GE HealthCare Technologies (NASDAQ:GEHC) Trading 7.4% Higher on Strong Earnings

GE HealthCare Technologies Inc. (NASDAQ:GEHC) shot up 7.4% on Thursday following a better than expected earnings announcement. The company traded as high as $93.08 and last traded at $92.29. 1,453,963 shares were traded during mid-day trading, a decline of 44% from the average session volume of 2,598,397 shares. The stock had previously closed at $85.90.

The company reported $1.45 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. Investors of record on Tuesday, January 14th will be paid a dividend of $0.035 per share. This is a positive change from GE HealthCare Technologies’s previous quarterly dividend of $0.03. The ex-dividend date is Tuesday, January 14th. This represents a $0.14 annualized dividend and a yield of 0.15%. GE HealthCare Technologies’s dividend payout ratio is presently 3.85%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on GEHC. Wells Fargo & Company upped their target price on shares of GE HealthCare Technologies from $95.00 to $96.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Jefferies Financial Group upgraded shares of GE HealthCare Technologies from a “hold” rating to a “buy” rating and lifted their price target for the stock from $95.00 to $103.00 in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.77.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. LGT Financial Advisors LLC increased its holdings in shares of GE HealthCare Technologies by 1,673.3% in the 3rd quarter. LGT Financial Advisors LLC now owns 266 shares of the company’s stock valued at $25,000 after acquiring an additional 251 shares during the period. CoreFirst Bank & Trust purchased a new stake in shares of GE HealthCare Technologies during the fourth quarter worth approximately $25,000. Capital Performance Advisors LLP acquired a new stake in shares of GE HealthCare Technologies during the third quarter worth $26,000. Ashton Thomas Securities LLC purchased a new position in GE HealthCare Technologies in the 3rd quarter valued at $26,000. Finally, Runnymede Capital Advisors Inc. acquired a new position in GE HealthCare Technologies in the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

GE HealthCare Technologies Stock Performance

The company has a market cap of $42.23 billion, a PE ratio of 25.34, a P/E/G ratio of 2.93 and a beta of 1.15. The stock’s 50-day simple moving average is $83.58 and its 200 day simple moving average is $85.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.98 and a current ratio of 1.23.

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.