HSBC Reduces Stake in GE HealthCare Technologies by 8.2%

HSBC Holdings PLC has reduced its stake in GE HealthCare Technologies Inc. (NASDAQ: GEHC) by 8.2% during the second quarter of 2023. Following the sale of 67,568 shares, HSBC now holds a total of 756,103 shares valued at approximately $56.03 million, as indicated in its recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also adjusted their positions in GE HealthCare Technologies. For instance, Glenview Trust Co. increased its stake by 4.4% in the first quarter, bringing its ownership to 3,294 shares worth $266,000. Similarly, Silver Oak Securities Incorporated raised its holdings by 4.6% during the second quarter, now owning 3,183 shares valued at $236,000 after acquiring an additional 140 shares.

Chicago Capital LLC enhanced its position in GE HealthCare Technologies by 2.2%, now holding 6,551 shares valued at $485,000. Fort Washington Investment Advisors Inc. also boosted its holdings by 4.2%, owning 3,557 shares worth $263,000 after purchasing 143 additional shares. Golden State Wealth Management LLC increased its position by 7.4%, now owning 2,138 shares valued at $158,000. Overall, institutional investors and hedge funds own approximately 82.06% of the stock.

Current Performance and Market Outlook

As of the latest trading session, shares of GE HealthCare Technologies opened at $79.99, reflecting a decrease of 0.8%. The stock has experienced a fifty-two week low of $57.65 and a high of $94.80. With a market capitalization of $36.43 billion, GE HealthCare Technologies boasts a price-to-earnings ratio of 16.53 and a price-to-earnings-growth ratio of 3.34. The company’s beta stands at 1.09, indicating moderate volatility in relation to the market.

In terms of liquidity, the firm has a debt-to-equity ratio of 0.83, a quick ratio of 0.95, and a current ratio of 1.18. These metrics illustrate a stable financial position, although attention to debt levels remains prudent for investors.

Dividend Announcement and Analyst Ratings

GE HealthCare Technologies has announced a quarterly dividend of $0.035, scheduled for payment on February 13, 2024. Shareholders of record as of January 9, 2024 will be eligible for this dividend. This represents an annualized dividend of $0.14, yielding approximately 0.2%, with a current dividend payout ratio of 2.89%.

Market analysts have recently issued various ratings for GE HealthCare Technologies. Notably, Stifel Nicolaus set a price target of $90.00, while Morgan Stanley adjusted its target from $74.00 to $80.00, maintaining an “equal weight” rating. In contrast, Citigroup downgraded its rating from “buy” to “neutral,” lowering the target price from $93.00 to $83.00. Evercore ISI increased its price target from $88.00 to $92.00 and assigned an “outperform” rating.

Currently, six analysts have rated GE HealthCare Technologies with a Buy rating, while another six have issued a Hold rating. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” with a consensus target price of $86.45.

In summary, HSBC’s decision to decrease its holdings in GE HealthCare Technologies reflects broader market trends, as institutional investors continue to actively manage their portfolios in response to performance metrics and market forecasts.