Sycomore Asset Management Acquires 25,589 Shares of Stryker Co. (NYSE:SYK)

Sycomore Asset Management grew its holdings in shares of Stryker Co. (NYSE:SYK) by 149.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,659 shares of the medical technology company’s stock after purchasing an additional 25,589 shares during the quarter. Stryker makes up 2.6% of Sycomore Asset Management’s investment portfolio, making the stock its 11th largest holding. Sycomore Asset Management’s holdings in Stryker were worth $14,526,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Stryker by 1.0% during the first quarter. Vanguard Group Inc. now owns 31,459,393 shares of the medical technology company’s stock valued at $11,258,373,000 after purchasing an additional 309,592 shares during the period. Greenleaf Trust grew its stake in shares of Stryker by 0.6% during the 1st quarter. Greenleaf Trust now owns 18,596,387 shares of the medical technology company’s stock worth $6,655,089,000 after acquiring an additional 108,080 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Stryker by 5.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,541,845 shares of the medical technology company’s stock worth $3,755,782,000 after acquiring an additional 642,178 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Stryker by 10.4% in the 1st quarter. JPMorgan Chase & Co. now owns 8,651,403 shares of the medical technology company’s stock valued at $3,096,078,000 after acquiring an additional 813,311 shares during the period. Finally, Fisher Asset Management LLC boosted its position in Stryker by 2.6% during the fourth quarter. Fisher Asset Management LLC now owns 4,040,310 shares of the medical technology company’s stock worth $1,209,912,000 after purchasing an additional 101,319 shares during the period. 77.09% of the stock is currently owned by institutional investors.

Stryker Trading Up 0.5 %

NYSE SYK opened at $361.26 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 1.68 and a debt-to-equity ratio of 0.51. The stock’s 50-day simple moving average is $348.29 and its two-hundred day simple moving average is $343.00. Stryker Co. has a twelve month low of $249.98 and a twelve month high of $374.63. The company has a market capitalization of $137.62 billion, a price-to-earnings ratio of 41.24, a PEG ratio of 2.78 and a beta of 0.91.

Stryker (NYSE:SYK) last issued its earnings results on Tuesday, July 30th. The medical technology company reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.79 by $0.02. The business had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.40 billion. Stryker had a return on equity of 22.89% and a net margin of 16.12%. Stryker’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.54 earnings per share. Research analysts forecast that Stryker Co. will post 12 EPS for the current fiscal year.

Stryker Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be given a dividend of $0.80 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.20 annualized dividend and a yield of 0.89%. Stryker’s payout ratio is 36.53%.

Insider Activity

In related news, CFO Glenn S. Boehnlein sold 20,000 shares of the 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 sale, the chief financial officer now directly owns 2,852 shares in the company, valued at approximately $949,716. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Viju Menon sold 600 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $355.00, for a total transaction of $213,000.00. Following the completion of the sale, the insider now directly owns 9,069 shares in the company, valued at $3,219,495. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Glenn S. Boehnlein sold 20,000 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $333.00, for a total value of $6,660,000.00. Following the transaction, the chief financial officer now owns 2,852 shares in the company, valued at approximately $949,716. The disclosure for this sale can be found here. Over the last three months, insiders have sold 220,068 shares of company stock valued at $71,811,372. 5.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Truist Financial dropped their price target on shares of Stryker from $364.00 to $345.00 and set a “hold” rating on the stock in a research note on Thursday, August 1st. Needham & Company LLC boosted their price objective on Stryker from $392.00 to $393.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Evercore ISI cut their target price on Stryker from $370.00 to $365.00 and set an “outperform” rating for the company in a research note on Tuesday, July 2nd. Barclays upped their price target on Stryker from $374.00 to $402.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Finally, UBS Group raised their price objective on shares of Stryker from $351.00 to $366.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $378.58.

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.