The Manufacturers Life Insurance Company increased its stake in Stryker Co. (NYSE:SYK – Get Rating) by 5.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 669,616 shares of the medical technology company’s stock after acquiring an additional 36,240 shares during the period. The Manufacturers Life Insurance Company owned about 0.18% of Stryker worth $179,281,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Claremont Financial Group Inc. bought a new position in Stryker during the 1st quarter valued at approximately $25,000. Exane Derivatives bought a new position in Stryker during the 1st quarter valued at approximately $27,000. Princeton Global Asset Management LLC raised its position in Stryker by 1,212.5% during the 1st quarter. Princeton Global Asset Management LLC now owns 105 shares of the medical technology company’s stock valued at $28,000 after purchasing an additional 97 shares during the last quarter. Dixon Hughes Goodman Wealth Advisors LLC raised its position in Stryker by 10,700.0% during the 1st quarter. Dixon Hughes Goodman Wealth Advisors LLC now owns 108 shares of the medical technology company’s stock valued at $29,000 after purchasing an additional 107 shares during the last quarter. Finally, Core Alternative Capital raised its position in Stryker by 720.0% during the 1st quarter. Core Alternative Capital now owns 123 shares of the medical technology company’s stock valued at $33,000 after purchasing an additional 108 shares during the last quarter. Institutional investors own 76.44% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on SYK. Stifel Nicolaus decreased their target price on Stryker from $285.00 to $245.00 in a research report on Monday, July 18th. StockNews.com raised Stryker from a “hold” rating to a “buy” rating in a research report on Tuesday. Robert W. Baird decreased their target price on Stryker from $297.00 to $240.00 and set an “outperform” rating for the company in a research report on Wednesday, July 27th. Truist Financial upped their price target on Stryker to $220.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 27th. Finally, Cowen cut their price target on Stryker from $305.00 to $233.00 and set an “outperform” rating on the stock in a research note on Friday, July 22nd. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $256.29.
Stryker Stock Performance
Stryker (NYSE:SYK – Get Rating) last released its quarterly earnings results on Tuesday, July 26th. The medical technology company reported $2.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.28 by ($0.03). Stryker had a return on equity of 23.34% and a net margin of 11.79%. During the same period in the previous year, the company earned $2.25 earnings per share. On average, equities analysts forecast that Stryker Co. will post 9.38 earnings per share for the current year.
Stryker Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be issued a $0.695 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $2.78 dividend on an annualized basis and a yield of 1.23%. Stryker’s dividend payout ratio is currently 51.20%.
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 hip and knee joint replacements, and trauma and extremities surgeries. This segment also offers spinal implant products comprising cervical, thoracolumbar, and interbody systems that are used in spinal injury, deformity, and degenerative therapies.
- Get a free copy of the StockNews.com research report on Stryker (SYK)
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