Independence Bank of Kentucky Raises Stock Holdings in Stryker Co. (NYSE:SYK)

Independence Bank of Kentucky boosted its holdings in shares of Stryker Co. (NYSE:SYK) by 40.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,264 shares of the medical technology company’s stock after purchasing an additional 1,228 shares during the quarter. Independence Bank of Kentucky’s holdings in Stryker were worth $1,540,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Albion Financial Group UT purchased a new position in shares of Stryker in the third quarter valued at approximately $108,000. Pinnacle Bancorp Inc. lifted its position in shares of Stryker by 34.4% in the third quarter. Pinnacle Bancorp Inc. now owns 430 shares of the medical technology company’s stock valued at $155,000 after acquiring an additional 110 shares in the last quarter. Capital Insight Partners LLC lifted its position in shares of Stryker by 3.9% in the third quarter. Capital Insight Partners LLC now owns 1,858 shares of the medical technology company’s stock valued at $671,000 after acquiring an additional 69 shares in the last quarter. Tobam lifted its position in shares of Stryker by 9.7% in the third quarter. Tobam now owns 1,206 shares of the medical technology company’s stock valued at $436,000 after acquiring an additional 107 shares in the last quarter. Finally, Steigerwald Gordon & Koch Inc. lifted its position in shares of Stryker by 1.6% in the third quarter. Steigerwald Gordon & Koch Inc. now owns 70,235 shares of the medical technology company’s stock valued at $25,373,000 after acquiring an additional 1,115 shares in the last quarter. Hedge funds and other institutional investors own 77.09% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SYK. Barclays raised their target price on Stryker from $374.00 to $402.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Stifel Nicolaus reduced their price objective on Stryker from $375.00 to $365.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Evercore ISI lifted their price objective on Stryker from $365.00 to $380.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Morgan Stanley lifted their price objective on Stryker from $345.00 to $350.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $386.00 price objective on shares of Stryker in a research report on Wednesday, July 31st. Four investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, Stryker presently has an average rating of “Moderate Buy” and a consensus target price of $379.37.

Stryker Stock Performance

Shares of NYSE SYK traded up $0.58 during trading hours on Friday, reaching $353.95. The stock had a trading volume of 39,960 shares, compared to its average volume of 1,256,804. The firm has a market cap of $134.88 billion, a price-to-earnings ratio of 39.41, a PEG ratio of 2.73 and a beta of 0.91. The company has a current ratio of 1.68, a quick ratio of 0.95 and a debt-to-equity ratio of 0.51. Stryker Co. has a fifty-two week low of $249.98 and a fifty-two week high of $374.63. The firm has a 50-day moving average of $351.36 and a 200-day moving average of $343.07.

Stryker (NYSE:SYK) last announced its earnings results on Tuesday, July 30th. The medical technology company reported $2.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.79 by $0.02. The firm had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $5.40 billion. Stryker had a return on equity of 22.89% and a net margin of 16.12%. The business’s revenue was up 8.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.54 EPS. Equities research analysts predict that Stryker Co. will post 12 earnings per share for the current year.

Stryker Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be issued a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date of this dividend is Monday, September 30th. Stryker’s dividend payout ratio is currently 35.67%.

Insider Buying and Selling

In related 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 value of $213,000.00. Following the sale, the insider now owns 9,069 shares in the company, valued at $3,219,495. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Stryker news, Director Ronda E. Stryker sold 190,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $323.46, for a total transaction of $61,457,400.00. Following the sale, the director now owns 3,316,608 shares in the company, valued at approximately $1,072,790,023.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Viju Menon sold 600 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $355.00, for a total value of $213,000.00. Following the sale, the insider now owns 9,069 shares in the company, valued at approximately $3,219,495. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 220,068 shares of company stock worth $71,811,372 in the last quarter. Company insiders own 5.90% of the company’s stock.

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.