GE HealthCare Technologies (NASDAQ:GEHC) Posts Quarterly Earnings Results, Beats Estimates By $0.08 EPS

GE HealthCare Technologies (NASDAQ:GEHC) released its quarterly earnings results on Wednesday. The company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.08, Briefing.com reports. The business had revenue of $4.86 billion during the quarter, compared to the consensus estimate of $4.87 billion. GE HealthCare Technologies had a net margin of 8.10% and a return on equity of 25.26%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter last year, the company earned $0.99 earnings per share. GE HealthCare Technologies updated its FY 2024 guidance to 4.250-4.350 EPS and its FY24 guidance to $4.25-4.35 EPS.

GE HealthCare Technologies Price Performance

GEHC stock traded up $0.15 during trading on Thursday, hitting $87.35. The company had a trading volume of 3,186,835 shares, compared to its average volume of 3,010,212. The firm has a market capitalization of $39.89 billion, a price-to-earnings ratio of 24.00, a P/E/G ratio of 3.34 and a beta of 1.18. The company has a current ratio of 1.06, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05. The business has a 50 day moving average of $88.51 and a 200 day moving average of $83.42. GE HealthCare Technologies has a fifty-two week low of $65.77 and a fifty-two week high of $94.55.

GE HealthCare Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, October 18th will be paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.14%. The ex-dividend date is Friday, October 18th. GE HealthCare Technologies’s payout ratio is currently 3.30%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on GEHC shares. Evercore ISI boosted their target price on shares of GE HealthCare Technologies from $98.00 to $102.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Stifel Nicolaus increased their target price on GE HealthCare Technologies from $100.00 to $102.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Wells Fargo & Company boosted their price target on GE HealthCare Technologies from $95.00 to $96.00 and gave the company an “overweight” rating in a report on Thursday. BTIG Research upgraded GE HealthCare Technologies from a “neutral” rating to a “buy” rating and set a $100.00 price objective on the stock in a research note on Wednesday, September 18th. Finally, JPMorgan Chase & Co. initiated coverage on shares of GE HealthCare Technologies in a research note on Monday, September 9th. They set a “neutral” rating and a $90.00 target price for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.36.

Insiders Place Their Bets

In other news, CEO Thomas J. Westrick sold 2,750 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $80.78, for a total value of $222,145.00. Following the completion of the transaction, the chief executive officer now directly owns 17,509 shares in the company, valued at $1,414,377.02. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.27% of the stock is owned by insiders.

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.