Sky Investment Group LLC Raises Stock Position in Stryker Co. (NYSE:SYK)

Sky Investment Group LLC raised its stake in shares of Stryker Co. (NYSE:SYK) by 3.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 15,119 shares of the medical technology company’s stock after buying an additional 533 shares during the period. Sky Investment Group LLC’s holdings in Stryker were worth $5,462,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of SYK. Vanguard Group Inc. boosted its holdings in shares of Stryker by 1.0% in the first quarter. Vanguard Group Inc. now owns 31,459,393 shares of the medical technology company’s stock worth $11,258,373,000 after buying an additional 309,592 shares during the last quarter. JPMorgan Chase & Co. raised its position in Stryker by 10.4% in the first quarter. JPMorgan Chase & Co. now owns 8,651,403 shares of the medical technology company’s stock worth $3,096,078,000 after acquiring an additional 813,311 shares during the period. Clearbridge Investments LLC boosted its stake in shares of Stryker by 2.9% during the 2nd quarter. Clearbridge Investments LLC now owns 2,323,452 shares of the medical technology company’s stock worth $790,554,000 after acquiring an additional 66,482 shares during the last quarter. TD Asset Management Inc grew its position in shares of Stryker by 2.9% during the 1st quarter. TD Asset Management Inc now owns 1,601,380 shares of the medical technology company’s stock valued at $573,086,000 after acquiring an additional 44,765 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Stryker by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,209,769 shares of the medical technology company’s stock worth $411,624,000 after purchasing an additional 46,375 shares in the last quarter. 77.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on SYK shares. Wolfe Research assumed coverage on shares of Stryker in a research note on Tuesday, September 10th. They set an “outperform” rating and a $405.00 target price on the stock. Royal Bank of Canada restated an “outperform” rating and set a $386.00 target price on shares of Stryker in a research note on Wednesday, July 31st. StockNews.com upgraded Stryker from a “hold” rating to a “buy” rating in a research note on Tuesday, October 1st. Piper Sandler restated an “overweight” rating and issued a $380.00 price objective on shares of Stryker in a research report on Tuesday, September 10th. Finally, Morgan Stanley increased their target price on Stryker from $345.00 to $350.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $381.16.

Stryker Trading Down 0.5 %

Shares of SYK traded down $1.71 during mid-day trading on Tuesday, reaching $365.54. 132,170 shares of the company’s stock traded hands, compared to its average volume of 1,246,298. The stock’s 50-day moving average is $356.63 and its two-hundred day moving average is $343.34. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.68 and a quick ratio of 0.95. Stryker Co. has a 12 month low of $255.22 and a 12 month high of $374.63. The stock has a market cap of $139.25 billion, a P/E ratio of 41.92, a P/E/G ratio of 2.85 and a beta of 0.91.

Stryker (NYSE:SYK) last issued its quarterly earnings results on Tuesday, July 30th. The medical technology company reported $2.81 earnings per share for the quarter, topping the consensus estimate of $2.79 by $0.02. The business had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $5.40 billion. Stryker had a return on equity of 22.89% and a net margin of 16.12%. The company’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the company earned $2.54 earnings per share. Research analysts forecast that Stryker Co. will post 12 earnings per share for the current fiscal year.

Stryker Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date of this dividend is Monday, September 30th. Stryker’s dividend payout ratio (DPR) is 36.53%.

Insider Activity at Stryker

In related news, CFO Glenn S. Boehnlein sold 20,000 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $333.00, for a total transaction of $6,660,000.00. Following the completion of the transaction, the chief financial officer now owns 2,852 shares of the company’s stock, valued at $949,716. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, VP M Kathryn Fink sold 2,121 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $370.00, for a total transaction of $784,770.00. Following the sale, the vice president now owns 10,042 shares of the company’s stock, valued at $3,715,540. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Glenn S. Boehnlein sold 20,000 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $333.00, for a total transaction of $6,660,000.00. Following the completion of the transaction, the chief financial officer now owns 2,852 shares of the company’s stock, valued at approximately $949,716. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 220,068 shares of company stock worth $71,811,372 over the last quarter. Insiders own 5.90% of the company’s stock.

Stryker Company Profile

Stryker Corporation operates as a medical technology company. The company operates through two segments, MedSurg and Neurotechnology, and Orthopaedics and Spine. The Orthopaedics and Spine segment provides implants for use in total joint replacements, such as hip, knee and shoulder, and trauma and extremities surgeries.