Skye Global Management LP Purchases New Holdings in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Skye Global Management LP acquired a new position in GE HealthCare Technologies Inc. (NASDAQ:GEHC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 418,000 shares of the company’s stock, valued at approximately $32,679,000. GE HealthCare Technologies comprises about 0.7% of Skye Global Management LP’s investment portfolio, making the stock its 23rd largest position. Skye Global Management LP owned about 0.09% of GE HealthCare Technologies as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of GEHC. Capital Research Global Investors raised its stake in shares of GE HealthCare Technologies by 4.5% during the 4th quarter. Capital Research Global Investors now owns 60,832,004 shares of the company’s stock worth $4,755,851,000 after purchasing an additional 2,608,066 shares during the period. Vanguard Group Inc. increased its holdings in GE HealthCare Technologies by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 52,537,446 shares of the company’s stock worth $4,107,378,000 after buying an additional 2,155,429 shares during the last quarter. Geode Capital Management LLC raised its position in GE HealthCare Technologies by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 11,320,576 shares of the company’s stock worth $882,777,000 after acquiring an additional 342,819 shares during the period. Invesco Ltd. boosted its stake in GE HealthCare Technologies by 18.4% in the fourth quarter. Invesco Ltd. now owns 8,067,927 shares of the company’s stock valued at $630,751,000 after acquiring an additional 1,252,613 shares during the last quarter. Finally, Norges Bank bought a new position in shares of GE HealthCare Technologies during the 4th quarter valued at approximately $488,531,000. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. UBS Group raised shares of GE HealthCare Technologies from a “sell” rating to a “neutral” rating and lowered their price target for the stock from $74.00 to $73.00 in a report on Monday, May 5th. The Goldman Sachs Group lowered their target price on GE HealthCare Technologies from $94.00 to $82.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Evercore ISI dropped their price target 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. Piper Sandler decreased their price objective on GE HealthCare Technologies from $104.00 to $88.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Finally, Citigroup dropped their price objective 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. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $88.27.

GE HealthCare Technologies Stock Up 0.1%

GEHC stock opened at $72.91 on Friday. The stock has a 50-day simple moving average of $71.52 and a two-hundred day simple moving average of $80.30. GE HealthCare Technologies Inc. has a twelve month low of $57.65 and a twelve month high of $94.80. The firm has a market capitalization of $33.38 billion, a PE ratio of 16.84, a PEG 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.

GE HealthCare Technologies (NASDAQ:GEHC) last posted its earnings results on Wednesday, April 30th. The company reported $1.01 earnings per share 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 business had revenue of $4.78 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the prior year, the firm posted $0.90 EPS. GE HealthCare Technologies’s revenue was up 2.7% on a year-over-year basis. On average, equities analysts predict that GE HealthCare Technologies Inc. will post 4.68 EPS for the current fiscal year.

GE HealthCare Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Friday, April 25th were paid a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a yield of 0.19%. The ex-dividend date was Friday, April 25th. GE HealthCare Technologies’s dividend payout ratio is 2.95%.

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

GE HealthCare Technologies 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.