Bank of New York Mellon Corp Decreases Position in Stryker Corporation $SYK

Bank of New York Mellon Corp trimmed its holdings in Stryker Corporation (NYSE:SYK) by 7.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,537,354 shares of the medical technology company’s stock after selling 366,348 shares during the quarter. Bank of New York Mellon Corp owned about 1.19% of Stryker worth $1,677,323,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Two Point Capital Management Inc. acquired a new position in Stryker in the 2nd quarter valued at about $7,281,000. Diversified Trust Co increased its holdings in shares of Stryker by 45.6% in the third quarter. Diversified Trust Co now owns 12,445 shares of the medical technology company’s stock valued at $4,601,000 after purchasing an additional 3,899 shares during the period. SVB Wealth LLC purchased a new stake in shares of Stryker during the second quarter worth approximately $4,785,000. AXQ Capital LP purchased a new position in Stryker in the 2nd quarter valued at $567,000. Finally, Hendley & Co. Inc. increased its stake in Stryker by 60.3% in the 2nd quarter. Hendley & Co. Inc. now owns 14,018 shares of the medical technology company’s stock valued at $5,546,000 after buying an additional 5,274 shares during the period. Institutional investors and hedge funds own 77.09% of the company’s stock.

Insider Transactions at Stryker

In other news, CAO William E. Berry, Jr. sold 1,953 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $365.49, for a total transaction of $713,801.97. Following the completion of the transaction, the chief accounting officer directly owned 2,833 shares of the company’s stock, valued at $1,035,433.17. This trade represents a 40.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Preston Wendell Wells sold 165 shares of the stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $365.88, for a total value of $60,370.20. Following the sale, the chief financial officer owned 6,694 shares in the company, valued at approximately $2,449,200.72. This trade represents a 2.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 522,118 shares of company stock valued at $185,381,932 in the last ninety days. Corporate insiders own 5.20% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SYK. The Goldman Sachs Group set a $399.00 target price on shares of Stryker in a report on Friday, January 9th. Raymond James Financial raised Stryker from a “market perform” rating to an “outperform” rating and set a $418.00 price objective on the stock in a report on Tuesday, January 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of Stryker in a research note on Monday, December 22nd. Wall Street Zen upgraded Stryker from a “hold” rating to a “buy” rating in a research note on Sunday, December 21st. Finally, Sanford C. Bernstein upped their price objective on Stryker from $450.00 to $465.00 and gave the stock an “outperform” rating in a report on Friday, January 9th. Fifteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $427.95.

Stryker Stock Performance

Shares of SYK stock opened at $354.66 on Wednesday. The stock has a fifty day moving average price of $359.63 and a 200 day moving average price of $372.17. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.13 and a current ratio of 1.85. The stock has a market cap of $135.63 billion, a PE ratio of 46.60, a P/E/G ratio of 2.29 and a beta of 0.89. Stryker Corporation has a 1 year low of $329.16 and a 1 year high of $406.19.

Stryker (NYSE:SYK) last announced its quarterly earnings results on Friday, October 31st. The medical technology company reported $3.19 earnings per share for the quarter, beating analysts’ consensus estimates of $3.13 by $0.06. Stryker had a return on equity of 24.07% and a net margin of 12.07%.The business had revenue of $6.06 billion during the quarter, compared to analysts’ expectations of $6.04 billion. During the same quarter last year, the business posted $2.87 earnings per share. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. Sell-side analysts forecast that Stryker Corporation will post 13.47 earnings per share for the current fiscal year.

Stryker Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Wednesday, December 31st will be given a $0.88 dividend. This is a boost from Stryker’s previous quarterly dividend of $0.84. This represents a $3.52 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, December 31st. Stryker’s dividend payout ratio (DPR) is currently 46.25%.

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.