Cerro Pacific Wealth Advisors LLC Acquires New Position in Stryker Co. (NYSE:SYK)

Cerro Pacific Wealth Advisors LLC acquired a new position in Stryker Co. (NYSE:SYK) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 660 shares of the medical technology company’s stock, valued at approximately $239,000.

Several other hedge funds have also recently bought and sold shares of SYK. Secure Asset Management LLC increased its stake in shares of Stryker by 50.0% in the fourth quarter. Secure Asset Management LLC now owns 1,913 shares of the medical technology company’s stock worth $689,000 after purchasing an additional 638 shares during the period. Beacon Investment Advisory Services Inc. grew its position in Stryker by 1.8% in the 4th quarter. Beacon Investment Advisory Services Inc. now owns 69,807 shares of the medical technology company’s stock worth $25,134,000 after purchasing an additional 1,243 shares during the last quarter. D.B. Root & Company LLC raised its position in shares of Stryker by 3.8% during the fourth quarter. D.B. Root & Company LLC now owns 3,676 shares of the medical technology company’s stock valued at $1,324,000 after buying an additional 135 shares during the last quarter. Mutual Advisors LLC lifted its stake in shares of Stryker by 13.8% in the fourth quarter. Mutual Advisors LLC now owns 6,331 shares of the medical technology company’s stock valued at $2,417,000 after buying an additional 769 shares during the period. Finally, True North Advisors LLC bought a new position in Stryker in the fourth quarter worth $3,595,000. 77.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SYK has been the topic of several analyst reports. JMP Securities reiterated a “market perform” rating on shares of Stryker in a research note on Tuesday, January 7th. UBS Group increased their price objective on Stryker from $366.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Piper Sandler restated an “overweight” rating and issued a $420.00 target price (up previously from $380.00) on shares of Stryker in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price target on shares of Stryker from $375.00 to $420.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Wells Fargo & Company raised their price objective on shares of Stryker from $405.00 to $427.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Five analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $405.80.

Insider Buying and Selling at Stryker

In other news, CEO Kevin Lobo sold 57,313 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $368.70, for a total value of $21,131,303.10. Following the transaction, the chief executive officer now owns 100,027 shares in the company, valued at approximately $36,879,954.90. This represents a 36.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 5.90% of the company’s stock.

Stryker Trading Up 0.8 %

Shares of SYK stock opened at $393.79 on Friday. The firm has a market cap of $150.12 billion, a P/E ratio of 42.21, a price-to-earnings-growth ratio of 2.68 and a beta of 0.95. The company has a quick ratio of 1.22, a current ratio of 1.91 and a debt-to-equity ratio of 0.66. Stryker Co. has a 12-month low of $307.23 and a 12-month high of $398.20. The business has a 50-day moving average price of $375.82 and a two-hundred day moving average price of $360.16.

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

Stryker Increases Dividend

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

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.