Stryker Co. (NYSE:SYK) Shares Sold by First Merchants Corp

First Merchants Corp lowered its position in shares of Stryker Co. (NYSE:SYK) by 3.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 59,613 shares of the medical technology company’s stock after selling 2,036 shares during the period. Stryker accounts for approximately 0.8% of First Merchants Corp’s portfolio, making the stock its 25th largest position. First Merchants Corp’s holdings in Stryker were worth $20,283,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Burkett Financial Services LLC acquired a new position in Stryker in the fourth quarter valued at $25,000. Rogco LP acquired a new position in Stryker in the fourth quarter valued at $30,000. Central Pacific Bank Trust Division acquired a new position in Stryker in the first quarter valued at $39,000. DSM Capital Partners LLC acquired a new position in Stryker in the fourth quarter valued at $34,000. Finally, Private Wealth Management Group LLC acquired a new position in Stryker in the fourth quarter valued at $40,000. Institutional investors and hedge funds own 77.09% of the company’s stock.

Stryker Stock Performance

NYSE SYK traded up $2.57 during trading hours on Friday, hitting $353.29. 966,116 shares of the stock were exchanged, compared to its average volume of 1,456,137. The company has a market cap of $134.63 billion, a price-to-earnings ratio of 40.33, a price-to-earnings-growth ratio of 2.71 and a beta of 0.89. Stryker Co. has a 12-month low of $249.98 and a 12-month high of $361.41. The stock has a 50-day moving average of $335.90 and a 200 day moving average of $340.99. The company has a quick ratio of 0.95, a current ratio of 1.68 and a debt-to-equity ratio of 0.51.

Stryker (NYSE:SYK) last posted its quarterly earnings results on Tuesday, July 30th. The medical technology company reported $2.81 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $5.40 billion. During the same period in the prior year, the company posted $2.54 earnings per share. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. As a group, equities research analysts forecast that Stryker Co. will post 12 earnings per share for the current year.

Stryker Announces Dividend

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

Insider Buying and Selling at Stryker

In other Stryker news, Director Ronda E. Stryker sold 190,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $323.46, for a total value of $61,457,400.00. Following the completion of the transaction, the director now directly owns 3,316,608 shares of the company’s stock, valued at $1,072,790,023.68. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, Director Ronda E. Stryker sold 190,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $323.46, for a total transaction of $61,457,400.00. Following the completion of the transaction, the director now directly owns 3,316,608 shares of the company’s stock, valued at approximately $1,072,790,023.68. The sale was disclosed in a filing with the SEC, which is available at 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 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 directly owns 2,852 shares of the company’s stock, valued at $949,716. The disclosure for this sale can be found here. 5.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. UBS Group upped their price objective on shares of Stryker from $351.00 to $366.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Barclays increased their target price on shares of Stryker from $374.00 to $402.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Evercore ISI decreased their target price on shares of Stryker from $370.00 to $365.00 and set an “outperform” rating for the company in a research note on Tuesday, July 2nd. Morgan Stanley increased their target price on shares of Stryker from $345.00 to $350.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Finally, Piper Sandler increased their target price on shares of Stryker from $375.00 to $380.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Four equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $373.11.

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.