Petredis Investment Advisors LLC Boosts Stake in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Petredis Investment Advisors LLC increased its position in GE HealthCare Technologies Inc. (NASDAQ:GEHC) by 2.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 18,032 shares of the company’s stock after purchasing an additional 383 shares during the quarter. Petredis Investment Advisors LLC’s holdings in GE HealthCare Technologies were worth $1,455,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in GEHC. Susquehanna Fundamental Investments LLC bought a new position in GE HealthCare Technologies in the fourth quarter worth $20,891,000. Apollon Wealth Management LLC increased its stake in shares of GE HealthCare Technologies by 46.5% in the 4th quarter. Apollon Wealth Management LLC now owns 13,111 shares of the company’s stock worth $1,025,000 after acquiring an additional 4,160 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of GE HealthCare Technologies by 29.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,233,603 shares of the company’s stock worth $209,624,000 after acquiring an additional 512,778 shares in the last quarter. Asset Management One Co. Ltd. lifted its position in GE HealthCare Technologies by 5.9% during the 4th quarter. Asset Management One Co. Ltd. now owns 174,412 shares of the company’s stock valued at $13,867,000 after acquiring an additional 9,662 shares during the period. Finally, Dark Forest Capital Management LP boosted its stake in GE HealthCare Technologies by 154.4% during the fourth quarter. Dark Forest Capital Management LP now owns 7,343 shares of the company’s stock worth $574,000 after acquiring an additional 4,457 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

GE HealthCare Technologies Price Performance

NASDAQ GEHC opened at $71.67 on Tuesday. GE HealthCare Technologies Inc. has a one year low of $57.65 and a one year high of $94.80. The stock has a 50-day moving average of $67.86 and a 200 day moving average of $78.55. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.83 and a current ratio of 1.04. The company has a market capitalization of $32.82 billion, a price-to-earnings ratio of 16.55, a PEG ratio of 3.19 and a beta of 1.14.

GE HealthCare Technologies (NASDAQ:GEHC) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.10. GE HealthCare Technologies had a net margin of 10.13% and a return on equity of 25.74%. The firm had revenue of $4.78 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same period in the previous year, the business posted $0.90 earnings per share. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, sell-side analysts forecast that GE HealthCare Technologies Inc. will post 4.68 EPS for the current year.

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

GE HealthCare Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Friday, April 25th were paid a dividend of $0.035 per share. The ex-dividend date of this dividend was Friday, April 25th. This represents a $0.14 dividend on an annualized basis and a yield of 0.20%. GE HealthCare Technologies’s dividend payout ratio is presently 2.95%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Evercore ISI lowered their target price on shares of GE HealthCare Technologies from $96.00 to $85.00 and set an “outperform” rating for the company in a report on Thursday, May 1st. The Goldman Sachs Group reduced their price objective on GE HealthCare Technologies from $94.00 to $82.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Citigroup lowered their price objective on GE HealthCare Technologies from $105.00 to $86.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. Morgan Stanley cut 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 note on Tuesday, May 6th. Finally, UBS Group upgraded GE HealthCare Technologies from a “sell” rating to a “neutral” rating and reduced their price target for the company from $74.00 to $73.00 in a report on Monday, May 5th. Three 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. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $88.27.

About GE HealthCare Technologies

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.