PNC Financial Services Group Inc. Reduces Stake in GE HealthCare Technologies Inc. (NASDAQ:GEHC)

PNC Financial Services Group Inc. reduced its position in GE HealthCare Technologies Inc. (NASDAQ:GEHC) by 1.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 223,397 shares of the company’s stock after selling 4,248 shares during the period. PNC Financial Services Group Inc.’s holdings in GE HealthCare Technologies were worth $17,273,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in GE HealthCare Technologies by 14.7% in the 3rd quarter. Vanguard Group Inc. now owns 44,531,402 shares of the company’s stock worth $3,029,917,000 after purchasing an additional 5,693,244 shares during the period. Norges Bank bought a new position in GE HealthCare Technologies in the 4th quarter worth $229,052,000. Capital Research Global Investors raised its holdings in GE HealthCare Technologies by 2.8% during the fourth quarter. Capital Research Global Investors now owns 51,344,719 shares of the company’s stock valued at $3,969,975,000 after acquiring an additional 1,401,566 shares during the period. Ameriprise Financial Inc. raised its holdings in GE HealthCare Technologies by 84.4% during the third quarter. Ameriprise Financial Inc. now owns 2,668,695 shares of the company’s stock valued at $181,578,000 after acquiring an additional 1,221,436 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in GE HealthCare Technologies by 1,323.5% during the third quarter. Envestnet Asset Management Inc. now owns 1,024,128 shares of the company’s stock valued at $69,682,000 after acquiring an additional 952,182 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on GEHC shares. Mizuho decreased their price target on GE HealthCare Technologies from $110.00 to $105.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. Argus raised their price target on GE HealthCare Technologies from $80.00 to $110.00 and gave the company a “buy” rating in a report on Monday, April 1st. Citigroup raised their price target on GE HealthCare Technologies from $88.00 to $103.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Bank of America decreased their price target on GE HealthCare Technologies from $94.00 to $86.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. Finally, The Goldman Sachs Group initiated coverage on GE HealthCare Technologies in a report on Thursday, May 30th. They issued a “neutral” rating and a $87.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $94.09.

GE HealthCare Technologies Stock Up 1.4 %

Shares of NASDAQ GEHC opened at $77.55 on Tuesday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.83 and a current ratio of 1.06. The firm has a market capitalization of $35.40 billion, a price-to-earnings ratio of 22.68, a PEG ratio of 2.75 and a beta of 1.22. The stock has a 50 day moving average price of $81.37 and a 200 day moving average price of $81.23. GE HealthCare Technologies Inc. has a 52-week low of $62.35 and a 52-week high of $94.50.

GE HealthCare Technologies (NASDAQ:GEHC) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.90 EPS for the quarter, hitting analysts’ consensus estimates of $0.90. The company had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.80 billion. GE HealthCare Technologies had a net margin of 8.05% and a return on equity of 25.32%. GE HealthCare Technologies’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.85 earnings per share. Sell-side analysts expect that GE HealthCare Technologies Inc. will post 4.27 earnings per share for the current year.

GE HealthCare Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Friday, April 19th were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.15%. The ex-dividend date of this dividend was Thursday, April 18th. GE HealthCare Technologies’s dividend payout ratio (DPR) is 3.51%.

Insider Buying and Selling

In related news, CEO Jan Makela sold 20,227 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $81.57, for a total value of $1,649,916.39. Following the completion of the transaction, the chief executive officer now owns 63,348 shares of the company’s stock, valued at $5,167,296.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CTO Taha Kass-Hout sold 3,300 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $78.70, for a total transaction of $259,710.00. Following the transaction, the chief technology officer now directly owns 67,300 shares of the company’s stock, valued at $5,296,510. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Jan Makela sold 20,227 shares of the company’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $81.57, for a total value of $1,649,916.39. Following the transaction, the chief executive officer now directly owns 63,348 shares in the company, valued at $5,167,296.36. The disclosure for this sale can be found here. Insiders sold 90,482 shares of company stock valued at $7,369,137 over the last 90 days. Corporate insiders own 0.27% of the company’s stock.

GE HealthCare Technologies Company Profile

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.