Bank of Nova Scotia Acquires 22,968 Shares of Stryker Corporation $SYK

Key Points

• Bank of Nova Scotia increased its Stryker stake by 20.2% in the first quarter, buying 22,968 additional shares and bringing its total holdings to 136,650 shares worth about $44.9 million.
• Insider selling has been notable, with director Ronda E. Stryker and VP M Kathryn Fink both selling shares; insiders sold 323,264 shares worth roughly $100.7 million in the last quarter.
• Stryker reported mixed quarterly results, missing EPS and revenue estimates, while analysts still view the stock favorably overall with a consensus Moderate Buy rating and a $392.52 price target.

Bank of Nova Scotia grew its position in shares of Stryker Corporation (NYSE:SYK - Free Report) by 20.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 136,650 shares of the medical technology company's stock after purchasing an additional 22,968 shares during the quarter. Bank of Nova Scotia's holdings in Stryker were worth $44,902,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of SYK. Sankala Group LLC acquired a new position in Stryker during the 4th quarter valued at about $26,000. Godfrey Financial Associates Inc. bought a new position in shares of Stryker in the fourth quarter valued at approximately $26,000. United Financial Planning Group LLC purchased a new position in shares of Stryker during the third quarter valued at approximately $27,000. Atlas Capital Advisors Inc. bought a new stake in Stryker during the fourth quarter worth $27,000. Finally, DJE Kapital AG purchased a new stake in Stryker in the 4th quarter valued at $28,000. 77.09% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Ronda E. Stryker sold 310,000 shares of the company's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $312.23, for a total value of $96,791,300.00. Following the completion of the transaction, the director directly owned 1,924,880 shares in the company, valued at approximately $601,005,282.40. This represents a 13.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP M Kathryn Fink sold 3,500 shares of the firm's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $283.45, for a total value of $992,075.00. Following the transaction, the vice president directly owned 177 shares in the company, valued at approximately $50,170.65. This represents a 95.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 323,264 shares of company stock worth $100,659,489. 4.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. BTIG Research set a $371.00 target price on Stryker in a report on Monday, July 13th. Sanford C. Bernstein set a $410.00 price objective on Stryker in a research report on Friday, May 1st. JPMorgan Chase & Co. decreased their target price on Stryker from $445.00 to $400.00 and set an "overweight" rating for the company in a research report on Friday, May 1st. Truist Financial reiterated a "hold" rating and set a $330.00 target price (down from $380.00) on shares of Stryker in a research note on Monday, May 4th. Finally, Evercore set a $350.00 price target on shares of Stryker in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $392.52.

Stryker Stock Up 3.7%

SYK opened at $330.69 on Friday. The firm has a market capitalization of $126.77 billion, a P/E ratio of 38.27, a price-to-earnings-growth ratio of 2.04 and a beta of 0.77. Stryker Corporation has a one year low of $281.00 and a one year high of $404.14. The company has a fifty day moving average price of $314.69 and a 200-day moving average price of $335.66. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.11 and a quick ratio of 1.25.

Stryker (NYSE:SYK - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The medical technology company reported $2.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.98 by ($0.38). Stryker had a net margin of 13.20% and a return on equity of 23.42%. The business had revenue of $6.02 billion for the quarter, compared to the consensus estimate of $6.34 billion. During the same period in the prior year, the business posted $2.84 EPS. Stryker's quarterly revenue was up 2.6% on a year-over-year basis. Stryker has set its FY 2026 guidance at 14.900-15.100 EPS. Equities research analysts expect that Stryker Corporation will post 14.99 earnings per share for the current fiscal year.

Stryker Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th will be issued a $0.88 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.1%. Stryker's dividend payout ratio is presently 40.74%.

Stryker Profile

Stryker Corporation is a global medical technology company that designs, manufactures and markets a broad range of products and services for use in hospitals, surgeons' offices and other healthcare facilities. Its primary business activities span orthopedics (including joint replacement implants, trauma and extremities products), surgical equipment and operating room technologies (such as visualization, navigation and powered instruments), neurotechnology and spine solutions, and patient-handling and emergency medical equipment.

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