GE HealthCare Technologies (NASDAQ:GEHC) Shares Gap Up After Better-Than-Expected Earnings

Shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $71.11, but opened at $76.00. GE HealthCare Technologies shares last traded at $75.9890, with a volume of 1,314,081 shares.

The company reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.14. The company had revenue of $5.51 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same period in the previous year, the company posted $1.07 earnings per share. The company’s quarterly revenue was up 7.2% compared to the same quarter last year.

GE HealthCare Technologies Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 23rd will be issued a $0.04 dividend. This is a boost from GE HealthCare Technologies’s previous quarterly dividend of $0.0350. The ex-dividend date of this dividend is Friday, October 23rd. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.2%. GE HealthCare Technologies’s payout ratio is presently 3.67%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. UBS Group boosted their price objective on GE HealthCare Technologies from $67.00 to $73.00 and gave the company a “neutral” rating in a research note on Friday, July 31st. Wolfe Research assumed coverage on shares of GE HealthCare Technologies in a research report on Tuesday, October 20th. They set a “peer perform” rating for the company. Zacks Research upgraded shares of GE HealthCare Technologies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Royal Bank Of Canada reissued an “outperform” rating on shares of GE HealthCare Technologies in a research report on Monday, October 5th. Finally, BTIG Research dropped their price target on shares of GE HealthCare Technologies from $79.00 to $75.00 and set a “buy” rating on the stock in a research note on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.35.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GEHC. NBH Bank purchased a new position in GE HealthCare Technologies in the 2nd quarter worth $26,000. Physician Wealth Advisors Inc. lifted its stake in GE HealthCare Technologies by 60.4% in the first quarter. Physician Wealth Advisors Inc. now owns 433 shares of the company’s stock worth $31,000 after purchasing an additional 163 shares during the last quarter. Global Assets Advisory LLC bought a new stake in GE HealthCare Technologies in the first quarter worth $37,000. Fortitude Family Office LLC boosted its position in GE HealthCare Technologies by 249.1% during the third quarter. Fortitude Family Office LLC now owns 597 shares of the company’s stock valued at $39,000 after buying an additional 426 shares during the period. Finally, Aberdeen Wealth Management LLC purchased a new stake in GE HealthCare Technologies during the second quarter valued at about $44,000. 82.06% of the stock is currently owned by institutional investors.

GE HealthCare Technologies Stock Up 7.6%

The firm’s 50-day simple moving average is $68.30 and its 200-day simple moving average is $70.23. The firm has a market capitalization of $34.57 billion, a PE ratio of 17.58 and a beta of 0.73.

About GE HealthCare Technologies

GE HealthCare Technologies Inc is a global medical technology company that develops and provides products, services and digital solutions for healthcare providers. Its offerings are designed to support the diagnosis, treatment and monitoring of patients across hospitals, outpatient facilities, imaging centers and other care settings.

The company’s portfolio includes medical imaging systems such as computed tomography, magnetic resonance imaging, molecular imaging, surgical imaging and X-ray equipment.