GE HealthCare Technologies shares have dropped 16.8% since March, driven by concerns about management hitting guidance for 2024. Revenue for the company declined 1.2% in Q1 2024 compared to the same period last year, with a drop in product sales. Despite the recent underperformance, the stock is still considered cheap and may warrant a higher price in the future.
Despite being unwanted and unloved, spinoff stocks are often excellent stocks to buy and hold. Since investors bought shares in the parent company, they are often not interested in the business.
GE HealthCare (GEHC) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.