Stryker Co. (NYSE:SYK) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC reduced its position in Stryker Co. (NYSE:SYK - Free Report) by 22.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 221,998 shares of the medical technology company's stock after selling 63,180 shares during the quarter. Fred Alger Management LLC owned 0.06% of Stryker worth $75,535,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Koshinski Asset Management Inc. purchased a new position in shares of Stryker during the first quarter worth approximately $795,000. Envestnet Portfolio Solutions Inc. increased its position in shares of Stryker by 43.1% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 18,491 shares of the medical technology company's stock worth $6,617,000 after acquiring an additional 5,565 shares during the period. Norden Group LLC bought a new position in shares of Stryker during the first quarter valued at approximately $4,027,000. International Assets Investment Management LLC bought a new position in shares of Stryker during the first quarter valued at approximately $21,970,000. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its stake in shares of Stryker by 38.5% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 19,796 shares of the medical technology company's stock valued at $7,084,000 after purchasing an additional 5,502 shares in the last quarter. 77.09% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Stryker

In other Stryker news, VP M Kathryn Fink sold 7,347 shares of Stryker stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $366.98, for a total value of $2,696,202.06. Following the completion of the transaction, the vice president now owns 10,042 shares of the company's stock, valued at $3,685,213.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Viju Menon sold 600 shares of Stryker stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $355.00, for a total value of $213,000.00. Following the sale, the insider now owns 9,069 shares in the company, valued at $3,219,495. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP M Kathryn Fink sold 7,347 shares of Stryker stock in a transaction dated 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 completion of the sale, the vice president now owns 10,042 shares in the company, valued at approximately $3,685,213.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 220,068 shares of company stock valued at $71,811,372. Corporate insiders own 5.90% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SYK. Stifel Nicolaus dropped their price objective on shares of Stryker from $375.00 to $365.00 and set a "buy" rating on the stock in a research note on Wednesday, July 31st. Truist Financial dropped their price objective on shares of Stryker from $364.00 to $345.00 and set a "hold" rating on the stock in a research note on Thursday, August 1st. StockNews.com downgraded shares of Stryker from a "buy" rating to a "hold" rating in a research note on Monday, September 16th. Royal Bank of Canada restated an "outperform" rating and issued a $386.00 target price on shares of Stryker in a research note on Wednesday, July 31st. Finally, Needham & Company LLC raised their target price on shares of Stryker from $392.00 to $393.00 and gave the company a "buy" rating in a research note on Thursday, August 1st. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $378.58.

Stryker Stock Performance

Shares of Stryker stock traded down $1.50 during trading on Wednesday, hitting $359.50. 853,242 shares of the company's stock were exchanged, compared to its average volume of 1,285,374. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.95 and a current ratio of 1.68. The business has a 50-day simple moving average of $346.43 and a 200-day simple moving average of $342.89. Stryker Co. has a 52-week low of $249.98 and a 52-week high of $374.63. The stock has a market capitalization of $137.00 billion, a price-to-earnings ratio of 41.09, a PEG ratio of 2.83 and a beta of 0.91.

Stryker (NYSE:SYK - Get Free Report) last issued its earnings results on Tuesday, July 30th. The medical technology company reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.79 by $0.02. Stryker had a net margin of 16.12% and a return on equity of 22.89%. The firm had revenue of $5.42 billion during the quarter, compared to analysts' expectations of $5.40 billion. During the same quarter last year, the company posted $2.54 earnings per share. The firm's revenue was up 8.5% compared to the same quarter last year. On average, research analysts forecast that Stryker Co. will post 12 EPS for the current year.

Stryker Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be issued a $0.80 dividend. The ex-dividend date is Monday, September 30th. This represents a $3.20 dividend on an annualized basis and a yield of 0.89%. Stryker's payout ratio is 36.53%.

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.