GE Healthcare tech CEO sells shares worth over $222k

GE HealthCare (NASDAQ:GEHC) Technologies Inc. (NYSE:GEHC) CEO of Patient Care Solutions, Thomas J. Westrick, has sold a portion of his holdings in the company, according to a recent filing. On August 7, 2024, Westrick sold 2,750 shares of common stock at an average price of $80.78, totaling over $222,145.

The transaction was executed in multiple parts, with prices ranging from $80.78 to $80.84 per share. After the sale, Westrick's direct ownership in GE HealthCare Technologies stands at 17,509 shares. The exact number of shares sold at each price point within the range can be provided upon request, as noted in the filing's footnote.

This sale comes as part of the regular financial disclosures made by company executives, offering insight into the trading activities of high-level personnel within the firm. Investors often monitor these transactions to gauge executive confidence in the company's performance and outlook.

GE HealthCare Technologies, known for its X-ray apparatus and related irradiation apparatus, is a key player in the medical technology industry. The company, headquartered in Chicago, Illinois, continues to focus on innovation and growth within the healthcare sector.

For those looking to follow further transactions or require more detailed information on the sale, GE HealthCare Technologies and its representatives are available to provide the necessary data.

In other recent news, GE Healthcare Technologies Inc. reported nearly matching Wall Street's expectations in its second-quarter earnings, posting a revenue of $4.84 billion and an EPS of $1.00. The company's performance was bolstered by strong results in the Pharmaceutical Diagnostics (PDx) segment and a 3% growth in orders due to robust demand in the U.S. Despite a slight reduction in revenue guidance, influenced by the exclusion of expected contributions from China following anticipated stimulus funding, this adjustment is believed to mitigate risk for the second half of the year.

Piper Sandler has adjusted its outlook on GE Healthcare, increasing the stock's price target from $92.00 to $95.00 while maintaining an Overweight rating. The firm highlighted the positive aspects outside of China from GE Healthcare's recent update, signaling a strong foundation for future growth. Despite a negative free cash flow of $182 million in Q2, GE Healthcare expects strong cash generation for the full year.

However, the company has lowered its full-year 2024 organic revenue growth guidance to 1-2%, attributing this adjustment to temporary market headwinds in China. Despite these challenges, GE Healthcare maintained its earnings per share (EPS) guidance for the year and raised its guidance for adjusted earnings before interest and taxes (EBIT) margin expansion. These are among the recent developments for GE Healthcare.

InvestingPro Insights

GE HealthCare Technologies Inc. (NYSE:GEHC), a stalwart in the medical technology industry, has recently seen its executive Thomas J. Westrick divest a portion of his stake in the company. As investors consider the implications of such insider activities, it's helpful to look at the broader financial context provided by InvestingPro metrics and tips.

With a market capitalization of $37.24 billion, GE HealthCare Technologies trades with a Price-to-Earnings (P/E) ratio of 23.6, reflecting its earnings relative to its share price. The company's consistent profitability is underscored by its P/E ratio for the last twelve months as of Q2 2024, which stands at 23.51. This aligns with the InvestingPro Tip that analysts predict the company will be profitable this year, having already been profitable over the last twelve months. Such profitability is critical for investors assessing the financial health and future potential of the company.

Moreover, GE HealthCare Technologies has demonstrated a Gross Profit Margin of 40.96% over the same period, indicating a robust ability to convert revenue into gross profit. This is a key indicator of operational efficiency and pricing strategy effectiveness within the competitive Healthcare Equipment & Supplies industry, of which GE HealthCare is a prominent player—a fact highlighted by another InvestingPro Tip.

Finally, the company's stock is known for low price volatility, which might appeal to investors looking for stability in their portfolio. For those seeking more in-depth analysis, there are additional InvestingPro Tips available, which can be found on the InvestingPro platform.

As GE HealthCare Technologies forges ahead in the healthcare sector, these InvestingPro Insights offer a snapshot of the company's financial landscape, potentially influencing investor sentiment and decision-making. For more detailed analysis and tips, investors can visit the InvestingPro platform, which features a comprehensive list of additional tips to guide their investment strategies.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.