GE HealthCare Technologies (NASDAQ:GEHC) Raised to "Buy" at Wall Street Zen

Wall Street Zen upgraded shares of GE HealthCare Technologies (NASDAQ:GEHC - Free Report) from a hold rating to a buy rating in a research note issued to investors on Saturday.

A number of other brokerages have also recently issued reports on GEHC. Citigroup cut 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 report on Wednesday, April 30th. Morgan Stanley cut their target price on shares of GE HealthCare Technologies from $86.00 to $78.00 and set an "equal weight" rating on the stock in a report on Tuesday, May 6th. Wells Fargo & Company cut their price target on GE HealthCare Technologies from $103.00 to $89.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. BTIG Research set a $95.00 price target on GE HealthCare Technologies and gave the company a "buy" rating in a report on Monday, April 14th. Finally, Evercore ISI cut their price target on GE HealthCare Technologies from $96.00 to $85.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $88.27.

GE HealthCare Technologies Stock Performance

NASDAQ:GEHC traded down $0.39 during trading hours on Friday, reaching $70.15. 2,358,795 shares of the stock were exchanged, compared to its average volume of 3,447,765. 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 has a 50 day simple moving average of $68.96 and a 200-day simple moving average of $79.03. GE HealthCare Technologies has a 52 week low of $57.65 and a 52 week high of $94.80. The stock has a market capitalization of $32.12 billion, a P/E ratio of 16.20, a P/E/G ratio of 3.19 and a beta of 1.21.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $4.78 billion for the quarter, compared to analysts' expectations of $4.66 billion. During the same quarter last year, the company posted $0.90 earnings per share. GE HealthCare Technologies's revenue was up 2.7% on a year-over-year basis. As a group, sell-side analysts forecast that GE HealthCare Technologies will post 4.68 earnings per share for the current fiscal year.

GE HealthCare Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Friday, April 25th were issued a dividend of $0.035 per share. The ex-dividend date was Friday, April 25th. This represents a $0.14 annualized dividend and a yield of 0.20%. GE HealthCare Technologies's payout ratio is 2.95%.

GE HealthCare Technologies declared that its board has initiated a stock buyback plan on Wednesday, April 30th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. N.E.W. Advisory Services LLC bought a new position in shares of GE HealthCare Technologies in the first quarter valued at $25,000. CoreFirst Bank & Trust bought a new position in shares of GE HealthCare Technologies in the fourth quarter valued at $25,000. Bogart Wealth LLC increased its holdings in shares of GE HealthCare Technologies by 260.0% in the first quarter. Bogart Wealth LLC now owns 342 shares of the company's stock valued at $28,000 after buying an additional 247 shares in the last quarter. Runnymede Capital Advisors Inc. bought a new position in shares of GE HealthCare Technologies in the fourth quarter valued at $28,000. Finally, Stonebridge Financial Group LLC increased its holdings 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 in the last quarter. 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.