CX Institutional Increases Stake in Stryker Co. (NYSE:SYK)

CX Institutional raised its stake in shares of Stryker Co. (NYSE:SYK) by 18.2% during the fourth quarter, HoldingsChannel reports. The firm owned 4,110 shares of the medical technology company’s stock after purchasing an additional 632 shares during the quarter. CX Institutional’s holdings in Stryker were worth $1,480,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Dunhill Financial LLC raised its stake in Stryker by 94.9% in the 3rd quarter. Dunhill Financial LLC now owns 76 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 37 shares during the last quarter. Centennial Bank AR lifted its holdings in shares of Stryker by 106.7% during the second quarter. Centennial Bank AR now owns 93 shares of the medical technology company’s stock worth $32,000 after purchasing an additional 48 shares during the period. Darwin Wealth Management LLC purchased a new stake in Stryker in the third quarter valued at approximately $36,000. HBW Advisory Services LLC acquired a new position in Stryker in the 3rd quarter worth approximately $42,000. Finally, Hara Capital LLC purchased a new position in Stryker during the 3rd quarter worth approximately $42,000. Hedge funds and other institutional investors own 77.09% of the company’s stock.

Stryker Price Performance

Shares of Stryker stock opened at $394.08 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.91 and a quick ratio of 1.22. The business has a 50 day simple moving average of $376.03 and a two-hundred day simple moving average of $360.39. The stock has a market capitalization of $150.23 billion, a P/E ratio of 42.24, a PEG ratio of 2.68 and a beta of 0.95. Stryker Co. has a 12 month low of $307.23 and a 12 month high of $398.20.

Stryker (NYSE:SYK) last announced its quarterly earnings data on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share for the quarter, beating analysts’ consensus estimates of $2.77 by $0.10. The company had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.37 billion. Stryker had a return on equity of 23.07% and a net margin of 16.34%. The firm’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter last year, the firm posted $2.46 EPS. As a group, analysts predict that Stryker Co. will post 12.06 EPS for the current fiscal year.

Stryker Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a $0.84 dividend. This is an increase from Stryker’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.36 dividend on an annualized basis and a yield of 0.85%. Stryker’s dividend payout ratio is presently 36.01%.

Insiders Place Their Bets

In other Stryker news, CEO Kevin Lobo sold 57,313 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $368.70, for a total value of $21,131,303.10. Following the completion of the sale, the chief executive officer now directly owns 100,027 shares in the company, valued at $36,879,954.90. This represents a 36.43 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SYK shares. Evercore ISI increased their price objective on shares of Stryker from $380.00 to $384.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. UBS Group increased their price target on Stryker from $366.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Truist Financial boosted their price objective on Stryker from $380.00 to $409.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Barclays raised their target price on Stryker from $402.00 to $418.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, Piper Sandler restated an “overweight” rating and issued a $420.00 price objective (up previously from $380.00) on shares of Stryker in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, Stryker currently has an average rating of “Moderate Buy” and an average target price of $405.80.

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.