Financial Gravity Asset Management Inc. Makes New $2.99 Million Investment in Stryker Corporation (NYSE:SYK)

Financial Gravity Asset Management Inc. bought a new stake in shares of Stryker Corporation (NYSE:SYK - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 8,034 shares of the medical technology company's stock, valued at approximately $2,991,000.

A number of other large investors also recently made changes to their positions in SYK. Norges Bank purchased a new stake in Stryker in the 4th quarter worth approximately $1,710,744,000. GAMMA Investing LLC grew its holdings in shares of Stryker by 43,226.8% during the 1st quarter. GAMMA Investing LLC now owns 2,074,922 shares of the medical technology company's stock valued at $772,390,000 after acquiring an additional 2,070,133 shares in the last quarter. FMR LLC increased its stake in shares of Stryker by 10.0% in the fourth quarter. FMR LLC now owns 8,034,844 shares of the medical technology company's stock worth $2,892,946,000 after acquiring an additional 727,850 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Stryker during the fourth quarter worth $154,140,000. Finally, Northern Trust Corp boosted its position in Stryker by 13.2% during the fourth quarter. Northern Trust Corp now owns 3,606,237 shares of the medical technology company's stock valued at $1,298,426,000 after purchasing an additional 420,153 shares during the last quarter. Institutional investors and hedge funds own 77.09% of the company's stock.

Stryker Stock Performance

SYK traded down $5.53 during midday trading on Friday, reaching $389.24. The company's stock had a trading volume of 825,133 shares, compared to its average volume of 1,354,569. Stryker Corporation has a twelve month low of $314.93 and a twelve month high of $406.19. The stock has a market cap of $148.57 billion, a P/E ratio of 52.60, a PEG ratio of 2.94 and a beta of 0.91. The company has a fifty day simple moving average of $384.79 and a 200 day simple moving average of $377.20. The company has a current ratio of 1.64, a quick ratio of 1.00 and a debt-to-equity ratio of 0.69.

Stryker (NYSE:SYK - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The medical technology company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.73 by $0.11. The business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.68 billion. Stryker had a net margin of 12.31% and a return on equity of 23.74%. Stryker's quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter last year, the company posted $2.50 earnings per share. Research analysts expect that Stryker Corporation will post 13.47 earnings per share for the current year.

Stryker Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be issued a dividend of $0.84 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $3.36 annualized dividend and a dividend yield of 0.86%. Stryker's payout ratio is 45.41%.

Insider Activity at Stryker

In related news, Director Ronda E. Stryker sold 200,000 shares of Stryker stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $376.96, for a total transaction of $75,392,000.00. Following the sale, the director directly owned 3,417,326 shares of the company's stock, valued at $1,288,195,208.96. This trade represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.20% of the company's stock.

Analyst Upgrades and Downgrades

SYK has been the topic of several research reports. Roth Mkm upped their target price on Stryker from $405.00 to $456.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. JMP Securities reiterated a "market perform" rating on shares of Stryker in a research note on Monday, May 5th. Sanford C. Bernstein set a $450.00 price objective on shares of Stryker in a research note on Monday, May 5th. Wall Street Zen cut shares of Stryker from a "buy" rating to a "hold" rating in a report on Friday, June 27th. Finally, Evercore ISI raised their target price on Stryker from $390.00 to $415.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $428.55.

Stryker Company 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.