Kennedy Capital Management LLC has decreased its stake in GE HealthCare Technologies Inc. by 6.2% in the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The institutional investor now holds 108,429 shares after selling 7,182 shares during this period, with the value of its holdings amounting to approximately $8.03 million.
Several other hedge funds have also adjusted their positions in GE HealthCare Technologies. Notably, Guggenheim Capital LLC increased its stake by 22.3%, acquiring an additional 24,087 shares for a total of 131,985 shares valued at $9.78 million. Similarly, CW Advisors LLC raised its holdings by 5.6%, now owning 10,297 shares worth $763,000 after adding 547 shares during the last quarter. Locust Wood Capital Advisers LLC expanded its position by 11.6%, owning 1,946,345 shares valued at $144.17 million, following a purchase of 202,027 shares.
Beacon Pointe Advisors LLC also increased its stake by 4.3%, now holding 11,479 shares valued at $850,000 after acquiring an additional 472 shares. Additionally, Wellspring Financial Advisors LLC entered the market with a new position worth approximately $205,000. Overall, institutional investors and hedge funds collectively own 82.06% of GE HealthCare Technologies.
Analyst Ratings and Stock Performance
GE HealthCare Technologies has recently received mixed reviews from analysts. According to Zacks Research, the company’s rating was downgraded from “strong buy” to “hold” on September 29, 2023. Conversely, BTIG Research maintained a “buy” rating with a price target of $87.00. Stifel Nicolaus set a price objective of $90.00, while Wells Fargo & Company adjusted its target from $89.00 to $87.00, maintaining an “overweight” status for the stock.
As of the latest data from MarketBeat.com, GE HealthCare Technologies holds an average rating of “Moderate Buy” with a consensus target price of $86.45. The stock opened at $82.52 on the most recent trading day, showing a 50-day moving average of $75.69 and a 200-day moving average of $74.39. Over the past year, the stock has reached a low of $57.65 and a high of $94.80.
Financial Performance and Dividend Announcement
In its most recent quarterly earnings report released on October 29, 2023, GE HealthCare Technologies reported earnings per share of $1.07, slightly exceeding the consensus estimate of $1.05. The company achieved revenue of $5.14 billion, surpassing analysts’ expectations of $5.07 billion. The net margin stood at 10.94%, with a return on equity of 22.52%. Comparatively, this revenue marked a 5.8% increase from the same quarter last year when the company reported earnings of $1.14 per share.
Looking ahead, GE HealthCare Technologies has provided guidance for the fiscal year 2025, estimating earnings per share between $4.51 and $4.63. Analysts project an average earnings per share of $4.68 for the current year.
In addition to its financial performance, the company announced a quarterly dividend of $0.035, to be paid on February 13, 2024. Shareholders on record by January 9, 2024, will receive this dividend, reflecting an annualized dividend of $0.14 and a yield of 0.2%. The dividend payout ratio is currently at 2.89%.
GE HealthCare Technologies Inc. is engaged in developing, manufacturing, and marketing products, services, and digital solutions for patient diagnosis, treatment, and monitoring in various markets, including the United States, Canada, and internationally. The company operates across four main segments: Imaging, Ultrasound, Patient Care Solutions, and Pharmaceutical Diagnostics.
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