Salem Investment Counselors Inc. Purchases 7,317 Shares of GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Salem Investment Counselors Inc. lifted its position in GE HealthCare Technologies Inc. (NASDAQ:GEHC) by 6.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 116,525 shares of the company’s stock after buying an additional 7,317 shares during the period. Salem Investment Counselors Inc.’s holdings in GE HealthCare Technologies were worth $9,405,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Capital Research Global Investors grew its stake in shares of GE HealthCare Technologies by 4.5% during the 4th quarter. Capital Research Global Investors now owns 60,832,004 shares of the company’s stock valued at $4,755,851,000 after purchasing an additional 2,608,066 shares during the period. Vanguard Group Inc. grew its position 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 valued at $4,107,378,000 after buying an additional 2,155,429 shares during the period. Geode Capital Management LLC grew its position in GE HealthCare Technologies by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 11,320,576 shares of the company’s stock valued at $882,777,000 after buying an additional 342,819 shares during the period. Invesco Ltd. increased its holdings in GE HealthCare Technologies by 18.4% during the fourth quarter. Invesco Ltd. now owns 8,067,927 shares of the company’s stock valued at $630,751,000 after buying an additional 1,252,613 shares during the last quarter. Finally, Norges Bank bought a new position in GE HealthCare Technologies in the fourth quarter worth approximately $488,531,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Evercore ISI cut their price objective on shares of GE HealthCare Technologies from $96.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday, May 1st. Morgan Stanley reduced their price target on GE HealthCare Technologies from $86.00 to $78.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 6th. UBS Group upgraded GE HealthCare Technologies from a “sell” rating to a “neutral” rating and cut their price objective for the company from $74.00 to $73.00 in a research note on Monday, May 5th. Wells Fargo & Company lowered their price target on shares of GE HealthCare Technologies from $103.00 to $89.00 and set an “overweight” rating on the stock in a report on Thursday, May 1st. Finally, The Goldman Sachs Group reduced their price objective on shares of 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. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $88.27.

GE HealthCare Technologies Stock Performance

Shares of NASDAQ GEHC opened at $73.11 on Friday. The firm’s fifty day moving average is $68.40 and its two-hundred day moving average is $78.41. GE HealthCare Technologies Inc. has a 52-week low of $57.65 and a 52-week high of $94.80. The company has a market cap of $33.48 billion, a P/E ratio of 16.88, a P/E/G ratio of 3.19 and a beta of 1.14. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.83 and a current ratio of 1.04.

GE HealthCare Technologies (NASDAQ:GEHC) last posted its earnings results on Wednesday, April 30th. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $4.78 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the prior year, the company earned $0.90 EPS. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, analysts anticipate that GE HealthCare Technologies Inc. will post 4.68 EPS for the current fiscal year.

GE HealthCare Technologies Announces Dividend

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

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