ABC Arbitrage SA Acquires New Holdings in Stryker Corporation (NYSE:SYK)

Key Points

• ABC Arbitrage SA has acquired a new stake in Stryker Corporation, purchasing 3,280 shares valued at approximately $1.22 million in the first quarter.
• Stryker's most recent quarterly earnings report showed earnings per share of $3.13, exceeding expectations, with revenue of $6.02 billion and an 11.1% increase compared to the prior year.
• Analysts have set new price targets for Stryker, with Wells Fargo raising its target to $445 and an average price target of $430.10 across multiple ratings.

ABC Arbitrage SA acquired a new stake in Stryker Corporation (NYSE:SYK - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 3,280 shares of the medical technology company's stock, valued at approximately $1,221,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. GAMMA Investing LLC grew its position in Stryker by 43,226.8% in the first quarter. GAMMA Investing LLC now owns 2,074,922 shares of the medical technology company's stock valued at $772,390,000 after purchasing an additional 2,070,133 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Stryker in the fourth quarter valued at $154,140,000. Northern Trust Corp grew its position in Stryker by 13.2% in 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 in the last quarter. APG Asset Management N.V. grew its position in Stryker by 1,695.0% in the fourth quarter. APG Asset Management N.V. now owns 370,226 shares of the medical technology company's stock valued at $128,730,000 after purchasing an additional 349,601 shares in the last quarter. Finally, Voya Investment Management LLC boosted its holdings in shares of Stryker by 79.2% in the 4th quarter. Voya Investment Management LLC now owns 706,724 shares of the medical technology company's stock valued at $254,412,000 after buying an additional 312,434 shares during the last quarter. 77.09% of the stock is currently owned by institutional investors and hedge funds.

Stryker Stock Down 0.1%

SYK stock opened at $381.04 on Wednesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.78 and a quick ratio of 1.06. The stock has a market capitalization of $145.68 billion, a price-to-earnings ratio of 50.47, a PEG ratio of 2.78 and a beta of 0.91. The business's fifty day moving average price is $387.49 and its two-hundred day moving average price is $380.36. Stryker Corporation has a fifty-two week low of $316.01 and a fifty-two week high of $406.19.

Stryker (NYSE:SYK - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The medical technology company reported $3.13 earnings per share for the quarter, topping the consensus estimate of $3.07 by $0.06. The firm had revenue of $6.02 billion for the quarter, compared to analysts' expectations of $5.92 billion. Stryker had a return on equity of 23.94% and a net margin of 12.25%. The company's quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the business earned $2.81 EPS. On average, equities analysts anticipate that Stryker Corporation will post 13.47 earnings per share for the current year.

Stryker Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were given a $0.84 dividend. The ex-dividend date was Monday, June 30th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.9%. Stryker's dividend payout ratio (DPR) is presently 44.50%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Wells Fargo & Company increased their price objective on Stryker from $435.00 to $445.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Sanford C. Bernstein set a $450.00 price objective on Stryker in a report on Monday, May 5th. Wall Street Zen raised Stryker from a "hold" rating to a "buy" rating in a report on Friday, July 18th. Needham & Company LLC increased their price objective on Stryker from $442.00 to $448.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, JMP Securities reissued a "market perform" rating on shares of Stryker in a report on Monday, May 5th. Four equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $430.10.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.