 billion, a price-to-earnings ratio of 15.01, a PEG ratio of 2.62 and a beta of 1.14. The stock has a fifty day moving average of $73.54 and a two-hundred day moving average of $76.89. GE HealthCare Technologies has a 12-month low of $57.65 and a 12-month high of $94.80.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $1.06 EPS for the quarter, topping 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 company had revenue of $5 billion during the quarter, compared to the consensus estimate of $4.96 billion. During the same period in the previous year, the firm posted $1.00 earnings per share. The company's revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, equities research analysts expect that GE HealthCare Technologies will post 4.68 EPS for the current year.

GE HealthCare Technologies declared that its board has initiated a share repurchase program on Wednesday, April 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 3.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

Institutional Trading of GE HealthCare Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GEHC. N.E.W. Advisory Services LLC bought a new position in shares of GE HealthCare Technologies in the first quarter valued at approximately $25,000. Bogart Wealth LLC increased its stake in shares of GE HealthCare Technologies by 260.0% during 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 raised its stake in shares of GE HealthCare Technologies by 165.7% in the first quarter. Stonebridge Financial Group LLC now owns 356 shares of the company's stock valued at $29,000 after buying an additional 222 shares during the period. LGT Financial Advisors LLC lifted its holdings in GE HealthCare Technologies by 46.2% during the fourth quarter. LGT Financial Advisors LLC now owns 389 shares of the company's stock valued at $30,000 after purchasing 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 worth approximately $30,000. 82.06% of the stock is owned by institutional investors.

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.

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