Peapack Gladstone Financial Corp Has $26.01 Million Stock Holdings in Stryker Co. (NYSE:SYK)

Peapack Gladstone Financial Corp trimmed its holdings in shares of Stryker Co. (NYSE:SYK) by 6.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 71,985 shares of the medical technology company’s stock after selling 4,677 shares during the period. Peapack Gladstone Financial Corp’s holdings in Stryker were worth $26,005,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. OFI Invest Asset Management boosted its stake in shares of Stryker by 3,210.9% during the 2nd quarter. OFI Invest Asset Management now owns 3,344 shares of the medical technology company’s stock worth $1,062,000 after buying an additional 3,243 shares during the last quarter. Parnassus Investments LLC acquired a new stake in Stryker in the 3rd quarter valued at about $762,798,000. Baltimore Washington Financial Advisors Inc. lifted its stake in Stryker by 2.4% in the 3rd quarter. Baltimore Washington Financial Advisors Inc. now owns 66,681 shares of the medical technology company’s stock valued at $24,089,000 after purchasing an additional 1,554 shares during the last quarter. Sivik Global Healthcare LLC lifted its stake in Stryker by 8.0% in the 3rd quarter. Sivik Global Healthcare LLC now owns 27,000 shares of the medical technology company’s stock valued at $9,754,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in Stryker by 2.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 618,041 shares of the medical technology company’s stock valued at $210,289,000 after purchasing an additional 16,504 shares during the last quarter. 77.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Kevin Lobo sold 57,313 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $368.70, for a total transaction of $21,131,303.10. Following the sale, the chief executive officer now owns 100,027 shares in the company, valued at approximately $36,879,954.90. This trade represents a 36.43 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP M Kathryn Fink sold 7,347 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $366.98, for a total transaction of $2,696,202.06. Following the completion of the sale, the vice president now owns 10,042 shares in the company, valued at $3,685,213.16. This represents a 42.25 % decrease in their position. The disclosure for this sale can be found here. 5.90% of the stock is currently owned by company insiders.

Stryker Stock Down 0.3 %

Shares of SYK opened at $375.01 on Friday. Stryker Co. has a 12 month low of $285.79 and a 12 month high of $398.20. The firm’s 50 day moving average is $372.88 and its 200-day moving average is $354.65. The stock has a market capitalization of $142.96 billion, a PE ratio of 40.19, a P/E/G ratio of 2.84 and a beta of 0.94. The company has a current ratio of 1.91, a quick ratio of 1.22 and a debt-to-equity ratio of 0.66.

Stryker (NYSE:SYK) last announced its earnings results on Tuesday, October 29th. The medical technology company reported $2.87 EPS for the quarter, topping the consensus estimate of $2.77 by $0.10. Stryker had a net margin of 16.34% and a return on equity of 23.07%. The company had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the firm earned $2.46 earnings per share. The business’s revenue for the quarter was up 11.9% on a year-over-year basis. Equities research analysts forecast that Stryker Co. will post 12.06 EPS for the current year.

Stryker Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be given a dividend of $0.84 per share. This is a positive change from Stryker’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.36 annualized dividend and a dividend yield of 0.90%. Stryker’s dividend payout ratio (DPR) is currently 34.30%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SYK. Wolfe Research began coverage on shares of Stryker in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $405.00 target price for the company. Morgan Stanley upgraded shares of Stryker from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $370.00 to $445.00 in a research note on Monday, December 2nd. StockNews.com upgraded shares of Stryker from a “hold” rating to a “buy” rating in a research note on Wednesday. Royal Bank of Canada reissued an “outperform” rating and issued a $425.00 price target (up from $400.00) on shares of Stryker in a report on Wednesday. Finally, Barclays increased their price target on shares of Stryker from $402.00 to $418.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Three analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $404.35.

Stryker 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.