Bleakley Financial Group LLC Cuts Stake in Stryker Co. (NYSE:SYK)

Bleakley Financial Group LLC lessened its holdings in Stryker Co. (NYSE:SYK) by 82.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,799 shares of the medical technology company’s stock after selling 35,595 shares during the period. Bleakley Financial Group LLC’s holdings in Stryker were worth $2,817,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Global Assets Advisory LLC purchased a new position in Stryker in the first quarter valued at $341,049,000. JPMorgan Chase & Co. boosted its stake in shares of 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 buying an additional 813,311 shares during the period. 1832 Asset Management L.P. grew its position in shares of Stryker by 146.9% during the first quarter. 1832 Asset Management L.P. now owns 878,669 shares of the medical technology company’s stock worth $314,449,000 after buying an additional 522,817 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Stryker by 287.6% during the second quarter. American Century Companies Inc. now owns 505,608 shares of the medical technology company’s stock worth $172,033,000 after buying an additional 375,166 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Stryker by 1.0% in 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 acquiring an additional 309,592 shares in the last quarter. Institutional investors and hedge funds own 77.09% of the company’s stock.

Stryker Stock Up 2.7 %

Shares of NYSE:SYK opened at $369.56 on Friday. Stryker Co. has a 1-year low of $255.22 and a 1-year high of $374.63. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.68 and a quick ratio of 0.95. The stock has a market cap of $140.78 billion, a P/E ratio of 42.19, a P/E/G ratio of 2.78 and a beta of 0.91. The firm has a fifty day moving average price of $355.79 and a 200 day moving average price of $343.31.

Stryker (NYSE:SYK) last announced its earnings results on Tuesday, July 30th. The medical technology company reported $2.81 earnings per share 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 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 quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.54 earnings per share. Sell-side analysts predict that Stryker Co. will post 12 EPS for the current year.

Stryker Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders 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 dividend yield of 0.87%. The ex-dividend date of this dividend is Monday, September 30th. Stryker’s dividend payout ratio (DPR) is presently 36.53%.

Insider Buying and Selling

In other Stryker news, CFO Glenn S. Boehnlein sold 20,000 shares of the business’s stock in a transaction on 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 directly owns 2,852 shares of the company’s stock, valued at approximately $949,716. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Stryker news, CFO Glenn S. Boehnlein sold 20,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 2,852 shares in the company, valued at approximately $949,716. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Viju Menon sold 600 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $355.00, for a total value of $213,000.00. Following the transaction, the insider now directly owns 9,069 shares of the company’s stock, valued at approximately $3,219,495. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 220,068 shares of company stock valued at $71,811,372 over the last three months. 5.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on SYK. Barclays boosted their price target on shares of Stryker from $374.00 to $402.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Wolfe Research began coverage on Stryker in a report on Tuesday, September 10th. They issued an “outperform” rating and a $405.00 target price on the stock. Stifel Nicolaus decreased their price target on Stryker from $375.00 to $365.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. BTIG Research increased their price objective on Stryker from $374.00 to $383.00 and gave the company a “buy” rating in a report on Monday, October 14th. Finally, Truist Financial raised their target price on Stryker from $345.00 to $370.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, Stryker presently has an average rating of “Moderate Buy” and an average target price of $381.16.

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.