CIBC World Markets Inc. Grows Position in Stryker Co. (NYSE:SYK)

CIBC World Markets Inc. increased its position in shares of Stryker Co. (NYSE:SYK) by 20.1% in the second quarter, Holdings Channel.com reports. The firm owned 67,501 shares of the medical technology company’s stock after purchasing an additional 11,312 shares during the quarter. CIBC World Markets Inc.’s holdings in Stryker were worth $17,532,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. RE Advisers Corp purchased a new position in shares of Stryker during the 2nd quarter worth about $34,000. Magellan Asset Management Ltd purchased a new stake in Stryker in the 1st quarter valued at about $35,000. Hanson & Doremus Investment Management boosted its position in Stryker by 25.3% in the 2nd quarter. Hanson & Doremus Investment Management now owns 188 shares of the medical technology company’s stock valued at $39,000 after buying an additional 38 shares during the period. Eagle Bay Advisors LLC purchased a new stake in Stryker in the 2nd quarter valued at about $43,000. Finally, Newfound Research LLC purchased a new stake in Stryker in the 2nd quarter valued at about $44,000. 72.58% of the stock is owned by hedge funds and other institutional investors.

In other news, Director Ronda E. Stryker sold 150,000 shares of the stock in a transaction dated Friday, August 6th. The shares were sold at an average price of $262.26, for a total value of $39,339,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Robert S. Fletcher sold 1,120 shares of the stock in a transaction dated Thursday, August 5th. The shares were sold at an average price of $261.10, for a total transaction of $292,432.00. Following the completion of the sale, the vice president now owns 4,533 shares of the company’s stock, valued at $1,183,566.30. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.

Several research firms have issued reports on SYK. Piper Sandler boosted their price objective on shares of Stryker from $250.00 to $255.00 and gave the company a “neutral” rating in a research report on Wednesday, July 28th. They noted that the move was a valuation call. Robert W. Baird boosted their price target on shares of Stryker from $292.00 to $305.00 and gave the company an “outperform” rating in a report on Wednesday, July 28th. Needham & Company LLC restated a “hold” rating on shares of Stryker in a report on Wednesday, July 28th. Oppenheimer boosted their price target on shares of Stryker from $273.00 to $288.00 and gave the company a “market perform” rating in a report on Wednesday, July 28th. Finally, Canaccord Genuity boosted their price target on shares of Stryker from $285.00 to $290.00 and gave the company a “buy” rating in a report on Wednesday, July 28th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Stryker currently has an average rating of “Buy” and an average price target of $287.18.

Shares of Stryker stock opened at $276.64 on Monday. The company has a current ratio of 2.12, a quick ratio of 1.32 and a debt-to-equity ratio of 0.92. Stryker Co. has a 12-month low of $196.09 and a 12-month high of $281.16. The firm has a market capitalization of $104.32 billion, a price-to-earnings ratio of 50.67, a PEG ratio of 3.08 and a beta of 0.98. The firm’s 50 day simple moving average is $268.51 and its two-hundred day simple moving average is $258.77.

Stryker (NYSE:SYK) last released its quarterly earnings data on Monday, July 26th. The medical technology company reported $2.25 EPS for the quarter, beating the consensus estimate of $2.12 by $0.13. Stryker had a net margin of 12.82% and a return on equity of 26.08%. The business had revenue of $4.29 billion for the quarter, compared to the consensus estimate of $4.14 billion. During the same period in the prior year, the firm earned $0.64 EPS. The business’s revenue for the quarter was up 55.4% on a year-over-year basis. On average, sell-side analysts predict that Stryker Co. will post 9.35 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 29th. Shareholders of record on Thursday, September 30th will be given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date of this dividend is Wednesday, September 29th. Stryker’s dividend payout ratio is presently 33.92%.

Stryker Company Profile

Stryker Corp. engages in the provision of medical technology products and services. It operates through the following segments: Orthopaedics, MedSurg, and Neurotechnology & Spine. The Orthopaedics segment provides reconstructive and trauma implant systems. The MedSurg segment deals with surgical equipment and navigation systems, endoscopy, patient handling and reprocessed medical devices.

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Institutional Ownership by Quarter for Stryker (NYSE:SYK)

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