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

GE HealthCare Technologies Inc. (NASDAQ:GEHC)’s stock price gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $85.27, but opened at $89.73. GE HealthCare Technologies shares last traded at $87.92, with a volume of 344,494 shares trading hands.

The company reported $1.14 EPS for the quarter, topping the consensus estimate of $1.06 by $0.08. The company had revenue of $4.86 billion during the quarter, compared to analysts’ expectations of $4.87 billion. GE HealthCare Technologies had a net margin of 8.56% and a return on equity of 25.19%. The business’s revenue for the quarter was up .9% on a year-over-year basis. During the same period last year, the company posted $0.99 earnings per share.

GE HealthCare Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, October 18th will be issued a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, October 18th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.14%. GE HealthCare Technologies’s dividend payout ratio is 3.30%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on GEHC shares. Redburn Atlantic upgraded shares of GE HealthCare Technologies to a “strong-buy” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. assumed coverage on GE HealthCare Technologies in a research report on Monday, September 9th. They issued a “neutral” rating and a $90.00 price target for the company. Evercore ISI upped their price target on GE HealthCare Technologies from $98.00 to $102.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. UBS Group downgraded GE HealthCare Technologies from a “neutral” rating to a “sell” rating and cut their price objective for the company from $84.00 to $74.00 in a research note on Thursday, September 26th. Finally, Wells Fargo & Company boosted their target price on GE HealthCare Technologies from $95.00 to $96.00 and gave the stock an “overweight” rating in a report on Thursday. One analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $94.36.

Insiders Place Their Bets

In other news, CEO Thomas J. Westrick sold 2,750 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $80.78, for a total transaction of $222,145.00. Following the sale, the chief executive officer now directly owns 17,509 shares of the company’s stock, valued at $1,414,377.02. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On GE HealthCare Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. LGT Financial Advisors LLC boosted its holdings in GE HealthCare Technologies by 1,673.3% in the third quarter. LGT Financial Advisors LLC now owns 266 shares of the company’s stock valued at $25,000 after acquiring an additional 251 shares during the last quarter. Pathway Financial Advisers LLC acquired a new position in GE HealthCare Technologies in the first quarter valued at approximately $25,000. BNP Paribas bought a new position in GE HealthCare Technologies in the first quarter valued at approximately $30,000. Fred Alger Management LLC bought a new stake in shares of GE HealthCare Technologies during the 2nd quarter valued at $26,000. Finally, M&R Capital Management Inc. acquired a new position in shares of GE HealthCare Technologies in the 3rd quarter valued at $33,000. 82.06% of the stock is owned by institutional investors and hedge funds.

GE HealthCare Technologies Stock Up 0.2 %

The business has a fifty day moving average of $88.57 and a 200 day moving average of $83.44. The company has a quick ratio of 0.82, a current ratio of 1.23 and a debt-to-equity ratio of 1.12. The firm has a market cap of $39.89 billion, a P/E ratio of 24.00, a P/E/G ratio of 3.26 and a beta of 1.18.

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.