Magellan Asset Management Ltd Reduces Stock Position in Stryker Co. (NYSE:SYK)

Magellan Asset Management Ltd decreased its position in shares of Stryker Co. (NYSE:SYK - Free Report) by 10.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 735,159 shares of the medical technology company's stock after selling 87,639 shares during the period. Stryker makes up approximately 2.9% of Magellan Asset Management Ltd's holdings, making the stock its 15th largest holding. Magellan Asset Management Ltd owned approximately 0.19% of Stryker worth $264,694,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SYK. Arete Wealth Advisors LLC grew its holdings in shares of Stryker by 11.0% during the 4th quarter. Arete Wealth Advisors LLC now owns 1,204 shares of the medical technology company's stock valued at $433,000 after purchasing an additional 119 shares during the last quarter. World Investment Advisors boosted its position in Stryker by 30.1% during the fourth quarter. World Investment Advisors now owns 10,593 shares of the medical technology company's stock valued at $3,814,000 after buying an additional 2,451 shares during the period. SevenBridge Financial Group LLC grew its stake in shares of Stryker by 10.6% during the fourth quarter. SevenBridge Financial Group LLC now owns 1,496 shares of the medical technology company's stock valued at $584,000 after buying an additional 143 shares during the last quarter. OneAscent Financial Services LLC bought a new stake in shares of Stryker in the 4th quarter valued at about $475,000. Finally, Huntington National Bank boosted its holdings in Stryker by 5.9% during the 4th quarter. Huntington National Bank now owns 283,703 shares of the medical technology company's stock valued at $102,148,000 after acquiring an additional 15,900 shares during the period. Institutional investors own 77.09% of the company's stock.

Remove Ads

Insider Buying and Selling at Stryker

In other Stryker news, Director Allan C. Golston sold 2,458 shares of the stock in a transaction 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 sale, the director now directly owns 14,895 shares in the company, valued at approximately $5,705,827.65. This trade represents a 14.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ronda E. Stryker sold 201,392 shares of the business's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $392.24, for a total value of $78,993,998.08. Following the completion of the transaction, the director now owns 3,642,075 shares of the company's stock, valued at $1,428,567,498. This represents a 5.24 % decrease in their position. The disclosure for this sale can be found here. 5.50% of the stock is owned by company insiders.

Stryker Stock Down 6.0 %

Shares of Stryker stock traded down $22.01 during trading on Friday, hitting $346.14. The company's stock had a trading volume of 3,956,734 shares, compared to its average volume of 1,321,179. 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 quick ratio of 1.32 and a current ratio of 1.95. The company has a fifty day simple moving average of $381.69 and a two-hundred day simple moving average of $374.30. The company has a market capitalization of $132.12 billion, a PE ratio of 44.61, a P/E/G ratio of 2.93 and a beta of 0.95.

Stryker (NYSE:SYK - Get Free Report) last released its earnings results 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 quarter last year, the business earned $3.46 earnings per share. Equities research analysts predict that Stryker Co. will post 13.47 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. Investors of record on Monday, March 31st will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend is Monday, March 31st. Stryker's dividend payout ratio (DPR) is 43.30%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Citigroup reiterated a "buy" rating and issued a $450.00 price objective on shares of Stryker in a research report on Wednesday, February 26th. JPMorgan Chase & Co. upped their price target on shares of Stryker from $420.00 to $445.00 and gave the company an "overweight" rating in a report on Wednesday, January 29th. Royal Bank of Canada increased their price target on shares of Stryker from $425.00 to $435.00 and gave the company an "outperform" rating in a research report on Wednesday, January 29th. Needham & Company LLC restated a "buy" rating and issued a $442.00 price objective on shares of Stryker in a research report on Friday, March 21st. Finally, Truist Financial upped their price objective on shares of Stryker from $409.00 to $413.00 and gave the company a "hold" rating in a research note on Thursday, January 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $421.90.

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.