The Police & Firemen’s Retirement System of New Jersey has raised its investment in GE HealthCare Technologies Inc. (NASDAQ:GEHC) by 5.7% during the second quarter of 2023. According to the latest 13F filing with the U.S. Securities and Exchange Commission, the retirement system now holds 69,856 shares of GE HealthCare, valued at approximately $5,174,000 as of the end of the most recent reporting period.
This increase is part of a broader trend among institutional investors, many of whom have recently adjusted their positions in the company. Notably, JPMorgan Chase & Co. enhanced its stake by 49.9% in the first quarter, acquiring an additional 1,711,963 shares to reach a total of 5,140,549 shares, valued at $414,894,000. Other significant players include Nuveen LLC, which established a new stake worth $77,058,000, and Eminence Capital LP, which increased its position by 38.7%.
Analysts Weigh In on GE HealthCare
Several analysts have recently provided insights into GE HealthCare’s stock performance. Barclays initiated coverage on October 13, 2023, issuing an “equal weight” rating with a target price of $86.00. Conversely, Wall Street Zen downgraded the stock from a “buy” to a “hold” rating on September 20, 2023. Similarly, Zacks Research lowered their rating from “strong-buy” to “hold” on September 29, 2023.
In contrast, Morgan Stanley raised its price target from $74.00 to $80.00, maintaining an “equal weight” rating in a note released on October 30, 2023. BTIG Research set a price objective of $87.00 for the stock. Overall, the investment community remains divided, with six analysts rating the stock as a “buy” and another six issuing “hold” ratings, leading to an average rating of “Moderate Buy” with a price target of $86.10.
GE HealthCare’s Financial Performance
On October 29, 2023, GE HealthCare Technologies announced its quarterly earnings, reporting earnings per share (EPS) of $1.07, surpassing analyst expectations of $1.05. The company’s revenue for the quarter reached $5.14 billion, exceeding the projected $5.07 billion. This marked a 5.8% increase in revenue compared to the same quarter last year, where the company reported an EPS of $1.14.
As of October 2023, GE HealthCare’s stock opened at $73.15, with a market capitalization of $33.32 billion. The company holds a debt-to-equity ratio of 0.83 and has a current ratio of 1.18. Its 12-month stock range shows a low of $57.65 and a high of $94.80.
Additionally, GE HealthCare recently announced a quarterly dividend of $0.035 per share, paid on November 14, 2023, to shareholders recorded on October 24, 2023. This translates to an annualized dividend of $0.14, reflecting a yield of 0.2%. The company’s payout ratio stands at 2.89%.
GE HealthCare Technologies Inc. focuses on developing, manufacturing, and marketing various products and services for patient diagnosis, treatment, and monitoring. Operating in multiple regions, including the United States and Canada, the company is organized into four segments: Imaging, Ultrasound, Patient Care Solutions, and Pharmaceutical Diagnostics.
For ongoing updates and insights about GE HealthCare Technologies, investors are encouraged to monitor credible financial news sources.
