Bank of America Corp DE Has $636.76 Million Stake in Stryker Co. (NYSE:SYK)

Bank of America Corp DE increased its position in shares of Stryker Co. (NYSE:SYKGet Rating) by 14.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,381,754 shares of the medical technology company’s stock after buying an additional 294,091 shares during the period. Bank of America Corp DE owned 0.63% of Stryker worth $636,763,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Claremont Financial Group Inc. bought a new position in Stryker during the first quarter worth $25,000. Exane Derivatives bought a new position in Stryker during the first quarter worth $27,000. Princeton Global Asset Management LLC boosted its position in Stryker by 1,212.5% during the first quarter. Princeton Global Asset Management LLC now owns 105 shares of the medical technology company’s stock worth $28,000 after purchasing an additional 97 shares during the period. Dixon Hughes Goodman Wealth Advisors LLC boosted its position in Stryker by 10,700.0% during the first quarter. Dixon Hughes Goodman Wealth Advisors LLC now owns 108 shares of the medical technology company’s stock worth $29,000 after purchasing an additional 107 shares during the period. Finally, Holloway Wealth Management LLC bought a new position in Stryker during the first quarter worth $33,000. 76.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SYK has been the subject of a number of research analyst reports. Piper Sandler lifted their price objective on shares of Stryker from $250.00 to $260.00 and gave the stock an “overweight” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft cut shares of Stryker from a “buy” rating to a “hold” rating and reduced their target price for the company from $285.00 to $205.00 in a research report on Thursday, July 21st. Morgan Stanley reduced their target price on shares of Stryker from $270.00 to $220.00 and set an “equal weight” rating for the company in a research report on Friday, July 15th. Bank of America cut shares of Stryker from a “buy” rating to a “neutral” rating in a research report on Monday, July 11th. Finally, BTIG Research cut their price objective on shares of Stryker from $244.00 to $238.00 and set a “buy” rating for the company in a research report on Tuesday, September 6th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Stryker currently has an average rating of “Moderate Buy” and a consensus target price of $256.29.

Stryker Stock Performance

Stryker stock opened at $221.25 on Friday. The business has a 50 day moving average of $211.40 and a 200-day moving average of $229.46. Stryker Co. has a 1 year low of $188.84 and a 1 year high of $280.43. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.00 and a quick ratio of 1.15. The company has a market capitalization of $83.67 billion, a P/E ratio of 40.75, a P/E/G ratio of 2.75 and a beta of 1.03.

Stryker (NYSE:SYKGet Rating) last released its quarterly earnings data on Tuesday, July 26th. The medical technology company reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.28 by ($0.03). Stryker had a net margin of 11.79% and a return on equity of 23.34%. During the same period last year, the company posted $2.25 earnings per share. On average, equities research analysts predict that Stryker Co. will post 9.38 earnings per share for the current year.

Stryker Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be given a dividend of $0.695 per share. This represents a $2.78 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date is Thursday, September 29th. Stryker’s dividend payout ratio is presently 51.20%.

Stryker Profile

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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.

Further Reading

Institutional Ownership by Quarter for Stryker (NYSE:SYK)

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