Canada Pension Plan Investment Board Trims Stock Position in Stryker Corporation $SYK

Key Points

• The Canada Pension Plan Investment Board reduced its holdings in Stryker Corporation by 38.9% in Q1, owning 152,571 shares valued at approximately $56.80 million after selling 97,310 shares.
• Stryker reported $3.13 EPS for the latest quarter, surpassing expectations, with revenue increasing by 11.1% year-over-year to $6.02 billion.
• The company recently declared a quarterly dividend of $0.84 per share, representing a 0.9% dividend yield, with a payout ratio of 44.50%.

Canada Pension Plan Investment Board lessened its stake in Stryker Corporation (NYSE:SYK - Free Report) by 38.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 152,571 shares of the medical technology company's stock after selling 97,310 shares during the period. Canada Pension Plan Investment Board's holdings in Stryker were worth $56,795,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of SYK. Continuum Advisory LLC grew its stake in Stryker by 5.8% in the 1st quarter. Continuum Advisory LLC now owns 532 shares of the medical technology company's stock valued at $198,000 after acquiring an additional 29 shares during the period. Oakworth Capital Inc. increased its stake in shares of Stryker by 0.5% in the 1st quarter. Oakworth Capital Inc. now owns 6,133 shares of the medical technology company's stock worth $2,283,000 after acquiring an additional 29 shares during the last quarter. Strategy Asset Managers LLC increased its stake in shares of Stryker by 1.4% in the 1st quarter. Strategy Asset Managers LLC now owns 2,134 shares of the medical technology company's stock worth $794,000 after acquiring an additional 29 shares during the last quarter. Tritonpoint Wealth LLC increased its stake in shares of Stryker by 0.7% in the 1st quarter. Tritonpoint Wealth LLC now owns 4,042 shares of the medical technology company's stock worth $1,508,000 after acquiring an additional 30 shares during the last quarter. Finally, Monetary Management Group Inc. lifted its position in Stryker by 0.4% in the first quarter. Monetary Management Group Inc. now owns 7,668 shares of the medical technology company's stock valued at $2,854,000 after buying an additional 30 shares during the last quarter. Hedge funds and other institutional investors own 77.09% of the company's stock.

Stryker Stock Down 0.5%

SYK stock traded down $1.76 during trading on Tuesday, hitting $389.65. 1,140,976 shares of the company's stock were exchanged, compared to its average volume of 1,082,272. The business has a 50-day moving average price of $389.57 and a two-hundred day moving average price of $379.45. The stock has a market capitalization of $148.97 billion, a price-to-earnings ratio of 51.61, a PEG ratio of 2.85 and a beta of 0.93. Stryker Corporation has a 52-week low of $329.16 and a 52-week high of $406.19. The company has a current ratio of 1.78, a quick ratio of 1.06 and a debt-to-equity ratio of 0.70.

Stryker (NYSE:SYK - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $6.02 billion during the quarter, compared to analysts' expectations of $5.92 billion. During the same quarter in the previous year, the business earned $2.81 earnings per share. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. Stryker has set its FY 2025 guidance at 13.400-13.600 EPS. As a group, equities research analysts expect that Stryker Corporation will post 13.47 EPS for the current year.

Stryker Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have weighed in on SYK shares. Wall Street Zen raised Stryker from a "hold" rating to a "buy" rating in a research report on Friday, July 18th. Truist Financial set a $415.00 target price on Stryker and gave the company a "hold" rating in a research report on Monday, August 4th. Evercore ISI lifted their target price on Stryker from $390.00 to $415.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Sanford C. Bernstein set a $450.00 target price on Stryker in a research report on Monday, May 5th. Finally, 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. Fifteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $430.10.

Insiders Place Their Bets

In related news, Director Ronda E. Stryker sold 200,000 shares of the company's stock in a transaction on 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 of the company's stock, valued at $1,212,962,556.60. This represents a 5.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Viju Menon sold 500 shares of the company's stock in a transaction on Monday, August 25th. The shares were sold at an average price of $390.61, for a total value of $195,305.00. Following the completion of the sale, the insider directly owned 12,511 shares in the company, valued at $4,886,921.71. This trade represents a 3.84% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 5.20% of the company's stock.

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.