GE HealthCare Technologies (NASDAQ:GEHC) Shares Gap Up on Strong Earnings

GE HealthCare Technologies Inc. (NASDAQ:GEHC)’s stock price gapped up prior to trading 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.

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

GE HealthCare Technologies Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GEHC. 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 set a “neutral” rating and a $90.00 price objective 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. BTIG Research raised shares of GE HealthCare Technologies from a “neutral” rating to a “buy” rating and set a $100.00 price target on the stock in a research report on Wednesday, September 18th. 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 given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.36.

Insider Buying and Selling

In other news, CEO Thomas J. Westrick sold 2,750 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $80.78, for a total value of $222,145.00. Following the completion of the transaction, the chief executive officer now 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 filing with the SEC, which is available through this hyperlink. 0.27% of the stock is currently owned by corporate insiders.

Institutional Trading of GE HealthCare Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bensler LLC boosted its position in shares of GE HealthCare Technologies by 1.1% during the 3rd quarter. Bensler LLC now owns 16,501 shares of the company’s stock valued at $1,549,000 after purchasing an additional 185 shares in the last quarter. Deseret Mutual Benefit Administrators grew its position in shares of GE HealthCare Technologies by 16.0% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,753 shares of the company’s stock worth $165,000 after buying an additional 242 shares during the period. Principal Financial Group Inc. lifted its position in shares of GE HealthCare Technologies by 1.9% during the 3rd quarter. Principal Financial Group Inc. now owns 1,009,910 shares of the company’s stock valued at $94,780,000 after acquiring an additional 19,010 shares during the period. Graypoint LLC lifted its holdings in shares of GE HealthCare Technologies by 6.3% in the third quarter. Graypoint LLC now owns 2,768 shares of the company’s stock valued at $260,000 after purchasing an additional 164 shares in the last quarter. Finally, Financial Enhancement Group LLC bought a new stake in GE HealthCare Technologies during the third quarter worth $2,353,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

GE HealthCare Technologies Price Performance

The company has a current ratio of 1.23, a quick ratio of 0.82 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $39.89 billion, a PE ratio of 24.00, a price-to-earnings-growth ratio of 3.26 and a beta of 1.18. The business has a 50-day moving average of $88.57 and a 200 day moving average of $83.44.

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.