DAVENPORT & Co LLC Grows Stake in Stryker Corporation $SYK

DAVENPORT & Co LLC raised its position in shares of Stryker Corporation (NYSE:SYK) by 19.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,149 shares of the medical technology company’s stock after purchasing an additional 4,896 shares during the period. DAVENPORT & Co LLC’s holdings in Stryker were worth $10,598,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Armstrong Advisory Group Inc. lifted its stake in Stryker by 12.3% in the third 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 increased its position in Stryker by 1.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,904 shares of the medical technology company’s stock valued at $704,000 after purchasing an additional 27 shares during the period. Patriot Financial Group Insurance Agency LLC increased its position in 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 valued at $275,000 after purchasing an additional 28 shares during the period. Wolff Wiese Magana LLC raised its holdings in shares of Stryker by 2.3% in the 3rd quarter. Wolff Wiese Magana LLC now owns 1,271 shares of the medical technology company’s stock valued at $470,000 after purchasing an additional 28 shares in the last quarter. Finally, Lantz Financial LLC lifted its position in shares of Stryker by 5.0% in the 3rd quarter. Lantz Financial LLC now owns 608 shares of the medical technology company’s stock worth $225,000 after purchasing an additional 29 shares during the period. 77.09% of the stock is currently owned by hedge funds and other institutional investors.

Stryker Trading Down 0.4%

NYSE SYK opened at $327.34 on Thursday. Stryker Corporation has a 52 week low of $324.93 and a 52 week high of $404.87. The company has a 50 day moving average price of $361.50 and a 200 day moving average price of $364.58. The company has a quick ratio of 1.21, a current ratio of 1.89 and a debt-to-equity ratio of 0.66. The firm has a market cap of $125.37 billion, a PE ratio of 38.97, a price-to-earnings-growth ratio of 1.92 and a beta of 0.85.

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

Stryker Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.1%. The ex-dividend date is Tuesday, March 31st. Stryker’s payout ratio is 41.90%.

Insiders Place Their Bets

In related news, Director Ronda E. Stryker sold 250,000 shares of the company’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $362.92, for a total transaction of $90,730,000.00. Following the transaction, the director directly owned 2,457,331 shares of the company’s stock, valued at $891,814,566.52. This represents a 9.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 5.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SYK shares. Raymond James Financial upgraded shares of Stryker from a “market perform” rating to an “outperform” rating and set a $418.00 price objective on the stock in a research note on Tuesday, January 6th. UBS Group lowered their target price on Stryker from $400.00 to $380.00 and set a “neutral” rating for the company in a report on Tuesday, March 17th. Sanford C. Bernstein increased their target price on Stryker from $450.00 to $465.00 and gave the company an “outperform” rating in a research report on Friday, January 9th. Piper Sandler reissued an “overweight” rating on shares of Stryker in a research report on Tuesday, January 27th. Finally, Truist Financial decreased their price objective on Stryker from $400.00 to $392.00 and set a “hold” rating for the company in a research note on Thursday, December 18th. Fourteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Stryker presently has an average rating of “Moderate Buy” and an average target price of $427.50.

Stryker Profile

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.