Covenant Asset Management LLC Acquires Shares of 10,757 Stryker Co. (NYSE:SYK)

Covenant Asset Management LLC bought a new position in shares of Stryker Co. (NYSE:SYK - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 10,757 shares of the medical technology company's stock, valued at approximately $3,873,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Dunhill Financial LLC grew its stake in shares of Stryker by 94.9% during the third quarter. Dunhill Financial LLC now owns 76 shares of the medical technology company's stock worth $27,000 after purchasing an additional 37 shares during the period. Darwin Wealth Management LLC bought a new position in Stryker during the third quarter worth about $36,000. Activest Wealth Management acquired a new position in shares of Stryker during the 4th quarter worth about $36,000. Crews Bank & Trust bought a new stake in shares of Stryker in the 4th quarter valued at about $39,000. Finally, Hara Capital LLC acquired a new stake in shares of Stryker in the 3rd quarter valued at approximately $42,000. Institutional investors own 77.09% of the company's stock.

Stryker Stock Performance

Stryker stock traded up $2.69 during trading hours on Wednesday, hitting $388.30. The company had a trading volume of 827,114 shares, compared to its average volume of 1,406,953. Stryker Co. has a one year low of $314.93 and a one year high of $406.19. The firm has a market cap of $148.17 billion, a PE ratio of 50.04, a PEG ratio of 2.90 and a beta of 0.96. The firm has a 50-day moving average of $377.69 and a 200 day moving average of $368.08. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.95 and a quick ratio of 1.32.

Stryker (NYSE:SYK - Get Free Report) last posted its quarterly earnings data on Tuesday, January 28th. The medical technology company reported $4.01 earnings per share for the quarter, topping 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 quarter in the previous year, the business earned $3.46 earnings per share. On average, sell-side analysts expect that Stryker Co. will post 13.49 earnings per share for the current year.

Stryker Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend is Monday, March 31st. Stryker's dividend payout ratio is currently 43.30%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SYK. Piper Sandler restated an "overweight" rating and set a $420.00 price objective (up previously from $380.00) on shares of Stryker in a report on Wednesday, October 30th. Citigroup boosted their price target on shares of Stryker from $411.00 to $450.00 and gave the company a "buy" rating in a report on Wednesday, December 11th. Barclays raised their price objective on Stryker from $418.00 to $443.00 and gave the stock an "overweight" rating in a research note on Monday, February 10th. Morgan Stanley raised Stryker from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $370.00 to $445.00 in a research note on Monday, December 2nd. Finally, UBS Group raised their price target on Stryker from $366.00 to $370.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, Stryker currently has a consensus rating of "Moderate Buy" and a consensus target price of $420.68.

Insider Buying and Selling at Stryker

In related news, Director Allan C. Golston sold 2,458 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $383.07, for a total transaction of $941,586.06. Following the transaction, the director now directly owns 14,895 shares of the company's stock, valued at approximately $5,705,827.65. This represents a 14.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ronda E. Stryker sold 201,392 shares of the firm's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $392.24, for a total transaction of $78,993,998.08. Following the completion of the transaction, the director now directly 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 disclosure for this sale can be found here. Corporate insiders own 5.50% of the company's stock.

Stryker Company Profile

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.