Fagan Associates Inc. Lowers Stake in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Fagan Associates Inc. cut its stake in GE HealthCare Technologies Inc. (NASDAQ:GEHC) by 2.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 22,414 shares of the company’s stock after selling 621 shares during the period. Fagan Associates Inc.’s holdings in GE HealthCare Technologies were worth $1,809,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Susquehanna Fundamental Investments LLC acquired a new stake in GE HealthCare Technologies in the fourth quarter valued at $20,891,000. Breakwater Capital Group acquired a new position in GE HealthCare Technologies during the 1st quarter valued at about $210,000. Flagship Harbor Advisors LLC raised its position in shares of GE HealthCare Technologies by 17.4% during the first quarter. Flagship Harbor Advisors LLC now owns 3,443 shares of the company’s stock worth $278,000 after purchasing an additional 511 shares during the period. Bessemer Group Inc. boosted its holdings in shares of GE HealthCare Technologies by 24.3% during the first quarter. Bessemer Group Inc. now owns 6,671 shares of the company’s stock worth $538,000 after purchasing an additional 1,306 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its position in GE HealthCare Technologies by 23.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 50,859 shares of the company’s stock valued at $4,105,000 after acquiring an additional 9,769 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

GE HealthCare Technologies Stock Performance

Shares of NASDAQ GEHC traded down $0.66 during midday trading on Monday, hitting $75.30. 527,322 shares of the company’s stock traded hands, compared to its average volume of 3,549,179. GE HealthCare Technologies Inc. has a 1 year low of $57.65 and a 1 year high of $94.80. The stock has a market capitalization of $34.48 billion, a price-to-earnings ratio of 15.88, a price-to-earnings-growth ratio of 2.56 and a beta of 1.14. 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 firm has a fifty day moving average of $72.98 and a 200 day moving average of $77.22.

GE HealthCare Technologies (NASDAQ:GEHC) last posted its earnings results on Wednesday, April 30th. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.10. GE HealthCare Technologies had a return on equity of 24.95% and a net margin of 11.02%. The firm had revenue of $4.78 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the prior year, the company earned $0.90 EPS. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, analysts forecast that GE HealthCare Technologies Inc. will post 4.68 earnings per share for the current year.

GE HealthCare Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Friday, July 25th will be issued a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date is Friday, July 25th. GE HealthCare Technologies’s payout ratio is presently 2.95%.

GE HealthCare Technologies announced that its Board of Directors has initiated a stock buyback plan on Wednesday, April 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on GEHC shares. Wells Fargo & Company lowered their price objective on shares of GE HealthCare Technologies from $103.00 to $89.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. The Goldman Sachs Group reduced their target price on shares of 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. Citigroup boosted their price objective on GE HealthCare Technologies from $86.00 to $89.00 and gave the stock a “buy” rating in a report on Wednesday, July 9th. Evercore ISI decreased their target price on GE HealthCare Technologies from $96.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday, May 1st. Finally, Wall Street Zen raised GE HealthCare Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, May 31st. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $88.55.

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.