Chevy Chase Trust Holdings LLC Grows Stock Holdings in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Chevy Chase Trust Holdings LLC grew its holdings in GE HealthCare Technologies Inc. (NASDAQ:GEHC) by 0.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 241,244 shares of the company’s stock after acquiring an additional 473 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.05% of GE HealthCare Technologies worth $19,471,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in GEHC. Norges Bank acquired a new position in shares of GE HealthCare Technologies during the fourth quarter worth about $488,531,000. Capital Research Global Investors grew its stake in shares of 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 valued at $4,755,851,000 after buying an additional 2,608,066 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of GE HealthCare Technologies by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 52,537,446 shares of the company’s stock valued at $4,107,378,000 after buying an additional 2,155,429 shares during the period. Eminence Capital LP acquired a new position in GE HealthCare Technologies during the 4th quarter worth approximately $102,574,000. Finally, Invesco Ltd. boosted its holdings in GE HealthCare Technologies by 18.4% in the 4th quarter. Invesco Ltd. now owns 8,067,927 shares of the company’s stock worth $630,751,000 after acquiring an additional 1,252,613 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

GE HealthCare Technologies Stock Up 1.1%

Shares of GE HealthCare Technologies stock opened at $72.75 on Thursday. The business has a 50-day moving average price of $70.11 and a 200 day moving average price of $77.75. GE HealthCare Technologies Inc. has a fifty-two week low of $57.65 and a fifty-two week high of $94.80. The firm has a market cap of $33.31 billion, a P/E ratio of 15.32, a P/E/G ratio of 2.43 and a beta of 1.13. The company has a quick ratio of 0.76, a current ratio of 0.98 and a debt-to-equity ratio of 0.73.

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

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on GEHC shares. UBS Group upgraded shares of GE HealthCare Technologies from a “sell” rating to a “neutral” rating and dropped their price objective for the company from $74.00 to $73.00 in a research note on Monday, May 5th. Wall Street Zen upgraded shares of GE HealthCare Technologies from a “hold” rating to a “buy” rating in a report on Saturday, May 31st. Piper Sandler lowered their target price on GE HealthCare Technologies from $104.00 to $88.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Morgan Stanley dropped their target price on GE HealthCare Technologies from $86.00 to $78.00 and set an “equal weight” rating on the stock in a research report on Tuesday, May 6th. Finally, Wells Fargo & Company reduced their price target on GE HealthCare Technologies from $103.00 to $89.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $88.27.

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.