Zacks Research Upgrades GE HealthCare Technologies (NASDAQ:GEHC) to Hold

GE HealthCare Technologies (NASDAQ:GEHC) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. Mizuho cut their target price on shares of GE HealthCare Technologies from $90.00 to $80.00 in a research report on Thursday, April 30th. BNP Paribas Exane lowered their price target on shares of GE HealthCare Technologies from $95.00 to $88.00 in a research report on Friday, May 1st. Piper Sandler reiterated a “buy” rating on shares of GE HealthCare Technologies in a research note on Wednesday, July 29th. Argus cut their price objective on shares of GE HealthCare Technologies from $95.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, May 19th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of GE HealthCare Technologies from $80.00 to $65.00 and set a “neutral” rating for the company in a research note on Thursday, April 30th. Ten analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $77.73.

GE HealthCare Technologies Price Performance

GEHC opened at $72.28 on Tuesday. GE HealthCare Technologies has a 12-month low of $58.75 and a 12-month high of $89.77. The company has a current ratio of 1.26, a quick ratio of 0.97 and a debt-to-equity ratio of 0.92. The business’s fifty day simple moving average is $65.34 and its 200-day simple moving average is $69.82. The company has a market capitalization of $32.65 billion, a price-to-earnings ratio of 16.58, a PEG ratio of 2.10 and a beta of 0.69.

GE HealthCare Technologies (NASDAQ:GEHC) last released its quarterly earnings data on Wednesday, July 29th. The company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.09. GE HealthCare Technologies had a return on equity of 20.12% and a net margin of 9.33%.The firm had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.26 billion. During the same period in the previous year, the company posted $1.06 earnings per share. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. On average, equities research analysts anticipate that GE HealthCare Technologies will post 4.93 earnings per share for the current fiscal year.

Insider Transactions at GE HealthCare Technologies

In related news, Director Kevin Lobo purchased 10,000 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were acquired at an average price of $64.18 per share, for a total transaction of $641,800.00. Following the purchase, the director owned 14,363 shares of the company’s stock, valued at $921,817.34. This trade represents a 229.20% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.36% of the company’s stock.

Hedge Funds Weigh In On GE HealthCare Technologies

Several hedge funds have recently made changes to their positions in the company. Banque Cantonale Vaudoise lifted its stake in shares of GE HealthCare Technologies by 16,539.1% in the first quarter. Banque Cantonale Vaudoise now owns 25,957 shares of the company’s stock worth $1,849,000 after buying an additional 25,801 shares in the last quarter. Allstate Corp grew its stake in GE HealthCare Technologies by 100.3% during the 4th quarter. Allstate Corp now owns 32,688 shares of the company’s stock valued at $2,681,000 after acquiring an additional 16,365 shares in the last quarter. Auto Owners Insurance Co grew its stake in GE HealthCare Technologies by 9,525.4% during the 4th quarter. Auto Owners Insurance Co now owns 33,982,610 shares of the company’s stock valued at $278,725,000 after acquiring an additional 33,629,559 shares in the last quarter. PFA Pension Forsikringsaktieselskab acquired a new stake in GE HealthCare Technologies in the 4th quarter valued at about $43,394,000. Finally, Boston Partners lifted its stake in GE HealthCare Technologies by 21.7% in the 4th quarter. Boston Partners now owns 4,659,562 shares of the company’s stock worth $382,223,000 after purchasing an additional 830,626 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

About GE HealthCare Technologies

GE HealthCare Technologies (NASDAQ: GEHC) is a global medical technology and diagnostics company that develops, manufactures and markets a broad range of products and services for healthcare providers. Its portfolio centers on diagnostic imaging systems, including MRI, CT, PET and X-ray modalities, as well as ultrasound equipment. The company also supplies patient monitoring and anesthesia delivery systems, interventional and surgical imaging solutions, and molecular imaging technologies used in both clinical care and research settings.

In addition to hardware, GE HealthCare offers software, analytics and lifecycle services aimed at improving clinical workflows and equipment uptime.