GE HealthCare Technologies (NASDAQ:GEHC) Stock Price Up 3.7% – Here’s Why

GE HealthCare Technologies Inc. (NASDAQ:GEHC)’s stock price was up 3.7% during mid-day trading on Wednesday . The company traded as high as $86.60 and last traded at $86.46. Approximately 551,008 shares were traded during trading, a decline of 79% from the average daily volume of 2,621,133 shares. The stock had previously closed at $83.37.

Analysts Set New Price Targets

A number of research firms have recently weighed in on GEHC. UBS Group downgraded shares of GE HealthCare Technologies from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $84.00 to $74.00 in a research note on Thursday, September 26th. Wells Fargo & Company raised their price target on GE HealthCare Technologies from $95.00 to $96.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Evercore ISI boosted their price target on GE HealthCare Technologies from $98.00 to $102.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. BTIG Research upgraded GE HealthCare Technologies from a “neutral” rating to a “buy” rating and set a $100.00 price objective on the stock in a report on Wednesday, September 18th. Finally, Jefferies Financial Group raised shares of GE HealthCare Technologies from a “hold” rating to a “buy” rating and boosted their target price for the stock from $95.00 to $103.00 in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $96.00.

GE HealthCare Technologies Stock Up 3.4 %

The firm has a market cap of $39.38 billion, a price-to-earnings ratio of 23.68, a PEG ratio of 2.90 and a beta of 1.11. The firm has a 50-day moving average of $82.33 and a two-hundred day moving average of $84.02. The company has a current ratio of 1.23, a quick ratio of 0.98 and a debt-to-equity ratio of 1.12.

GE HealthCare Technologies (NASDAQ:GEHC) last announced its earnings results on Wednesday, October 30th. The company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.08. The business had revenue of $4.86 billion for the quarter, compared to analyst estimates of $4.87 billion. GE HealthCare Technologies had a net margin of 8.56% and a return on equity of 25.19%. GE HealthCare Technologies’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.99 earnings per share. As a group, sell-side analysts predict that GE HealthCare Technologies Inc. will post 4.3 earnings per share for the current fiscal year.

GE HealthCare Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Tuesday, January 14th will be paid a $0.035 dividend. This is a positive change from GE HealthCare Technologies’s previous quarterly dividend of $0.03. This represents a $0.14 annualized dividend and a dividend yield of 0.16%. The ex-dividend date is Tuesday, January 14th. GE HealthCare Technologies’s dividend payout ratio is currently 3.85%.

Insider Buying and Selling at GE HealthCare Technologies

In other news, CEO Roland Rott sold 3,577 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $86.48, for a total value of $309,338.96. Following the completion of the sale, the chief executive officer now directly owns 24,298 shares in the company, valued at approximately $2,101,291.04. This trade represents a 12.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On GE HealthCare Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Mesirow Financial Investment Management Inc. lifted its stake in shares of GE HealthCare Technologies by 39.6% in the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 4,084 shares of the company’s stock valued at $383,000 after purchasing an additional 1,159 shares during the period. LMR Partners LLP bought a new stake in GE HealthCare Technologies in the third quarter valued at about $7,387,000. Principal Financial Group Inc. lifted its stake in GE HealthCare Technologies by 1.9% in the third quarter. Principal Financial Group Inc. now owns 1,009,910 shares of the company’s stock valued at $94,780,000 after buying an additional 19,010 shares during the period. Everence Capital Management Inc. boosted its holdings in GE HealthCare Technologies by 118.2% during the fourth quarter. Everence Capital Management Inc. now owns 18,870 shares of the company’s stock worth $1,475,000 after buying an additional 10,220 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of GE HealthCare Technologies during the 3rd quarter worth about $1,396,000. Institutional investors own 82.06% of the company’s stock.

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.