Provident Trust Co. Acquires New Holdings in Stryker Corporation $SYK

Provident Trust Co. bought a new stake in Stryker Corporation (NYSE:SYK) during the third quarter, Holdings Channel.com reports. The firm bought 91,417 shares of the medical technology company’s stock, valued at approximately $25,175,000. Stryker makes up approximately 0.8% of Provident Trust Co.’s holdings, making the stock its 13th largest position.

Other institutional investors also recently modified their holdings of the company. Gables Capital Management Inc. acquired a new stake in shares of Stryker during the 2nd quarter valued at $25,000. Kilter Group LLC acquired a new position in Stryker in the 2nd quarter worth about $25,000. Highland Investment Advisors LLC bought a new position in Stryker in the second quarter valued at about $25,000. Cornerstone Financial Management LLC raised its position in Stryker by 66.0% in the second quarter. Cornerstone Financial Management LLC now owns 78 shares of the medical technology company’s stock valued at $25,000 after purchasing an additional 31 shares during the last quarter. Finally, Compass Financial Management LLC acquired a new stake in shares of Stryker during the second quarter valued at about $27,000. 77.09% of the stock is currently owned by institutional investors and hedge funds.

Stryker Stock Down 0.1%

Shares of SYK opened at $291.56 on Monday. The company has a market capitalization of $111.83 billion, a PE ratio of 31.05, a PEG ratio of 1.89 and a beta of 0.78. Stryker Corporation has a 12 month low of $267.00 and a 12 month high of $389.33. The stock’s 50-day moving average price is $292.83 and its two-hundred day moving average price is $324.51. The company has a current ratio of 2.18, a quick ratio of 1.30 and a debt-to-equity ratio of 0.60.

Stryker (NYSE:SYK) last announced its quarterly earnings data on Thursday, October 29th. The medical technology company reported $3.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.55 by ($0.03). Stryker had a net margin of 13.78% and a return on equity of 23.74%. The business had revenue of $6.52 billion during the quarter, compared to analyst estimates of $6.62 billion. During the same period in the prior year, the firm earned $3.19 earnings per share. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. On average, analysts anticipate that Stryker Corporation will post 14.85 EPS for the current year.

Stryker Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Wednesday, September 30th were paid a $0.88 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $3.52 annualized dividend and a yield of 1.2%. Stryker’s payout ratio is 37.49%.

Analysts Set New Price Targets

Several research firms have recently weighed in on SYK. Royal Bank Of Canada reduced their price target on Stryker from $420.00 to $375.00 and set an “outperform” rating on the stock in a report on Friday. TD Cowen lowered their price objective on Stryker from $298.00 to $290.00 and set a “hold” rating for the company in a research note on Friday. Raymond James Financial reiterated an “outperform” rating and issued a $323.00 price objective on shares of Stryker in a report on Friday. Barclays cut their target price on shares of Stryker from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Piper Sandler reduced their target price on shares of Stryker from $420.00 to $390.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. Sixteen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $355.84.

Insider Buying and Selling at Stryker

In other news, insider Debra King sold 826 shares of Stryker stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $336.30, for a total value of $277,783.80. Following the completion of the sale, the insider owned 6,210 shares in the company, valued at $2,088,423. The trade was a 11.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ronda E. Stryker sold 300,000 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $335.90, for a total transaction of $100,770,000.00. Following the transaction, the director owned 2,301,375 shares in the company, valued at $773,031,862.50. The trade was a 11.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 351,267 shares of company stock valued at $118,197,701. 4.60% of the stock is currently owned by company insiders.

Stryker Profile

Stryker Corporation (NYSE: SYK) is a global medical technology company that develops and manufactures products used by healthcare providers in hospitals, surgical centers and other clinical settings. Its offerings are designed to support orthopaedic procedures, surgery, emergency care, neurovascular treatment and patient handling.

The company’s product portfolio includes orthopaedic implants and instruments, products for trauma and spine procedures, surgical equipment, endoscopy systems, patient beds and stretchers, emergency medical equipment, and neurovascular devices used in the treatment of conditions such as stroke.