GE HealthCare Technologies (NASDAQ:GEHC) Trading Down 3.2% – Here’s What Happened

GE HealthCare Technologies Inc. (NASDAQ:GEHC)’s share price traded down 3.2% on Monday . The company traded as low as $85.13 and last traded at $85.59. 1,292,104 shares traded hands during trading, a decline of 57% from the average session volume of 2,982,697 shares. The stock had previously closed at $88.42.

Analyst Ratings Changes

GEHC has been the subject of several recent research reports. UBS Group downgraded GE HealthCare Technologies from a “neutral” rating to a “sell” rating and lowered their price target for the company from $84.00 to $74.00 in a report on Thursday, September 26th. Redburn Atlantic upgraded GE HealthCare Technologies to a “strong-buy” rating in a research note on Thursday, August 1st. Stifel Nicolaus boosted their price target on GE HealthCare Technologies from $100.00 to $102.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. BTIG Research upgraded GE HealthCare Technologies from a “neutral” rating to a “buy” rating and set a $100.00 price target for the company in a report on Wednesday, September 18th. Finally, Evercore ISI lifted their price objective on shares of GE HealthCare Technologies from $98.00 to $102.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. One analyst has rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $94.23.

GE HealthCare Technologies Stock Down 3.7 %

The stock has a market capitalization of $38.87 billion, a price-to-earnings ratio of 25.85, a PEG ratio of 3.34 and a beta of 1.18. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.06 and a quick ratio of 0.82. The firm’s fifty day moving average is $88.42 and its 200-day moving average is $83.41.

GE HealthCare Technologies (NASDAQ:GEHC) last issued its earnings results on Wednesday, July 31st. The company reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.02. The business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.88 billion. GE HealthCare Technologies had a net margin of 8.10% and a return on equity of 25.26%. The company’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.92 EPS. On average, sell-side analysts predict that GE HealthCare Technologies Inc. will post 4.26 earnings per share for the current year.

GE HealthCare Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, October 18th will be given a $0.03 dividend. The ex-dividend date of this dividend is Friday, October 18th. This represents a $0.12 annualized dividend and a dividend yield of 0.14%. GE HealthCare Technologies’s payout ratio is 3.51%.

Insider Activity at GE HealthCare Technologies

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

Institutional Investors Weigh In On GE HealthCare Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. US Bancorp DE grew its holdings in shares of GE HealthCare Technologies by 0.9% during the third quarter. US Bancorp DE now owns 296,382 shares of the company’s stock valued at $27,815,000 after purchasing an additional 2,664 shares during the last quarter. Folger Nolan Fleming Douglas Capital Management Inc. acquired a new position in GE HealthCare Technologies during the 3rd quarter valued at approximately $221,000. Golden State Equity Partners bought a new position in GE HealthCare Technologies during the 3rd quarter worth $532,000. WD Rutherford LLC increased its position in GE HealthCare Technologies by 168.0% in the third quarter. WD Rutherford LLC now owns 21,135 shares of the company’s stock worth $1,984,000 after buying an additional 13,249 shares during the period. Finally, Avitas Wealth Management LLC lifted its stake in GE HealthCare Technologies by 1.5% in the third quarter. Avitas Wealth Management LLC now owns 19,769 shares of the company’s stock valued at $1,855,000 after buying an additional 300 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

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.