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

GE HealthCare Technologies Inc. (NASDAQ:GEHC) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. 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 changing hands.

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

GE HealthCare Technologies Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GEHC. Stifel Nicolaus upped their price target on shares of GE HealthCare Technologies from $100.00 to $102.00 and gave the company a “buy” rating in a research note on Monday, September 30th. JPMorgan Chase & Co. began coverage on shares of GE HealthCare Technologies in a research note on Monday, September 9th. They issued a “neutral” rating and a $90.00 price target on the stock. Evercore ISI upped their price target 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. UBS Group lowered shares of GE HealthCare Technologies from a “neutral” rating to a “sell” rating and decreased their price target for the company from $84.00 to $74.00 in a research note on Thursday, September 26th. Finally, Wells Fargo & Company boosted their price objective on shares of GE HealthCare Technologies from $95.00 to $96.00 and gave the company an “overweight” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, GE HealthCare Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $94.36.

Insider Buying and Selling

In related news, CEO Thomas J. Westrick sold 2,750 shares of the company’s 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 completion of the transaction, the chief executive officer now directly owns 17,509 shares in the company, valued at $1,414,377.02. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.27% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GE HealthCare Technologies

Several large investors have recently modified their holdings of the company. Quent Capital LLC lifted its position in shares of GE HealthCare Technologies by 18.4% during the third quarter. Quent Capital LLC now owns 766 shares of the company’s stock valued at $72,000 after purchasing an additional 119 shares in the last quarter. Greenleaf Trust increased its holdings in GE HealthCare Technologies by 1.7% during the third quarter. Greenleaf Trust now owns 7,619 shares of the company’s stock worth $715,000 after buying an additional 124 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in GE HealthCare Technologies by 8.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,590 shares of the company’s stock worth $135,000 after buying an additional 127 shares during the last quarter. Quarry LP increased its holdings in GE HealthCare Technologies by 28.3% during the second quarter. Quarry LP now owns 594 shares of the company’s stock worth $46,000 after buying an additional 131 shares during the last quarter. Finally, Cromwell Holdings LLC increased its holdings in GE HealthCare Technologies by 13.0% during the third quarter. Cromwell Holdings LLC now owns 1,147 shares of the company’s stock worth $108,000 after buying an additional 132 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

GE HealthCare Technologies Price Performance

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

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.