Handelsbanken Fonder AB Sells 4,040 Shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Handelsbanken Fonder AB trimmed its stake in shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC) by 1.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 245,161 shares of the company’s stock after selling 4,040 shares during the quarter. Handelsbanken Fonder AB owned approximately 0.05% of GE HealthCare Technologies worth $19,787,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in GEHC. Norges Bank bought 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 GE HealthCare Technologies by 4.5% during the fourth quarter. Capital Research Global Investors now owns 60,832,004 shares of the company’s stock worth $4,755,851,000 after purchasing an additional 2,608,066 shares during the period. Van ECK Associates Corp grew its stake in GE HealthCare Technologies by 107.3% during the fourth quarter. Van ECK Associates Corp now owns 4,841,652 shares of the company’s stock worth $378,520,000 after purchasing an additional 2,506,417 shares during the period. Vanguard Group Inc. grew its stake in GE HealthCare Technologies by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 52,537,446 shares of the company’s stock worth $4,107,378,000 after purchasing an additional 2,155,429 shares during the period. Finally, Eminence Capital LP acquired a new stake in GE HealthCare Technologies during the fourth quarter worth approximately $102,574,000. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

GEHC has been the subject of several recent analyst reports. The Goldman Sachs Group decreased their target price on GE HealthCare Technologies from $94.00 to $82.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Wall Street Zen raised GE HealthCare Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, May 31st. Wells Fargo & Company reduced their price objective on GE HealthCare Technologies from $103.00 to $89.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. Morgan Stanley reduced their price objective on GE HealthCare Technologies from $86.00 to $78.00 and set an “equal weight” rating for the company in a research note on Tuesday, May 6th. Finally, BTIG Research set a $95.00 price objective on GE HealthCare Technologies and gave the company a “buy” rating in a research note on Monday, April 14th. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $88.27.

GE HealthCare Technologies Stock Performance

GE HealthCare Technologies stock opened at $73.40 on Thursday. The company has a quick ratio of 0.83, a current ratio of 1.04 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $33.61 billion, a P/E ratio of 16.95, a PEG ratio of 3.19 and a beta of 1.14. The stock’s 50 day moving average is $68.15 and its 200 day moving average is $78.48. GE HealthCare Technologies Inc. has a twelve month low of $57.65 and a twelve month high of $94.80.

GE HealthCare Technologies (NASDAQ:GEHC) last issued its 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. GE HealthCare Technologies had a return on equity of 25.74% and a net margin of 10.13%. The business had revenue of $4.78 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period last year, the business posted $0.90 EPS. The company’s revenue was up 2.7% compared to the same quarter last year. On average, equities research analysts predict that GE HealthCare Technologies Inc. will post 4.68 earnings per share for the current fiscal year.

GE HealthCare Technologies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Friday, April 25th were issued a dividend of $0.035 per share. The ex-dividend date of this dividend was Friday, April 25th. This represents a $0.14 annualized dividend and a dividend yield of 0.19%. GE HealthCare Technologies’s payout ratio is 2.95%.

GE HealthCare Technologies declared that its board has authorized a stock buyback plan on Wednesday, April 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.

GE HealthCare Technologies Company 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.