Synovus Financial Corp Grows Stock Position in Stryker Co. (NYSE:SYK)

Synovus Financial Corp lifted its stake in Stryker Co. (NYSE:SYK) by 17.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,797 shares of the medical technology company’s stock after buying an additional 2,191 shares during the quarter. Synovus Financial Corp’s holdings in Stryker were worth $5,346,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. OFI Invest Asset Management boosted its position in Stryker by 3,210.9% in the 2nd quarter. OFI Invest Asset Management now owns 3,344 shares of the medical technology company’s stock worth $1,062,000 after purchasing an additional 3,243 shares in the last quarter. Parnassus Investments LLC purchased a new position in shares of Stryker during the 3rd quarter valued at approximately $762,798,000. Baltimore Washington Financial Advisors Inc. lifted its stake in shares of 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 period. Sivik Global Healthcare LLC boosted its holdings in Stryker by 8.0% during the third quarter. Sivik Global Healthcare LLC now owns 27,000 shares of the medical technology company’s stock worth $9,754,000 after buying an additional 2,000 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its position in Stryker by 2.7% during the second quarter. Envestnet Asset Management Inc. now owns 618,041 shares of the medical technology company’s stock valued at $210,289,000 after buying an additional 16,504 shares during the period. 77.09% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Stryker news, VP M Kathryn Fink sold 7,347 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was 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 of the company’s stock, valued at $3,685,213.16. This trade represents a 42.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin Lobo sold 57,313 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $368.70, for a total value of $21,131,303.10. Following the completion of the transaction, the chief executive officer now directly 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 disclosure for this sale can be found here. 5.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SYK. StockNews.com raised shares of Stryker from a “hold” rating to a “buy” rating in a research note on Wednesday. Royal Bank of Canada reiterated an “outperform” rating and set a $425.00 price target (up previously from $400.00) on shares of Stryker in a research report on Wednesday. Citigroup boosted their price objective on Stryker from $411.00 to $450.00 and gave the company a “buy” rating in a research report on Wednesday. Piper Sandler reissued an “overweight” rating and issued a $420.00 price target (up previously from $380.00) on shares of Stryker in a research note on Wednesday, October 30th. Finally, Robert W. Baird upped their price objective on shares of Stryker from $378.00 to $405.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $404.35.

Stryker Trading Down 0.1 %

Shares of Stryker stock opened at $374.75 on Friday. Stryker Co. has a 1-year low of $285.79 and a 1-year high of $398.20. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.91 and a quick ratio of 1.22. The stock has a market cap of $142.86 billion, a P/E ratio of 40.17, a P/E/G ratio of 2.83 and a beta of 0.94. The stock’s 50 day simple moving average is $373.36 and its 200-day simple moving average is $354.92.

Stryker (NYSE:SYK) last released its quarterly earnings data on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $2.77 by $0.10. Stryker had a return on equity of 23.07% and a net margin of 16.34%. The company had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the company posted $2.46 earnings per share. The firm’s revenue for the quarter was up 11.9% compared to the same quarter last year. Analysts predict that Stryker Co. will post 12.06 EPS for the current fiscal year.

Stryker Increases Dividend

The company also recently disclosed 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 boost from Stryker’s previous quarterly dividend of $0.80. This represents a $3.36 annualized dividend and a yield of 0.90%. The ex-dividend date of this dividend is Tuesday, December 31st. Stryker’s dividend payout ratio (DPR) is presently 34.30%.

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.