The Police & Firemen’s Retirement System of New Jersey has increased its investment in GE HealthCare Technologies Inc. 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 a total of 69,856 shares, having acquired an additional 3,779 shares during this period. As of the end of the reporting period, these holdings were valued at approximately $5.17 million.
This move reflects a broader trend among institutional investors, many of whom have also adjusted their stakes in GE HealthCare. Notably, JPMorgan Chase & Co. significantly boosted its holdings by 49.9% in the first quarter, resulting in ownership of 5,140,549 shares valued at $414.89 million. Additionally, other firms such as Nuveen LLC and Eminence Capital LP have made substantial investments, further indicating confidence in the company’s performance.
Recent Analyst Ratings and Stock Performance
Several analysts have recently updated their ratings on GE HealthCare shares. Barclays initiated coverage with an “equal weight” rating and a target price of $86.00. Meanwhile, Wall Street Zen downgraded the stock from a “buy” to a “hold” rating, and Zacks Research also adjusted its rating to “hold.” Morgan Stanley raised its price target from $74.00 to $80.00, maintaining an “equal weight” rating.
As of October 27, 2023, GE HealthCare Technologies’ stock opened at $73.15. The company reported a market capitalization of $33.32 billion, with a price-to-earnings ratio of 15.11 and a beta of 1.13. Over the past year, the stock has experienced a low of $57.65 and a high of $94.80.
Quarterly Earnings and Future Guidance
On October 29, 2023, GE HealthCare Technologies announced its quarterly earnings, revealing earnings per share (EPS) of $1.07, which exceeded analysts’ expectations of $1.05 by $0.02. The company reported a net margin of 10.94% and return on equity of 22.52%. Revenue for the quarter reached $5.14 billion, surpassing forecasts of $5.07 billion and marking a 5.8% increase compared to the same quarter last year.
Looking ahead, GE HealthCare has set its fiscal year 2025 guidance at $4.510-$4.630 EPS. Analysts predict that the company will report $4.68 EPS for the current year.
In addition to its financial performance, GE HealthCare Technologies recently announced a quarterly dividend of $0.035 per share, paid on November 14, 2023. This translates to an annualized dividend of $0.14, representing a yield of 0.2%. The payout ratio currently stands at 2.89%.
GE HealthCare Technologies Inc. is engaged in the development, manufacture, and marketing of products and services for patient diagnosis, treatment, and monitoring, operating across multiple segments including Imaging, Ultrasound, Patient Care Solutions, and Pharmaceutical Diagnostics.
As institutional support continues to grow, the future outlook for GE HealthCare Technologies appears promising, as reflected by both its financial results and the confidence exhibited by major investors.
