Citigroup Cuts GE HealthCare Technologies (NASDAQ:GEHC) Price Target to $71.00

GE HealthCare Technologies (NASDAQ:GEHC) had its price objective trimmed by Citigroup from $75.00 to $71.00 in a report published on Monday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other equities research analysts have also recently issued reports on GEHC. Weiss Ratings restated a “hold (c-)” rating on shares of GE HealthCare Technologies in a research report on Wednesday, August 12th. Royal Bank Of Canada reiterated an “outperform” rating on shares of GE HealthCare Technologies in a report on Monday. Needham & Company LLC reissued a “buy” rating and issued a $93.00 price target on shares of GE HealthCare Technologies in a research note on Monday. Evercore restated an “outperform” rating and set a $84.00 price target on shares of GE HealthCare Technologies in a report on Thursday, July 30th. Finally, Zacks Research upgraded GE HealthCare Technologies from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 11th. Twelve analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $78.52.

GE HealthCare Technologies Stock Performance

Shares of GE HealthCare Technologies stock opened at $64.67 on Monday. The business’s 50 day moving average price is $68.84 and its 200 day moving average price is $66.91. The company has a market cap of $29.21 billion, a price-to-earnings ratio of 14.83, a PEG ratio of 1.71 and a beta of 0.73. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.97 and a current ratio of 1.26. GE HealthCare Technologies has a one year low of $58.75 and a one year high of $89.77.

GE HealthCare Technologies (NASDAQ:GEHC) last issued its earnings results on Wednesday, July 29th. The company reported $1.13 earnings per share (EPS) 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 company had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.26 billion. During the same period in the prior year, the business earned $1.06 EPS. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. On average, research analysts predict that GE HealthCare Technologies will post 4.93 EPS for the current year.

GE HealthCare Technologies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 23rd will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Friday, October 23rd. This is a positive change from GE HealthCare Technologies’s previous quarterly dividend of $0.0350. GE HealthCare Technologies’s dividend payout ratio is currently 3.21%.

Hedge Funds Weigh In On GE HealthCare Technologies

Institutional investors have recently bought and sold shares of the company. Moody National Bank Trust Division lifted its position in shares of GE HealthCare Technologies by 28.2% during the third quarter. Moody National Bank Trust Division now owns 12,814 shares of the company’s stock worth $838,000 after purchasing an additional 2,817 shares in the last quarter. Central Pacific Bank Trust Division grew its holdings in shares of GE HealthCare Technologies by 28.7% in the third quarter. Central Pacific Bank Trust Division now owns 13,462 shares of the company’s stock valued at $880,000 after purchasing an additional 3,000 shares in the last quarter. Eastern Bank increased its stake in GE HealthCare Technologies by 15.3% during the 3rd quarter. Eastern Bank now owns 1,460 shares of the company’s stock worth $95,000 after buying an additional 194 shares during the period. CX Institutional increased its stake in GE HealthCare Technologies by 10.5% during the 3rd quarter. CX Institutional now owns 4,190 shares of the company’s stock worth $274,000 after buying an additional 399 shares during the period. Finally, Versant Capital Management Inc lifted its holdings in GE HealthCare Technologies by 29.9% during the 3rd quarter. Versant Capital Management Inc now owns 4,878 shares of the company’s stock worth $319,000 after buying an additional 1,124 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

GE HealthCare Technologies Company Profile

GE HealthCare Technologies Inc is a global medical technology and healthcare services company that develops, manufactures and supports products used by hospitals, clinicians and researchers. Its offerings are designed to assist with disease detection, diagnosis, treatment, patient monitoring and clinical workflow management.

The company’s portfolio includes computed tomography, magnetic resonance imaging, X-ray and molecular imaging systems; ultrasound equipment; patient monitoring and anesthesia delivery technologies; and pharmaceutical diagnostics, including contrast agents used in medical imaging.