Private Trust Co. NA has significantly reduced its holdings in GE HealthCare Technologies Inc. (NASDAQ: GEHC) by 38.1% during the first quarter of 2023, according to a recent filing with the U.S. Securities and Exchange Commission. The firm now owns 1,426 shares of GE HealthCare after selling 879 shares during this period, with the remaining shares valued at approximately $115,000.
Other institutional investors have also adjusted their positions in GE HealthCare. CoreFirst Bank & Trust acquired a new stake in the company valued at about $25,000 in the fourth quarter of 2022. Similarly, Runnymede Capital Advisors Inc. entered a new position worth $28,000 during the same period. Stonebridge Financial Group LLC increased its stake by 165.7% in the first quarter, now owning 356 shares valued at $29,000. Meanwhile, LGT Financial Advisors LLC and Accredited Wealth Management LLC expanded their positions in the fourth quarter, each acquiring shares worth about $30,000. Currently, institutional investors and hedge funds collectively own 82.06% of GE HealthCare’s stock.
Stock Performance and Financial Metrics
On Wednesday, shares of GE HealthCare opened at $75.20, reflecting a modest increase of 0.8%. The stock has experienced a 52-week low of $57.65 and a 52-week high of $94.80. The company’s market capitalization stands at $34.43 billion, with a price-to-earnings ratio of 15.83 and a price-to-earnings-growth ratio of 2.51. Financial indicators show a debt-to-equity ratio of 0.73, a quick ratio of 0.76, and a current ratio of 0.98.
Additionally, GE HealthCare declared a quarterly dividend of $0.035 per share, to be paid on August 15, 2023. Shareholders of record as of July 25, 2023 will receive this dividend, which translates to an annualized amount of $0.14 and a yield of 0.19%. The company’s dividend payout ratio is noted at 2.95%.
In a proactive move, GE HealthCare also announced a share repurchase program on April 30, 2023, authorizing the buyback of up to $1.00 billion worth of shares, equating to approximately 3.1% of its stock. Such buyback initiatives often suggest that the company’s board believes the stock is undervalued.
Analysts’ Insights and Ratings
Recent reports from various analysts provide insight into the stock’s future performance. BTIG Research has set a price target of $95.00 with a “buy” rating, while Morgan Stanley adjusted its target from $86.00 to $78.00, maintaining an “equal weight” stance. Wells Fargo & Company has reduced its target from $103.00 to $89.00, rating it as “overweight.” Similarly, Citigroup lowered its price target from $105.00 to $86.00 but kept a “buy” recommendation.
As of now, three analysts have rated the stock with a hold recommendation, nine have given it a buy rating, and one has issued a strong buy rating. According to data from MarketBeat.com, GE HealthCare Technologies holds an average rating of “Moderate Buy” with an average price target set at $88.27.
GE HealthCare Technologies Inc. specializes in developing, manufacturing, and marketing products and services utilized in diagnosing, treating, and monitoring patients, both in the United States and internationally. The company operates through four main segments: Imaging, Ultrasound, Patient Care Solutions, and Pharmaceutical Diagnostics.
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