GE HealthCare Technologies (NASDAQ:GEHC) Sets New 52-Week High After Better-Than-Expected Earnings

GE HealthCare Technologies Inc. (NASDAQ:GEHC)’s share price reached a new 52-week high during trading on Friday following a stronger than expected earnings report. The company traded as high as $94.80 and last traded at $93.48, with a volume of 7831939 shares trading hands. The stock had previously closed at $85.90.

The company reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.19. GE HealthCare Technologies had a net margin of 8.56% and a return on equity of 25.19%.

GE HealthCare Technologies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Tuesday, January 14th will be paid a $0.035 dividend. The ex-dividend date is Tuesday, January 14th. This is an increase from GE HealthCare Technologies’s previous quarterly dividend of $0.03. This represents a $0.14 annualized dividend and a dividend yield of 0.15%. GE HealthCare Technologies’s dividend payout ratio is 3.85%.

Analysts Set New Price Targets

GEHC has been the subject of several analyst reports. Jefferies Financial Group upgraded shares of GE HealthCare Technologies from a “hold” rating to a “buy” rating and upped their target price for the company from $95.00 to $103.00 in a research note on Wednesday, January 8th. Wells Fargo & Company increased their price objective on shares of GE HealthCare Technologies from $95.00 to $96.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, Citigroup increased their price objective on shares of GE HealthCare Technologies from $103.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, GE HealthCare Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $97.31.

Hedge Funds Weigh In On GE HealthCare Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. LGT Financial Advisors LLC boosted its position in shares of GE HealthCare Technologies by 1,673.3% during the 3rd quarter. LGT Financial Advisors LLC now owns 266 shares of the company’s stock valued at $25,000 after purchasing an additional 251 shares in the last quarter. CoreFirst Bank & Trust bought a new position in shares of GE HealthCare Technologies during the 4th quarter valued at about $25,000. Capital Performance Advisors LLP bought a new position in shares of GE HealthCare Technologies during the 3rd quarter valued at about $26,000. Ashton Thomas Securities LLC bought a new position in shares of GE HealthCare Technologies during the 3rd quarter valued at about $26,000. Finally, Runnymede Capital Advisors Inc. bought a new position in shares of GE HealthCare Technologies during the 4th quarter valued at about $28,000. Institutional investors own 82.06% of the company’s stock.

GE HealthCare Technologies Stock Performance

The company has a current ratio of 1.23, a quick ratio of 0.98 and a debt-to-equity ratio of 1.12. The company’s 50-day moving average price is $83.81 and its two-hundred day moving average price is $85.44. The company has a market cap of $42.71 billion, a P/E ratio of 25.68, a price-to-earnings-growth ratio of 2.93 and a beta of 1.15.

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.