Franklin Resources Inc. Decreases Stock Holdings in Stryker Co. (NYSE:SYK)

Franklin Resources Inc. trimmed its position in shares of Stryker Co. (NYSE:SYK) by 8.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,022,966 shares of the medical technology company’s stock after selling 381,461 shares during the quarter. Franklin Resources Inc.’s holdings in Stryker were worth $1,447,101,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SYK. Synovus Financial Corp increased its holdings in shares of Stryker by 17.4% during the third quarter. Synovus Financial Corp now owns 14,797 shares of the medical technology company’s stock valued at $5,346,000 after acquiring an additional 2,191 shares in the last quarter. Tidal Investments LLC increased its holdings in Stryker by 13.9% in the 3rd quarter. Tidal Investments LLC now owns 17,478 shares of the medical technology company’s stock worth $6,314,000 after buying an additional 2,139 shares during the period. Wilmington Savings Fund Society FSB increased its holdings in Stryker by 13.6% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 44,795 shares of the medical technology company’s stock worth $16,183,000 after buying an additional 5,361 shares during the period. Arvest Bank Trust Division acquired a new position in Stryker in the 3rd quarter worth approximately $245,000. Finally, World Investment Advisors LLC grew its stake in shares of Stryker by 126.1% during the 3rd quarter. World Investment Advisors LLC now owns 8,142 shares of the medical technology company’s stock worth $2,941,000 after purchasing an additional 4,541 shares during the period. 77.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company raised their price objective on shares of Stryker from $405.00 to $427.00 and gave the stock an “overweight” rating in a research note on Wednesday. Robert W. Baird raised their price objective on shares of Stryker from $378.00 to $405.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Piper Sandler reaffirmed an “overweight” rating and set a $420.00 price objective (up previously from $380.00) on shares of Stryker in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their price objective on shares of Stryker from $375.00 to $420.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, Wolfe Research began coverage on Stryker in a research report on Tuesday, September 10th. They set an “outperform” rating and a $405.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $404.35.

Stryker Stock Down 0.3 %

Shares of NYSE:SYK opened at $375.01 on Friday. The stock’s 50-day moving average price is $372.88 and its two-hundred day moving average price is $354.65. The company has a current ratio of 1.91, a quick ratio of 1.22 and a debt-to-equity ratio of 0.66. Stryker Co. has a 12-month low of $285.79 and a 12-month high of $398.20. The firm has a market cap of $142.96 billion, a price-to-earnings ratio of 40.19, a PEG ratio of 2.84 and a beta of 0.94.

Stryker (NYSE:SYK) last released its quarterly earnings data on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.10. The business had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.37 billion. Stryker had a return on equity of 23.07% and a net margin of 16.34%. The company’s revenue was up 11.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.46 EPS. On average, research analysts forecast that Stryker Co. will post 12.06 EPS for the current year.

Stryker Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.84 per share. The ex-dividend date is Tuesday, December 31st. This is an increase from Stryker’s previous quarterly dividend of $0.80. This represents a $3.36 annualized dividend and a yield of 0.90%. Stryker’s payout ratio is currently 34.30%.

Insiders Place Their Bets

In other news, CEO Kevin Lobo sold 57,313 shares of Stryker stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $368.70, for a total value 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 trade represents a 36.43 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP M Kathryn Fink sold 7,347 shares of Stryker stock in a transaction that occurred on Tuesday, September 17th. The stock was 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 approximately $3,685,213.16. The trade was a 42.25 % decrease in their position. The disclosure for this sale can be found here. 5.90% of the stock is owned by company insiders.

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.