Canandaigua National Bank & Trust Co. Increases Stock Holdings in Stryker Co. (NYSE:SYK)

Canandaigua National Bank & Trust Co. boosted its position in shares of Stryker Co. (NYSE:SYK) by 0.9% during the third quarter, Holdings Channel.com reports. The firm owned 8,633 shares of the medical technology company’s stock after buying an additional 74 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Stryker were worth $3,119,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of SYK. Centennial Bank AR raised its position in shares of Stryker by 106.7% during the 2nd quarter. Centennial Bank AR now owns 93 shares of the medical technology company’s stock valued at $32,000 after buying an additional 48 shares during the period. Central Pacific Bank Trust Division acquired a new stake in Stryker during the first quarter worth $39,000. Accent Capital Management LLC purchased a new stake in Stryker in the fourth quarter valued at $60,000. Sachetta LLC lifted its stake in shares of Stryker by 16.3% in the 2nd quarter. Sachetta LLC now owns 242 shares of the medical technology company’s stock valued at $80,000 after purchasing an additional 34 shares during the last quarter. Finally, Hazlett Burt & Watson Inc. grew its holdings in shares of Stryker by 17.9% during the 1st quarter. Hazlett Burt & Watson Inc. now owns 264 shares of the medical technology company’s stock worth $94,000 after purchasing an additional 40 shares during the period. 77.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, VP M Kathryn Fink sold 2,121 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $370.00, for a total transaction of $784,770.00. Following the transaction, the vice president now owns 10,042 shares in the company, valued at approximately $3,715,540. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Stryker news, insider Viju Menon sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was 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 of the company’s stock, valued at approximately $3,219,495. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP M Kathryn Fink sold 2,121 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $370.00, for a total value of $784,770.00. Following the sale, the vice president now directly owns 10,042 shares of the company’s stock, valued at $3,715,540. The disclosure for this sale can be found here. In the last three months, insiders sold 220,068 shares of company stock valued at $71,811,372. Insiders own 5.90% of the company’s stock.

Stryker Stock Performance

Shares of SYK opened at $351.61 on Friday. The company has a market capitalization of $133.99 billion, a price-to-earnings ratio of 40.14, a price-to-earnings-growth ratio of 2.74 and a beta of 0.91. Stryker Co. has a 52-week low of $249.98 and a 52-week high of $374.63. 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 has a 50 day moving average price of $349.38 and a 200 day moving average price of $343.18.

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, beating the consensus estimate of $2.79 by $0.02. Stryker had a net margin of 16.12% and a return on equity of 22.89%. The business had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $5.40 billion. During the same quarter in the prior year, the business posted $2.54 EPS. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. Research analysts predict that Stryker Co. will post 12 EPS for the current fiscal year.

Stryker Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date is Monday, September 30th. Stryker’s dividend payout ratio (DPR) is currently 36.53%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SYK shares. Truist Financial dropped their price target on shares of Stryker from $364.00 to $345.00 and set a “hold” rating for the company in a research report on Thursday, August 1st. StockNews.com raised Stryker from a “hold” rating to a “buy” rating in a research report on Tuesday. Morgan Stanley upped their price target on Stryker from $345.00 to $350.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. BTIG Research boosted their price objective on Stryker from $360.00 to $374.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Finally, UBS Group increased their target price on Stryker from $351.00 to $366.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $379.37.

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.