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

GE HealthCare Technologies Inc. (NASDAQ:GEHC - Get Free Report) was the target of a large decrease in short interest in the month of October. As of October 15th, there was short interest totalling 9,120,000 shares, a decrease of 21.0% from the September 30th total of 11,540,000 shares. Based on an average daily trading volume, of 2,800,000 shares, the short-interest ratio is presently 3.3 days. Approximately 2.1% of the shares of the company are short sold.

GE HealthCare Technologies Price Performance

NASDAQ:GEHC traded down $2.49 during mid-day trading on Monday, reaching $85.93. 4,223,017 shares of the company were exchanged, compared to its average volume of 2,997,618. GE HealthCare Technologies has a 12 month low of $62.35 and a 12 month high of $94.55. The company has a fifty day moving average of $88.42 and a 200 day moving average of $83.41. The company has a quick ratio of 0.82, a current ratio of 1.06 and a debt-to-equity ratio of 1.05. The stock has a market cap of $39.22 billion, a PE ratio of 25.85, a PEG ratio of 3.34 and a beta of 1.18.

GE HealthCare Technologies (NASDAQ:GEHC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $1.00 EPS for the quarter, topping analysts' consensus estimates of $0.98 by $0.02. The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.88 billion. GE HealthCare Technologies had a net margin of 8.10% and a return on equity of 25.26%. The company's revenue was up .5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.92 EPS. On average, research analysts anticipate that GE HealthCare Technologies will post 4.26 EPS for the current fiscal year.

GE HealthCare Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, October 18th will be paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.14%. The ex-dividend date is Friday, October 18th. GE HealthCare Technologies's dividend payout ratio (DPR) is presently 3.51%.

Insider Buying and Selling

In related news, CEO Thomas J. Westrick sold 2,750 shares of the company's stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $80.78, for a total transaction 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 represents a 0.00 % decrease in their position. 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 owned by insiders.

Institutional Trading of GE HealthCare Technologies

Hedge funds have recently modified their holdings of the company. Pathway Financial Advisers LLC acquired a new stake in shares of GE HealthCare Technologies in the 1st quarter valued at approximately $25,000. Fred Alger Management LLC acquired a new stake in GE HealthCare Technologies during the 2nd quarter worth approximately $26,000. BNP Paribas acquired a new stake in GE HealthCare Technologies during the 1st quarter worth approximately $30,000. Elkhorn Partners Limited Partnership acquired a new stake in GE HealthCare Technologies during the 2nd quarter worth approximately $31,000. Finally, ORG Partners LLC raised its holdings in GE HealthCare Technologies by 2,475.0% during the 2nd quarter. ORG Partners LLC now owns 412 shares of the company's stock worth $32,000 after buying an additional 396 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on GEHC shares. BTIG Research upgraded shares of GE HealthCare Technologies from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a research note on Wednesday, September 18th. JPMorgan Chase & Co. started coverage on shares of GE HealthCare Technologies in a research note on Monday, September 9th. They issued a "neutral" rating and a $90.00 price objective for the company. UBS Group cut shares of GE HealthCare Technologies from a "neutral" rating to a "sell" rating and dropped their price objective for the company from $84.00 to $74.00 in a research note on Thursday, September 26th. Evercore ISI increased their price objective on shares of GE HealthCare Technologies from $98.00 to $102.00 and gave the company an "outperform" rating in a research note on Tuesday, October 1st. Finally, Redburn Atlantic upgraded shares of GE HealthCare Technologies to a "strong-buy" rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, GE HealthCare Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $94.23.

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.

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