Cambridge Investment Research Advisors Inc. Raises Stock Position in Stryker Co. (NYSE:SYK)

Cambridge Investment Research Advisors Inc. grew its holdings in Stryker Co. (NYSE:SYK) by 11.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 88,536 shares of the medical technology company’s stock after acquiring an additional 8,827 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Stryker were worth $31,685,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Burkett Financial Services LLC purchased a new stake in Stryker during the 4th quarter worth $25,000. Farmers & Merchants Trust Co of Chambersburg PA increased its position in shares of Stryker by 203.3% in the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 91 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 61 shares during the last quarter. Rogco LP bought a new stake in shares of Stryker in the 4th quarter worth about $30,000. DSM Capital Partners LLC bought a new stake in shares of Stryker in the 4th quarter worth about $34,000. Finally, HBC Financial Services PLLC bought a new stake in shares of Stryker in the 4th quarter worth about $37,000. Hedge funds and other institutional investors own 77.09% of the company’s stock.

Insider Activity

In related news, CAO William E. Berry, Jr. sold 7,690 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $358.48, for a total transaction of $2,756,711.20. Following the transaction, the chief accounting officer now directly owns 3,675 shares of the company’s stock, valued at $1,317,414. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Piper Sandler boosted their target price on shares of Stryker from $375.00 to $380.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Wells Fargo & Company lifted their price target on shares of Stryker from $364.00 to $381.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Canaccord Genuity Group raised shares of Stryker from a “hold” rating to a “buy” rating and lifted their price target for the company from $315.00 to $360.00 in a report on Wednesday, January 31st. Evercore ISI lifted their price target on shares of Stryker from $340.00 to $370.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Finally, UBS Group boosted their target price on shares of Stryker from $339.00 to $351.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Three analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $367.32.

Stryker Price Performance

Shares of SYK stock traded down $5.30 during midday trading on Thursday, reaching $330.12. 941,684 shares of the company were exchanged, compared to its average volume of 1,332,319. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.99 and a current ratio of 1.71. The company’s 50 day moving average price is $340.18 and its two-hundred day moving average price is $323.43. Stryker Co. has a 12 month low of $249.98 and a 12 month high of $361.41. The company has a market cap of $125.76 billion, a P/E ratio of 37.68, a PEG ratio of 2.60 and a beta of 0.91.

Stryker (NYSE:SYK) last released its earnings results on Tuesday, April 30th. The medical technology company reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. Stryker had a net margin of 16.03% and a return on equity of 23.05%. The business had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.10 billion. During the same period in the previous year, the firm earned $2.14 EPS. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, sell-side analysts expect that Stryker Co. will post 11.95 earnings per share for the current year.

Stryker Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, June 28th will be issued a dividend of $0.80 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 0.97%. Stryker’s dividend payout ratio is currently 36.53%.

About Stryker

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.