Stryker Co. (NYSE:SYK) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. trimmed its stake in Stryker Co. (NYSE:SYK) by 26.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,061 shares of the medical technology company’s stock after selling 2,920 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Stryker were worth $2,912,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. First Trust Direct Indexing L.P. grew its holdings in shares of Stryker by 8.0% during the third quarter. First Trust Direct Indexing L.P. now owns 13,882 shares of the medical technology company’s stock valued at $5,015,000 after buying an additional 1,031 shares in the last quarter. WASHINGTON TRUST Co grew its holdings in shares of Stryker by 0.7% during the third quarter. WASHINGTON TRUST Co now owns 61,362 shares of the medical technology company’s stock valued at $22,168,000 after buying an additional 454 shares in the last quarter. Mutual Advisors LLC grew its holdings in shares of Stryker by 9.0% during the third quarter. Mutual Advisors LLC now owns 5,562 shares of the medical technology company’s stock valued at $2,002,000 after buying an additional 457 shares in the last quarter. WD Rutherford LLC grew its holdings in shares of Stryker by 11.7% during the third quarter. WD Rutherford LLC now owns 10,467 shares of the medical technology company’s stock valued at $3,781,000 after buying an additional 1,095 shares in the last quarter. Finally, Nicholas Hoffman & Company LLC. grew its holdings in shares of Stryker by 3.5% during the third quarter. Nicholas Hoffman & Company LLC. now owns 4,089 shares of the medical technology company’s stock valued at $1,477,000 after buying an additional 138 shares in the last quarter. Hedge funds and other institutional investors own 77.09% of the company’s stock.

Insider Buying and Selling

In other Stryker news, VP M Kathryn Fink sold 7,347 shares of the company’s 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 $3,685,213.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Stryker news, insider Viju Menon sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $355.00, for a total value of $213,000.00. Following the completion of the transaction, the insider now owns 9,069 shares of the company’s stock, valued at $3,219,495. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP M Kathryn Fink sold 7,347 shares of the company’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 value of $2,696,202.06. Following the completion of the transaction, the vice president now directly owns 10,042 shares of the company’s stock, valued at approximately $3,685,213.16. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 200,068 shares of company stock valued at $65,151,372. Insiders own 5.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Piper Sandler reiterated an “overweight” rating and set a $420.00 price target (up previously from $380.00) on shares of Stryker in a report on Wednesday. Robert W. Baird boosted their target price on Stryker from $378.00 to $405.00 and gave the company an “outperform” rating in a research note on Wednesday. Wolfe Research initiated coverage on Stryker in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $405.00 target price on the stock. Canaccord Genuity Group boosted their target price on Stryker from $360.00 to $400.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Barclays boosted their target price on Stryker from $402.00 to $418.00 and gave the company an “overweight” rating in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $393.65.

Stryker Price Performance

NYSE SYK opened at $356.28 on Friday. Stryker Co. has a twelve month low of $264.85 and a twelve month high of $374.63. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.95 and a current ratio of 1.91. The stock has a market capitalization of $135.77 billion, a PE ratio of 38.19, a P/E/G ratio of 2.79 and a beta of 0.91. The stock has a 50-day simple moving average of $359.90 and a 200 day simple moving average of $344.06.

Stryker (NYSE:SYK) last posted its quarterly earnings data on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share for the quarter, topping the consensus estimate of $2.78 by $0.09. Stryker had a return on equity of 23.07% and a net margin of 16.34%. The business had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the firm earned $2.46 EPS. The firm’s revenue was up 11.9% compared to the same quarter last year. Research analysts anticipate that Stryker Co. will post 12.05 EPS for the current year.

Stryker Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 30th were given a dividend of $0.80 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.20 annualized dividend and a dividend yield of 0.90%. Stryker’s dividend payout ratio is presently 34.30%.

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.