Toronto Dominion Bank Reduces Stock Holdings in Stryker Co. (NYSE:SYK)

Toronto Dominion Bank reduced its holdings in shares of Stryker Co. (NYSE:SYK) by 14.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 170,110 shares of the medical technology company’s stock after selling 28,968 shares during the quarter. Toronto Dominion Bank’s holdings in Stryker were worth $57,880,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SYK. Koshinski Asset Management Inc. acquired a new position in shares of Stryker in the 1st quarter valued at $795,000. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Stryker by 43.1% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 18,491 shares of the medical technology company’s stock valued at $6,617,000 after purchasing an additional 5,565 shares during the period. Norden Group LLC purchased a new position in shares of Stryker in the first quarter worth about $4,027,000. International Assets Investment Management LLC acquired a new stake in shares of Stryker during the first quarter worth about $21,970,000. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its position in Stryker by 38.5% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 19,796 shares of the medical technology company’s stock valued at $7,084,000 after buying an additional 5,502 shares during the last quarter. 77.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Stryker

In other news, VP M Kathryn Fink sold 7,347 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $366.98, for a total value of $2,696,202.06. Following the transaction, the vice president now directly owns 10,042 shares of the company’s stock, valued at $3,685,213.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, VP M Kathryn Fink sold 7,347 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $366.98, for a total value of $2,696,202.06. Following the transaction, the vice president now directly owns 10,042 shares of the company’s stock, valued at $3,685,213.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Glenn S. Boehnlein sold 20,000 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was 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 directly owns 2,852 shares in the company, valued at $949,716. The disclosure for this sale can be found here. Insiders have sold a total of 220,068 shares of company stock valued at $71,811,372 over the last ninety days. Corporate insiders own 5.90% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on SYK shares. StockNews.com lowered shares of Stryker from a “buy” rating to a “hold” rating in a research report on Monday, September 16th. Piper Sandler reiterated an “overweight” rating and issued a $380.00 price objective on shares of Stryker in a research note on Tuesday, September 10th. 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 price objective on the stock. BTIG Research increased their price objective on shares of Stryker from $360.00 to $374.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Finally, Evercore ISI cut their price objective on shares of Stryker from $370.00 to $365.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 2nd. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $378.58.

Stryker Stock Performance

Shares of NYSE SYK opened at $359.50 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.95 and a current ratio of 1.68. The company has a market capitalization of $137.00 billion, a PE ratio of 41.04, a price-to-earnings-growth ratio of 2.79 and a beta of 0.91. Stryker Co. has a 1 year low of $249.98 and a 1 year high of $374.63. The company’s fifty day moving average price is $346.43 and its 200 day moving average price is $342.89.

Stryker (NYSE:SYK) last posted its quarterly earnings data on Tuesday, July 30th. The medical technology company reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.79 by $0.02. The business had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.40 billion. Stryker had a net margin of 16.12% and a return on equity of 22.89%. The company’s revenue was up 8.5% compared to the same quarter last year. During the same period last year, the firm posted $2.54 earnings per share. On average, research analysts predict that Stryker Co. will post 12 earnings per share for the current year.

Stryker Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 0.89%. The ex-dividend date of this dividend is Monday, September 30th. Stryker’s payout ratio 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.