CIBC Asset Management Inc Raises Stock Holdings in Stryker Co. (NYSE:SYK)

CIBC Asset Management Inc lifted its stake in Stryker Co. (NYSE:SYK - Free Report) by 4.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 65,857 shares of the medical technology company's stock after purchasing an additional 2,872 shares during the period. CIBC Asset Management Inc's holdings in Stryker were worth $23,712,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Opal Wealth Advisors LLC raised its position in Stryker by 1.6% in the 4th quarter. Opal Wealth Advisors LLC now owns 1,816 shares of the medical technology company's stock valued at $654,000 after purchasing an additional 28 shares in the last quarter. Alhambra Investment Management LLC raised its holdings in Stryker by 1.5% in the fourth quarter. Alhambra Investment Management LLC now owns 1,997 shares of the medical technology company's stock valued at $719,000 after acquiring an additional 29 shares in the last quarter. JFS Wealth Advisors LLC lifted its stake in Stryker by 4.4% in the fourth quarter. JFS Wealth Advisors LLC now owns 687 shares of the medical technology company's stock worth $247,000 after acquiring an additional 29 shares during the last quarter. Capital & Planning LLC grew its holdings in Stryker by 3.6% during the 4th quarter. Capital & Planning LLC now owns 841 shares of the medical technology company's stock worth $304,000 after acquiring an additional 29 shares in the last quarter. Finally, Concord Wealth Partners increased its position in shares of Stryker by 2.2% in the 4th quarter. Concord Wealth Partners now owns 1,396 shares of the medical technology company's stock valued at $503,000 after purchasing an additional 30 shares during the last quarter. 77.09% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Ronda E. Stryker sold 201,392 shares of the firm's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $392.24, for a total value of $78,993,998.08. Following the completion of the sale, the director now owns 3,642,075 shares in the company, valued at $1,428,567,498. This trade represents a 5.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Allan C. Golston sold 2,458 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $383.07, for a total transaction of $941,586.06. Following the sale, the director now directly owns 14,895 shares in the company, valued at approximately $5,705,827.65. This represents a 14.16 % decrease in their position. The disclosure for this sale can be found here. 5.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on SYK shares. Stifel Nicolaus lifted their price objective on shares of Stryker from $400.00 to $440.00 and gave the stock a "buy" rating in a research report on Wednesday, January 29th. Canaccord Genuity Group lifted their price target on Stryker from $420.00 to $435.00 and gave the stock a "buy" rating in a report on Wednesday, January 29th. Piper Sandler reiterated an "overweight" rating and issued a $420.00 price objective (up previously from $380.00) on shares of Stryker in a report on Wednesday, October 30th. Needham & Company LLC reissued a "buy" rating and set a $442.00 target price on shares of Stryker in a research report on Wednesday, January 29th. Finally, UBS Group upped their price target on Stryker from $366.00 to $370.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Stryker currently has an average rating of "Moderate Buy" and a consensus price target of $420.68.

Stryker Stock Performance

Shares of SYK stock traded down $3.82 during midday trading on Friday, hitting $382.59. The company had a trading volume of 1,268,413 shares, compared to its average volume of 1,388,856. Stryker Co. has a 52-week low of $314.93 and a 52-week high of $406.19. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.95 and a quick ratio of 1.32. The company's 50 day simple moving average is $378.07 and its 200 day simple moving average is $368.67. The stock has a market cap of $145.99 billion, a price-to-earnings ratio of 49.30, a PEG ratio of 2.93 and a beta of 0.96.

Stryker (NYSE:SYK - Get Free Report) last announced its quarterly earnings data on Tuesday, January 28th. The medical technology company reported $4.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.87 by $0.14. Stryker had a net margin of 13.25% and a return on equity of 23.58%. During the same period in the previous year, the company posted $3.46 EPS. Research analysts anticipate that Stryker Co. will post 13.49 earnings per share for the current fiscal year.

Stryker Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date of this dividend is Monday, March 31st. Stryker's dividend payout ratio is presently 43.30%.

About Stryker

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 total joint replacements, such as hip, knee and shoulder, and trauma and extremities surgeries.