Lord Abbett & CO. LLC Decreases Stake in Stryker Co. (NYSE:SYK)

Lord Abbett & CO. LLC trimmed its holdings in shares of Stryker Co. (NYSE:SYK) by 35.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 591 shares of the medical technology company’s stock after selling 318 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Stryker were worth $214,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Assenagon Asset Management S.A. increased its stake in Stryker by 0.8% during the second quarter. Assenagon Asset Management S.A. now owns 8,912 shares of the medical technology company’s stock valued at $3,032,000 after purchasing an additional 73 shares during the last quarter. Brookstone Capital Management boosted its holdings in shares of Stryker by 6.7% in the 2nd quarter. Brookstone Capital Management now owns 2,437 shares of the medical technology company’s stock valued at $816,000 after buying an additional 152 shares during the period. Hennion & Walsh Asset Management Inc. grew its position in shares of Stryker by 15.3% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 5,669 shares of the medical technology company’s stock valued at $1,929,000 after buying an additional 754 shares during the last quarter. SeaCrest Wealth Management LLC raised its stake in Stryker by 3.3% during the second quarter. SeaCrest Wealth Management LLC now owns 1,089 shares of the medical technology company’s stock worth $371,000 after acquiring an additional 35 shares during the period. Finally, Commerzbank Aktiengesellschaft FI lifted its holdings in Stryker by 6.6% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 1,482 shares of the medical technology company’s stock worth $505,000 after acquiring an additional 92 shares during the last quarter. Institutional investors and hedge funds own 77.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Citigroup raised their price target on Stryker from $411.00 to $450.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Truist Financial raised their target price on Stryker from $370.00 to $380.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. Robert W. Baird upped their price target 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. Canaccord Genuity Group lifted their price objective on shares of Stryker from $360.00 to $400.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $425.00 price objective (up from $400.00) on shares of Stryker in a research report on Wednesday, December 11th. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $404.35.

Insider Buying and Selling

In other news, CEO Kevin Lobo sold 57,313 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $368.70, for a total value of $21,131,303.10. Following the sale, the chief executive officer now directly owns 100,027 shares of the company’s stock, valued at approximately $36,879,954.90. This trade represents a 36.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.90% of the stock is currently owned by corporate insiders.

Stryker Stock Performance

Stryker stock opened at $372.70 on Tuesday. Stryker Co. has a fifty-two week low of $288.15 and a fifty-two week 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 company has a market cap of $142.08 billion, a P/E ratio of 39.95, a price-to-earnings-growth ratio of 2.82 and a beta of 0.94. The firm’s 50 day simple moving average is $373.91 and its 200-day simple moving average is $355.36.

Stryker (NYSE:SYK) last posted its quarterly 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 business had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the company posted $2.46 earnings per share. The firm’s quarterly revenue was up 11.9% compared to the same quarter last year. As a group, equities research analysts predict that Stryker Co. will post 12.06 EPS for the current year.

Stryker Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 0.90%. The ex-dividend date is Tuesday, December 31st. This is a positive change from Stryker’s previous quarterly dividend of $0.80. Stryker’s payout ratio is presently 36.01%.

About Stryker

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.