GE HealthCare Technologies (NASDAQ:GEHC) Hits New 1-Year High on Better-Than-Expected Earnings

GE HealthCare Technologies Inc. (NASDAQ:GEHC)’s stock price hit a new 52-week high on Friday following a better than expected earnings announcement. The stock traded as high as $94.80 and last traded at $93.48, with a volume of 7831939 shares trading hands. The stock had previously closed at $85.90.

The company reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.19. GE HealthCare Technologies had a net margin of 8.56% and a return on equity of 25.19%. The business had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.33 billion.

GE HealthCare Technologies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, January 14th were issued a $0.035 dividend. This is a boost from GE HealthCare Technologies’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend was Tuesday, January 14th. This represents a $0.14 annualized dividend and a dividend yield of 0.15%. GE HealthCare Technologies’s dividend payout ratio is presently 3.85%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GEHC. Jefferies Financial Group upgraded shares of GE HealthCare Technologies from a “hold” rating to a “buy” rating and upped their target price for the company from $95.00 to $103.00 in a report on Wednesday, January 8th. Wells Fargo & Company increased their price target on shares of GE HealthCare Technologies from $96.00 to $103.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Citigroup increased their price target on shares of GE HealthCare Technologies from $103.00 to $110.00 and gave the stock a “buy” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $97.67.

Hedge Funds Weigh In On GE HealthCare Technologies

A number of large investors have recently bought and sold shares of GEHC. LGT Financial Advisors LLC raised its position in GE HealthCare Technologies by 1,673.3% during the 3rd quarter. LGT Financial Advisors LLC now owns 266 shares of the company’s stock worth $25,000 after buying an additional 251 shares during the last quarter. CoreFirst Bank & Trust purchased a new position in GE HealthCare Technologies during the 4th quarter worth $25,000. Capital Performance Advisors LLP purchased a new position in GE HealthCare Technologies during the 3rd quarter worth $26,000. Ashton Thomas Securities LLC purchased a new position in GE HealthCare Technologies during the 3rd quarter worth $26,000. Finally, Runnymede Capital Advisors Inc. purchased a new position in GE HealthCare Technologies during the 4th quarter worth $28,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

GE HealthCare Technologies Stock Performance

The stock’s 50-day simple moving average is $84.03 and its 200 day simple moving average is $85.53. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.98 and a current ratio of 1.23. The company has a market cap of $42.13 billion, a PE ratio of 25.33, a P/E/G ratio of 2.93 and a beta of 1.15.

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.