GE HealthCare Technologies (NASDAQ:GEHC) Stock Bumped Up to “Strong-Buy” by Barclays

Barclays upgraded shares of GE HealthCare Technologies (NASDAQ:GEHC) to a strong-buy rating in a research note issued to investors on Wednesday,Zacks reports.

Other analysts also recently issued reports about the stock. BMO Capital Markets initiated coverage on shares of GE HealthCare Technologies in a report on Wednesday, July 8th. They set a “market perform” rating and a $70.00 price target on the stock. Oppenheimer reaffirmed an “outperform” rating on shares of GE HealthCare Technologies in a report on Thursday, July 30th. Needham & Company LLC reiterated a “buy” rating and issued a $93.00 price objective on shares of GE HealthCare Technologies in a research report on Monday. Citigroup lowered their target price on shares of GE HealthCare Technologies from $75.00 to $71.00 and set a “neutral” rating on the stock in a research note on Monday. Finally, Hovde Group initiated coverage on GE HealthCare Technologies in a research report on Friday, July 17th. They set a “market perform” rating and a $14.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, GE HealthCare Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $78.52.

GE HealthCare Technologies Stock Down 0.2%

Shares of GEHC stock opened at $64.67 on Wednesday. GE HealthCare Technologies has a twelve month low of $58.75 and a twelve month high of $89.77. The stock has a market cap of $29.21 billion, a P/E ratio of 14.83, a P/E/G ratio of 1.71 and a beta of 0.73. The stock has a 50 day moving average of $68.84 and a 200 day moving average of $66.91. The company has a current ratio of 1.26, a quick ratio of 0.97 and a debt-to-equity ratio of 0.92.

GE HealthCare Technologies (NASDAQ:GEHC) last released its quarterly earnings data on Wednesday, July 29th. The company reported $1.13 EPS for the quarter, topping the consensus estimate of $1.04 by $0.09. The business had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.26 billion. GE HealthCare Technologies had a return on equity of 20.12% and a net margin of 9.33%.The business’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.06 EPS. As a group, sell-side analysts expect that GE HealthCare Technologies will post 4.93 EPS for the current year.

GE HealthCare Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 23rd will be given a dividend of $0.04 per share. This is a boost from GE HealthCare Technologies’s previous quarterly dividend of $0.0350. This represents a $0.16 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Friday, October 23rd. GE HealthCare Technologies’s dividend payout ratio (DPR) is currently 3.21%.

Hedge Funds Weigh In On GE HealthCare Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Moody National Bank Trust Division raised its position in shares of GE HealthCare Technologies by 28.2% during the 3rd quarter. Moody National Bank Trust Division now owns 12,814 shares of the company’s stock worth $838,000 after purchasing an additional 2,817 shares during the last quarter. Central Pacific Bank Trust Division lifted its stake in GE HealthCare Technologies by 28.7% in the 3rd quarter. Central Pacific Bank Trust Division now owns 13,462 shares of the company’s stock valued at $880,000 after buying an additional 3,000 shares in the last quarter. Eastern Bank boosted its holdings in GE HealthCare Technologies by 15.3% in the 3rd quarter. Eastern Bank now owns 1,460 shares of the company’s stock worth $95,000 after buying an additional 194 shares during the last quarter. CX Institutional boosted its holdings in GE HealthCare Technologies by 10.5% in the 3rd quarter. CX Institutional now owns 4,190 shares of the company’s stock worth $274,000 after buying an additional 399 shares during the last quarter. Finally, Versant Capital Management Inc boosted its holdings in GE HealthCare Technologies by 29.9% in the 3rd quarter. Versant Capital Management Inc now owns 4,878 shares of the company’s stock worth $319,000 after buying an additional 1,124 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

About GE HealthCare Technologies

GE HealthCare Technologies Inc is a global medical technology and healthcare services company that develops, manufactures and supports products used by hospitals, clinicians and researchers. Its offerings are designed to assist with disease detection, diagnosis, treatment, patient monitoring and clinical workflow management.

The company’s portfolio includes computed tomography, magnetic resonance imaging, X-ray and molecular imaging systems; ultrasound equipment; patient monitoring and anesthesia delivery technologies; and pharmaceutical diagnostics, including contrast agents used in medical imaging.