Penobscot Investment Management Company Inc. Boosts Holdings in Stryker Corporation $SYK

Penobscot Investment Management Company Inc. lifted its stake in shares of Stryker Corporation (NYSE:SYK) by 0.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 42,391 shares of the medical technology company’s stock after acquiring an additional 390 shares during the period. Stryker accounts for 1.4% of Penobscot Investment Management Company Inc.’s portfolio, making the stock its 13th largest position. Penobscot Investment Management Company Inc.’s holdings in Stryker were worth $16,771,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Stryker by 1.1% during the first quarter. Vanguard Group Inc. now owns 33,059,964 shares of the medical technology company’s stock worth $12,306,572,000 after purchasing an additional 361,136 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Stryker by 9.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,131,218 shares of the medical technology company’s stock worth $4,515,847,000 after buying an additional 1,021,496 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Stryker by 13.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,252,895 shares of the medical technology company’s stock worth $838,640,000 after buying an additional 261,058 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Stryker by 4.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,086,960 shares of the medical technology company’s stock valued at $776,871,000 after acquiring an additional 83,954 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Stryker by 1.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,015,374 shares of the medical technology company’s stock valued at $750,223,000 after acquiring an additional 30,329 shares during the period. 77.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Weiss Ratings restated a “buy (b-)” rating on shares of Stryker in a report on Saturday, September 27th. BTIG Research restated a “buy” rating on shares of Stryker in a report on Monday, July 14th. Truist Financial set a $415.00 price objective on shares of Stryker and gave the stock a “hold” rating in a research note on Monday, August 4th. Wells Fargo & Company raised their target price on shares of Stryker from $435.00 to $445.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Finally, Needham & Company LLC upped their price target on shares of Stryker from $442.00 to $448.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Fifteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $430.33.

Stryker Trading Up 1.1%

NYSE SYK opened at $370.59 on Friday. The stock has a market cap of $141.68 billion, a P/E ratio of 49.08, a PEG ratio of 2.64 and a beta of 0.94. The company’s fifty day simple moving average is $382.81 and its 200-day simple moving average is $378.92. The company has a current ratio of 1.78, a quick ratio of 1.06 and a debt-to-equity ratio of 0.70. Stryker Corporation has a 52 week low of $329.16 and a 52 week high of $406.19.

Stryker (NYSE:SYK) last released its quarterly earnings results on Thursday, July 31st. The medical technology company reported $3.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.07 by $0.06. Stryker had a net margin of 12.25% and a return on equity of 23.94%. The firm had revenue of $6.02 billion for the quarter, compared to the consensus estimate of $5.92 billion. During the same quarter in the previous year, the firm posted $2.81 EPS. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. Stryker has set its FY 2025 guidance at 13.400-13.600 EPS. Equities research analysts predict that Stryker Corporation will post 13.47 EPS for the current fiscal year.

Stryker Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Tuesday, September 30th will be paid a $0.84 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $3.36 annualized dividend and a dividend yield of 0.9%. Stryker’s payout ratio is 44.50%.

Insider Transactions at Stryker

In other Stryker news, Director Ronda E. Stryker sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $376.45, for a total transaction of $75,290,000.00. Following the completion of the sale, the director owned 3,222,108 shares in the company, valued at $1,212,962,556.60. This trade represents a 5.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Viju Menon sold 500 shares of the company’s stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $390.61, for a total value of $195,305.00. Following the completion of the transaction, the insider directly owned 12,511 shares in the company, valued at approximately $4,886,921.71. The trade was a 3.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 5.90% of the company’s stock.

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.