M&T Bank Corp Has $18.36 Million Stock Position in Stryker Co. (NYSE:SYK)

M&T Bank Corp grew its stake in shares of Stryker Co. (NYSE:SYK - Free Report) by 4.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 50,820 shares of the medical technology company's stock after buying an additional 2,257 shares during the period. M&T Bank Corp's holdings in Stryker were worth $18,359,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. State Street Corp lifted its stake in shares of Stryker by 2.2% in the 3rd quarter. State Street Corp now owns 14,582,959 shares of the medical technology company's stock valued at $5,279,788,000 after purchasing an additional 316,404 shares in the last quarter. FMR LLC raised its holdings in Stryker by 3.0% in the third quarter. FMR LLC now owns 7,306,994 shares of the medical technology company's stock valued at $2,639,725,000 after buying an additional 215,782 shares during the period. Clearbridge Investments LLC lifted its position in Stryker by 2.9% during the second quarter. Clearbridge Investments LLC now owns 2,323,452 shares of the medical technology company's stock valued at $790,554,000 after buying an additional 66,482 shares in the last quarter. Parnassus Investments LLC acquired a new stake in shares of Stryker in the third quarter worth $762,798,000. Finally, Janus Henderson Group PLC raised its stake in shares of Stryker by 1.5% in the 3rd quarter. Janus Henderson Group PLC now owns 1,969,757 shares of the medical technology company's stock valued at $711,594,000 after acquiring an additional 28,421 shares during the period. 77.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Citigroup lifted their target price on shares of Stryker from $411.00 to $450.00 and gave the company a "buy" rating in a report on Wednesday. Wells Fargo & Company lifted their target price on shares of Stryker from $405.00 to $427.00 and gave the company an "overweight" rating in a report on Wednesday. Needham & Company LLC lifted their target price on shares of Stryker from $393.00 to $409.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Morgan Stanley upgraded shares of Stryker from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $370.00 to $445.00 in a report on Monday, December 2nd. Finally, Royal Bank of Canada restated an "outperform" rating and set a $425.00 target price (up previously from $400.00) on shares of Stryker in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Stryker presently has an average rating of "Moderate Buy" and an average price target of $402.70.

Stryker Stock Performance

NYSE SYK traded down $6.78 on Wednesday, hitting $375.90. The stock had a trading volume of 1,213,982 shares, compared to its average volume of 1,261,801. Stryker Co. has a one year low of $285.79 and a one year high of $398.20. The company has a quick ratio of 1.22, a current ratio of 1.91 and a debt-to-equity ratio of 0.66. The stock has a market cap of $143.30 billion, a price-to-earnings ratio of 40.29, a P/E/G ratio of 2.90 and a beta of 0.94. The company's 50-day moving average is $372.00 and its two-hundred day moving average is $354.36.

Stryker (NYSE:SYK - Get Free Report) last posted its earnings results on Tuesday, October 29th. The medical technology company reported $2.87 EPS for the quarter, topping the consensus estimate of $2.77 by $0.10. Stryker had a net margin of 16.34% and a return on equity of 23.07%. The firm had revenue of $5.49 billion during the quarter, compared to analysts' expectations of $5.37 billion. During the same quarter in the prior year, the firm earned $2.46 EPS. Stryker's quarterly revenue was up 11.9% on a year-over-year basis. On average, analysts expect that Stryker Co. will post 12.06 earnings per share for the current year.

Stryker Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a $0.84 dividend. This is a positive change from Stryker's previous quarterly dividend of $0.80. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date of this dividend is Tuesday, December 31st. Stryker's dividend payout ratio is currently 34.30%.

Insider Transactions at Stryker

In other news, VP M Kathryn Fink sold 7,347 shares of the business's stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $366.98, for a total transaction of $2,696,202.06. Following the sale, the vice president now owns 10,042 shares in the company, valued at $3,685,213.16. The trade was a 42.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kevin Lobo sold 57,313 shares of the company's stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $368.70, for a total transaction of $21,131,303.10. Following the completion of the transaction, the chief executive officer now owns 100,027 shares in the company, valued at approximately $36,879,954.90. This represents a 36.43 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 66,781 shares of company stock valued at $24,612,275. Company insiders own 5.50% of the company's stock.

Stryker 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.