Congress Asset Management Co. MA Decreases Stock Position in Stryker Co. (NYSE:SYK)

Congress Asset Management Co. MA lessened its position in Stryker Co. (NYSE:SYK) by 1.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 66,276 shares of the medical technology company’s stock after selling 1,060 shares during the quarter. Congress Asset Management Co. MA’s holdings in Stryker were worth $23,718,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Aigen Investment Management LP purchased a new position in Stryker during the third quarter worth approximately $492,000. LPL Financial LLC lifted its position in Stryker by 11.9% during the third quarter. LPL Financial LLC now owns 209,659 shares of the medical technology company’s stock worth $57,299,000 after buying an additional 22,276 shares in the last quarter. Stifel Financial Corp lifted its position in Stryker by 9.9% during the third quarter. Stifel Financial Corp now owns 460,936 shares of the medical technology company’s stock worth $125,966,000 after buying an additional 41,552 shares in the last quarter. Northern Trust Corp lifted its position in Stryker by 3.9% during the third quarter. Northern Trust Corp now owns 3,505,595 shares of the medical technology company’s stock worth $957,974,000 after buying an additional 131,590 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its position in Stryker by 0.9% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 66,165 shares of the medical technology company’s stock worth $18,081,000 after buying an additional 618 shares in the last quarter. Hedge funds and other institutional investors own 77.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SYK. StockNews.com downgraded Stryker from a “buy” rating to a “hold” rating in a research report on Monday, June 17th. Evercore ISI raised their target price on Stryker from $340.00 to $370.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Piper Sandler raised their target price on Stryker from $375.00 to $380.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Barclays raised their target price on Stryker from $372.00 to $376.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. Finally, BTIG Research raised their target price on Stryker from $366.00 to $369.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $370.58.

Stryker Trading Up 0.4 %

SYK opened at $342.64 on Friday. Stryker Co. has a 12 month low of $249.98 and a 12 month high of $361.41. The stock has a market capitalization of $130.53 billion, a price-to-earnings ratio of 39.11, a PEG ratio of 2.69 and a beta of 0.92. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.71 and a quick ratio of 0.99. The business has a fifty day moving average price of $336.68 and a 200 day moving average price of $331.94.

Stryker (NYSE:SYK) last released its earnings results on Tuesday, April 30th. The medical technology company reported $2.50 EPS for the quarter, topping the consensus estimate of $2.36 by $0.14. The firm had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.10 billion. Stryker had a return on equity of 23.05% and a net margin of 16.03%. Stryker’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the previous year, the firm posted $2.14 EPS. Sell-side analysts expect that Stryker Co. will post 11.95 earnings per share for the current fiscal year.

Stryker Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date is Friday, June 28th. Stryker’s dividend payout ratio (DPR) is 36.53%.

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.