Magellan Asset Management Ltd Reduces Stock Position in Stryker Corporation $SYK

Magellan Asset Management Ltd trimmed its position in Stryker Corporation (NYSE:SYK) by 21.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 418,420 shares of the medical technology company’s stock after selling 112,324 shares during the period. Stryker comprises about 1.8% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 22nd largest position. Magellan Asset Management Ltd’s holdings in Stryker were worth $154,677,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of SYK. Kovack Advisors Inc. lifted its stake in shares of Stryker by 3.6% during the second quarter. Kovack Advisors Inc. now owns 771 shares of the medical technology company’s stock valued at $305,000 after buying an additional 27 shares during the period. Armstrong Advisory Group Inc. grew its stake in Stryker by 12.3% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 247 shares of the medical technology company’s stock worth $91,000 after acquiring an additional 27 shares during the period. Venturi Wealth Management LLC raised its holdings in Stryker by 1.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,904 shares of the medical technology company’s stock valued at $704,000 after acquiring an additional 27 shares during the last quarter. Patriot Financial Group Insurance Agency LLC lifted its stake in shares of Stryker by 3.9% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 745 shares of the medical technology company’s stock worth $275,000 after purchasing an additional 28 shares during the period. Finally, Wolff Wiese Magana LLC boosted its holdings in shares of Stryker by 2.3% during the third quarter. Wolff Wiese Magana LLC now owns 1,271 shares of the medical technology company’s stock worth $470,000 after purchasing an additional 28 shares during the last quarter. 77.09% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on SYK. Sanford C. Bernstein upped their target price on Stryker from $450.00 to $465.00 and gave the company an “outperform” rating in a research note on Friday, January 9th. Robert W. Baird set a $437.00 price objective on shares of Stryker in a research note on Friday, January 30th. Truist Financial decreased their target price on shares of Stryker from $400.00 to $392.00 and set a “hold” rating on the stock in a research report on Thursday, December 18th. Raymond James Financial upgraded shares of Stryker from a “market perform” rating to an “outperform” rating and set a $418.00 target price for the company in a report on Tuesday, January 6th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Stryker in a research note on Monday, December 22nd. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $426.47.

Insider Buying and Selling at Stryker

In other news, Director Ronda E. Stryker sold 250,000 shares of the stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $362.92, for a total value of $90,730,000.00. Following the completion of the sale, the director owned 2,457,331 shares in the company, valued at approximately $891,814,566.52. This trade represents a 9.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 5.20% of the stock is owned by insiders.

Stryker Stock Down 0.8%

SYK opened at $381.84 on Wednesday. Stryker Corporation has a 1 year low of $329.16 and a 1 year high of $404.87. The firm has a 50 day moving average price of $361.24 and a 200 day moving average price of $368.91. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.21 and a current ratio of 1.89. The company has a market cap of $146.13 billion, a PE ratio of 45.46, a price-to-earnings-growth ratio of 2.25 and a beta of 0.87.

Stryker (NYSE:SYK) last released its quarterly earnings data on Thursday, January 29th. The medical technology company reported $4.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.40 by $0.07. Stryker had a net margin of 12.92% and a return on equity of 24.41%. The company had revenue of $7.17 billion during the quarter, compared to the consensus estimate of $7.12 billion. During the same period in the previous year, the firm earned $4.01 earnings per share. Stryker’s revenue for the quarter was up 11.4% on a year-over-year basis. Sell-side analysts expect that Stryker Corporation will post 13.47 earnings per share for the current year.

Stryker Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st will be given a $0.88 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $3.52 annualized dividend and a yield of 0.9%. Stryker’s dividend payout ratio (DPR) is 41.90%.

About Stryker

Stryker Corporation is a global medical technology company that designs, manufactures and markets a broad range of products and services for use in hospitals, surgeons’ offices and other healthcare facilities. Its primary business activities span orthopedics (including joint replacement implants, trauma and extremities products), surgical equipment and operating room technologies (such as visualization, navigation and powered instruments), neurotechnology and spine solutions, and patient-handling and emergency medical equipment.