Cooper Investors PTY Ltd. Reduces Stock Position in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Cooper Investors PTY Ltd. reduced its position in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC) by 14.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 215,851 shares of the company’s stock after selling 37,647 shares during the period. GE HealthCare Technologies accounts for approximately 2.8% of Cooper Investors PTY Ltd.’s portfolio, making the stock its 13th largest position. Cooper Investors PTY Ltd.’s holdings in GE HealthCare Technologies were worth $17,421,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Capital Research Global Investors raised its stake in GE HealthCare Technologies by 4.5% in the fourth quarter. Capital Research Global Investors now owns 60,832,004 shares of the company’s stock worth $4,755,851,000 after buying an additional 2,608,066 shares in the last quarter. Vanguard Group Inc. raised its stake in GE HealthCare Technologies by 4.3% in 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 in the last quarter. Geode Capital Management LLC raised its stake 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 buying an additional 342,819 shares in the last quarter. Invesco Ltd. raised 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 worth $630,751,000 after buying an additional 1,252,613 shares in the last quarter. Finally, Norges Bank bought a new position in GE HealthCare Technologies in the fourth quarter worth about $488,531,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

GE HealthCare Technologies Stock Down 0.2%

Shares of NASDAQ GEHC opened at $71.16 on Tuesday. The firm’s 50-day moving average price is $69.71 and its 200-day moving average price is $77.83. The company has a current ratio of 0.98, a quick ratio of 0.76 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $32.58 billion, a price-to-earnings ratio of 14.98, a P/E/G ratio of 2.40 and a beta of 1.14. GE HealthCare Technologies Inc. has a 12-month low of $57.65 and a 12-month high of $94.80.

GE HealthCare Technologies (NASDAQ:GEHC) last issued its quarterly 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 11.02% and a return on equity of 24.95%. The firm’s revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.90 EPS. On average, equities research analysts anticipate that GE HealthCare Technologies Inc. will post 4.68 EPS for the current fiscal year.

GE HealthCare Technologies declared that its board has initiated a share buyback plan on Wednesday, April 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 3.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

GE HealthCare Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Friday, April 25th were paid a $0.035 dividend. The ex-dividend date was Friday, April 25th. This represents a $0.14 dividend on an annualized basis and a yield of 0.20%. GE HealthCare Technologies’s dividend payout ratio is currently 2.95%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on GEHC. UBS Group raised shares of GE HealthCare Technologies from a “sell” rating to a “neutral” rating and decreased their target price for the company from $74.00 to $73.00 in a research note on Monday, May 5th. The Goldman Sachs Group reduced their price target on shares of GE HealthCare Technologies from $94.00 to $82.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. BTIG Research set a $95.00 price target on shares of GE HealthCare Technologies and gave the company a “buy” rating in a research report on Monday, April 14th. Morgan Stanley reduced their price target on shares of GE HealthCare Technologies from $86.00 to $78.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 6th. Finally, Wells Fargo & Company reduced their price target on shares of GE HealthCare Technologies from $103.00 to $89.00 and set an “overweight” rating for the company in a research 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’s stock. Based on data from MarketBeat.com, GE HealthCare Technologies currently has an average rating of “Moderate Buy” and an average target price of $88.27.

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.