Allstate Corp Makes New Investment in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

Allstate Corp acquired a new stake in GE HealthCare Technologies Inc. (NASDAQ:GEHC) in the 4th quarter, HoldingsChannel reports. The fund acquired 13,824 shares of the company’s stock, valued at approximately $1,081,000.

A number of other hedge funds have also recently modified their holdings of the stock. Cherry Creek Investment Advisors Inc. lifted its holdings in GE HealthCare Technologies by 0.3% in the fourth quarter. Cherry Creek Investment Advisors Inc. now owns 37,351 shares of the company’s stock valued at $2,920,000 after acquiring an additional 114 shares during the period. Independence Bank of Kentucky lifted its stake in shares of GE HealthCare Technologies by 6.0% in the 4th quarter. Independence Bank of Kentucky now owns 2,018 shares of the company’s stock valued at $158,000 after purchasing an additional 114 shares during the period. Haverford Trust Co boosted its holdings in GE HealthCare Technologies by 2.4% during the fourth quarter. Haverford Trust Co now owns 4,896 shares of the company’s stock worth $383,000 after buying an additional 115 shares in the last quarter. Tandem Capital Management Corp ADV grew its position in GE HealthCare Technologies by 0.4% during the fourth quarter. Tandem Capital Management Corp ADV now owns 28,210 shares of the company’s stock valued at $2,205,000 after buying an additional 118 shares during the period. Finally, Arcus Capital Partners LLC increased its holdings in GE HealthCare Technologies by 3.0% in the fourth quarter. Arcus Capital Partners LLC now owns 4,113 shares of the company’s stock valued at $322,000 after buying an additional 119 shares in the last quarter. 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 commented on the company. The Goldman Sachs Group upgraded GE HealthCare Technologies from a “neutral” rating to a “buy” rating and raised their target price for the company from $85.00 to $100.00 in a research report on Tuesday, March 11th. Wells Fargo & Company raised their price objective on GE HealthCare Technologies from $96.00 to $103.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Citigroup upped their target price on GE HealthCare Technologies from $103.00 to $110.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Finally, Jefferies Financial Group raised shares of GE HealthCare Technologies from a “hold” rating to a “buy” rating and lifted their price target for the company from $95.00 to $103.00 in a research note on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $98.75.

GE HealthCare Technologies Price Performance

Shares of NASDAQ GEHC opened at $80.01 on Monday. The firm has a 50-day simple moving average of $86.70 and a 200-day simple moving average of $85.86. The company has a quick ratio of 0.83, a current ratio of 1.04 and a debt-to-equity ratio of 0.88. The stock has a market capitalization of $36.59 billion, a price-to-earnings ratio of 18.48, a price-to-earnings-growth ratio of 3.19 and a beta of 1.13. GE HealthCare Technologies Inc. has a 52 week low of $74.51 and a 52 week high of $94.80.

GE HealthCare Technologies (NASDAQ:GEHC) last released its quarterly earnings data on Thursday, February 13th. The company reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.19. The company had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.33 billion. GE HealthCare Technologies had a net margin of 10.13% and a return on equity of 25.74%. On average, equities analysts predict that GE HealthCare Technologies Inc. will post 4.68 earnings per share for the current fiscal year.

GE HealthCare Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Friday, April 25th will be paid a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a yield of 0.17%. The ex-dividend date of this dividend is Friday, April 25th. GE HealthCare Technologies’s dividend payout ratio (DPR) is currently 3.23%.

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.