Banco Santander S.A. Lowers Holdings in Stryker Corporation (NYSE:SYK)

Key Points

• Banco Santander S.A. has reduced its holdings in Stryker Corporation by 32.3%, bringing its share count down to 42,897 after selling 20,513 shares in the first quarter.
• Stryker Corporation had a strong earnings report, posting a $3.13 EPS which exceeded expectations, alongside a revenue of $6.02 billion for the quarter.
• Analysts remain optimistic about Stryker's performance, with an average target price of $429.35 and the majority of investment ratings classified as a "Moderate Buy."

Banco Santander S.A. lessened its position in shares of Stryker Corporation (NYSE:SYK - Free Report) by 32.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 42,897 shares of the medical technology company's stock after selling 20,513 shares during the period. Banco Santander S.A.'s holdings in Stryker were worth $15,968,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Stryker by 0.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,109,722 shares of the medical technology company's stock valued at $4,000,056,000 after purchasing an additional 54,693 shares in the last quarter. FMR LLC boosted its holdings in Stryker by 10.0% during the 4th 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. Northern Trust Corp grew its stake in shares of Stryker by 13.2% in the 4th quarter. Northern Trust Corp now owns 3,606,237 shares of the medical technology company's stock worth $1,298,426,000 after acquiring an additional 420,153 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of 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 during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Stryker by 15.3% in the fourth quarter. Invesco Ltd. now owns 2,007,105 shares of the medical technology company's stock valued at $722,658,000 after purchasing an additional 266,587 shares during the last quarter. 77.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on SYK shares. Wall Street Zen upgraded Stryker from a "hold" rating to a "buy" rating in a research note on Friday, July 18th. Roth Mkm raised their price objective on shares of Stryker from $405.00 to $456.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Evercore ISI lifted their price objective on shares of Stryker from $390.00 to $415.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Citigroup reiterated a "buy" rating and issued a $455.00 price objective (up previously from $443.00) on shares of Stryker in a research note on Thursday, May 22nd. Finally, Sanford C. Bernstein set a $450.00 price objective on shares of Stryker in a report on Monday, May 5th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $430.10.

Insider Activity at Stryker

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

Stryker Price Performance

Shares of Stryker stock traded up $3.45 during trading hours on Monday, reaching $381.24. The company's stock had a trading volume of 1,354,523 shares, compared to its average volume of 1,306,701. The stock has a market cap of $145.51 billion, a P/E ratio of 50.49, a P/E/G ratio of 2.77 and a beta of 0.91. 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 firm has a 50 day moving average price of $387.46 and a 200-day moving average price of $380.38. Stryker Corporation has a one year low of $314.93 and a one year high of $406.19.

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

Stryker Announces Dividend

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

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.