Bridges Investment Management Inc. Grows Stake in Stryker Corporation $SYK

Key Points

• Bridges Investment Management Inc. increased its stake in Stryker Corporation by 67.0% in the second quarter, owning a total of 95,738 shares valued at approximately $37.9 million.
• Analysts have a generally positive outlook on Stryker, with a consensus target price of $431.76 and numerous firms, including BTIG and Needham, issuing "buy" ratings.
• Stryker plans to pay a quarterly dividend of $0.84 per share on October 31st, representing an annualized dividend yield of 0.9%.

Bridges Investment Management Inc. grew its stake in shares of Stryker Corporation (NYSE:SYK - Free Report) by 67.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 95,738 shares of the medical technology company's stock after buying an additional 38,416 shares during the period. Bridges Investment Management Inc.'s holdings in Stryker were worth $37,877,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of SYK. Brighton Jones LLC increased its position in Stryker by 15.4% during the fourth quarter. Brighton Jones LLC now owns 4,564 shares of the medical technology company's stock worth $1,643,000 after buying an additional 609 shares in the last quarter. GAMMA Investing LLC increased its position in Stryker by 16.4% during the first quarter. GAMMA Investing LLC now owns 5,574 shares of the medical technology company's stock worth $2,075,000 after buying an additional 785 shares in the last quarter. Exchange Traded Concepts LLC increased its position in Stryker by 6.8% during the first quarter. Exchange Traded Concepts LLC now owns 6,692 shares of the medical technology company's stock worth $2,491,000 after buying an additional 429 shares in the last quarter. Janney Montgomery Scott LLC increased its position in Stryker by 1.1% during the first quarter. Janney Montgomery Scott LLC now owns 69,157 shares of the medical technology company's stock worth $25,744,000 after buying an additional 732 shares in the last quarter. Finally, Sowell Financial Services LLC purchased a new position in Stryker during the first quarter worth $1,072,000. Hedge funds and other institutional investors own 77.09% of the company's stock.

Wall Street Analysts Forecast Growth

SYK has been the subject of several recent research reports. BTIG Research raised their price target on Stryker from $407.00 to $408.00 and gave the stock a "buy" rating in a research report on Monday. Needham & Company LLC raised their price objective on Stryker from $442.00 to $448.00 and gave the stock a "buy" rating in a report on Friday, August 1st. UBS Group set a $408.00 price objective on Stryker in a report on Monday. Rothschild & Co Redburn began coverage on Stryker in a report on Thursday, September 18th. They set a "neutral" rating and a $420.00 price objective on the stock. Finally, Redburn Partners set a $420.00 price objective on Stryker in a report on Thursday, September 18th. Fifteen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $431.76.

Insider Transactions at Stryker

In other Stryker news, Director Ronda E. Stryker sold 200,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $376.45, for a total transaction of $75,290,000.00. Following the transaction, the director owned 3,222,108 shares in the company, valued at $1,212,962,556.60. The trade was a 5.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Viju Menon sold 500 shares of the business's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $390.61, for a total value of $195,305.00. Following the transaction, the insider owned 12,511 shares in the company, valued at approximately $4,886,921.71. This represents a 3.84% decrease in their position. The disclosure for this sale can be found here. Insiders own 5.90% of the company's stock.

Stryker Price Performance

Shares of Stryker stock opened at $369.60 on Thursday. Stryker Corporation has a twelve month low of $329.16 and a twelve month high of $406.19. The stock has a market capitalization of $141.30 billion, a P/E ratio of 48.95, a PEG ratio of 2.67 and a beta of 0.94. The company has a current ratio of 1.78, a quick ratio of 1.06 and a debt-to-equity ratio of 0.70. The business's fifty day moving average price is $379.60 and its 200 day moving average price is $378.78.

Stryker (NYSE:SYK - Get Free Report) last issued its earnings results on Thursday, July 31st. The medical technology company reported $3.13 earnings per share for the quarter, beating analysts' consensus estimates of $3.07 by $0.06. Stryker had a return on equity of 23.94% and a net margin of 12.25%.The firm had revenue of $6.02 billion for the quarter, compared to analysts' expectations of $5.92 billion. During the same quarter last year, the firm earned $2.81 earnings per share. The firm's revenue for the quarter was up 11.1% compared to the same quarter last year. Stryker has set its FY 2025 guidance at 13.400-13.600 EPS. As a group, research analysts anticipate that Stryker Corporation will post 13.47 earnings per share for the current year.

Stryker Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Tuesday, September 30th. Stryker's payout ratio is currently 44.50%.

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.

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