Principal Financial Group Inc. Has $127.63 Million Holdings in Stryker Co. (NYSE:SYK)

Principal Financial Group Inc. trimmed its stake in shares of Stryker Co. (NYSE:SYK) by 1.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 375,093 shares of the medical technology company’s stock after selling 4,630 shares during the period. Principal Financial Group Inc.’s holdings in Stryker were worth $127,625,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Burkett Financial Services LLC acquired a new stake in Stryker in the 4th quarter valued at approximately $25,000. Rogco LP bought a new position in Stryker in the fourth quarter valued at $30,000. Central Pacific Bank Trust Division acquired a new stake in Stryker in the 1st quarter valued at $39,000. DSM Capital Partners LLC bought a new stake in Stryker during the 4th quarter worth about $34,000. Finally, Private Wealth Management Group LLC acquired a new position in shares of Stryker during the 4th quarter worth about $40,000. 77.09% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SYK has been the topic of several analyst reports. Morgan Stanley upped their target price on Stryker from $345.00 to $350.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. The Goldman Sachs Group began coverage on shares of Stryker in a research note on Thursday, May 30th. They issued a “neutral” rating and a $372.00 target price for the company. BTIG Research upped their price target on shares of Stryker from $360.00 to $374.00 and gave the stock a “buy” rating in a research report on Wednesday. Needham & Company LLC lifted their price objective on shares of Stryker from $392.00 to $393.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, Truist Financial reduced their price target on Stryker from $364.00 to $345.00 and set a “hold” rating for the company in a report on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, Stryker has an average rating of “Moderate Buy” and an average target price of $373.84.

Insider Buying and Selling at Stryker

In other Stryker news, CFO Glenn S. Boehnlein sold 20,000 shares of the business’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 owns 2,852 shares of the company’s stock, valued at $949,716. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Ronda E. Stryker sold 190,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $323.46, for a total transaction of $61,457,400.00. Following the sale, the director now directly owns 3,316,608 shares in the company, valued at $1,072,790,023.68. 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 firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were 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 owns 2,852 shares of the company’s stock, valued at approximately $949,716. The disclosure for this sale can be found here. In the last quarter, insiders have sold 210,600 shares of company stock valued at $68,330,400. 5.90% of the stock is currently owned by corporate insiders.

Stryker Stock Performance

NYSE:SYK opened at $360.42 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.95 and a current ratio of 1.68. Stryker Co. has a fifty-two week low of $249.98 and a fifty-two week high of $361.41. The company has a market cap of $137.30 billion, a price-to-earnings ratio of 41.14, a PEG ratio of 2.74 and a beta of 0.89. The stock has a fifty day moving average price of $336.78 and a 200-day moving average price of $341.43.

Stryker (NYSE:SYK) last announced its quarterly earnings data on Tuesday, July 30th. The medical technology company reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.79 by $0.02. The firm 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 business’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the prior year, the company posted $2.54 earnings per share. As a group, equities analysts anticipate that Stryker Co. will post 12 EPS for the current fiscal year.

Stryker Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be paid 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 presently 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.