GE HealthCare Technologies Inc. (NASDAQ:GEHC) Sees Significant Drop in Short Interest

GE HealthCare Technologies Inc. (NASDAQ:GEHC) saw a significant drop in short interest in October. As of October 31st, there was short interest totalling 8,280,000 shares, a drop of 9.2% from the October 15th total of 9,120,000 shares. Based on an average daily trading volume, of 2,870,000 shares, the days-to-cover ratio is presently 2.9 days. Approximately 1.9% of the shares of the stock are short sold.

GE HealthCare Technologies Trading Up 1.2 %

Shares of GEHC traded up $0.96 during trading hours on Monday, reaching $82.72. The stock had a trading volume of 2,918,001 shares, compared to its average volume of 3,047,524. The company has a market cap of $37.79 billion, a P/E ratio of 22.73, a P/E/G ratio of 2.93 and a beta of 1.24. GE HealthCare Technologies has a 52 week low of $66.39 and a 52 week high of $94.55. The company has a quick ratio of 0.98, a current ratio of 1.23 and a debt-to-equity ratio of 1.12. The firm has a 50-day moving average of $88.65 and a 200 day moving average of $83.55.

GE HealthCare Technologies (NASDAQ:GEHC) last released its quarterly earnings results on Wednesday, October 30th. The company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.08. GE HealthCare Technologies had a return on equity of 25.19% and a net margin of 8.56%. The company had revenue of $4.86 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same quarter last year, the firm posted $0.99 earnings per share. GE HealthCare Technologies’s revenue was up .9% compared to the same quarter last year. On average, sell-side analysts expect that GE HealthCare Technologies will post 4.29 earnings per share for the current fiscal year.

GE HealthCare Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, October 18th were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.15%. The ex-dividend date of this dividend was Friday, October 18th. GE HealthCare Technologies’s dividend payout ratio (DPR) is presently 3.30%.

Wall Street Analyst Weigh In

A number of brokerages have commented on GEHC. JPMorgan Chase & Co. started coverage on GE HealthCare Technologies in a research report on Monday, September 9th. They issued a “neutral” rating and a $90.00 price objective on the stock. Evercore ISI raised their price target on GE HealthCare Technologies from $98.00 to $102.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Redburn Atlantic raised GE HealthCare Technologies to a “strong-buy” rating in a report on Thursday, August 1st. Stifel Nicolaus raised their target price on shares of GE HealthCare Technologies from $100.00 to $102.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Finally, 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 report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, GE HealthCare Technologies has an average rating of “Moderate Buy” and an average price target of $94.36.

Insider Activity

In other news, CEO Roland Rott sold 3,577 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $86.48, for a total transaction of $309,338.96. Following the sale, the chief executive officer now directly owns 24,298 shares of the company’s stock, valued at $2,101,291.04. This represents a 12.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.27% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GE HealthCare Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in GEHC. LGT Financial Advisors LLC raised its stake 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 purchasing an additional 251 shares during the period. Ashton Thomas Securities LLC acquired a new stake in GE HealthCare Technologies in the 3rd quarter valued at approximately $26,000. Pathway Financial Advisers LLC bought a new stake in GE HealthCare Technologies in the 1st quarter valued at approximately $25,000. Capital Performance Advisors LLP acquired a new position in GE HealthCare Technologies during the 3rd quarter worth approximately $26,000. Finally, Darwin Wealth Management LLC bought a new position in shares of GE HealthCare Technologies during the 3rd quarter worth approximately $31,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.