Carnegie Investment Counsel Raises Position in Stryker Corporation $SYK

Key Points

• Carnegie Investment Counsel increased its position in Stryker Corporation by 1.2% during the second quarter, holding 206,974 shares valued at approximately $81.9 million.
• Stryker Corporation is seeing positive analyst outlooks, with several upgrading their ratings and a consensus price target of $432.24.
• The company reported better-than-expected quarterly earnings, with $3.13 EPS surpassing estimates of $3.07 and an 11.1% increase in year-over-year revenue.

Carnegie Investment Counsel grew its holdings in Stryker Corporation (NYSE:SYK - Free Report) by 1.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 206,974 shares of the medical technology company's stock after purchasing an additional 2,430 shares during the period. Stryker makes up about 1.6% of Carnegie Investment Counsel's portfolio, making the stock its 10th biggest position. Carnegie Investment Counsel owned about 0.05% of Stryker worth $81,885,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Mid American Wealth Advisory Group Inc. bought a new position in shares of Stryker in the 2nd quarter valued at $26,000. Sachetta LLC increased its stake in shares of Stryker by 58.7% in the 2nd quarter. Sachetta LLC now owns 73 shares of the medical technology company's stock valued at $29,000 after purchasing an additional 27 shares during the last quarter. Goodman Advisory Group LLC bought a new position in shares of Stryker in the 1st quarter valued at $32,000. Ridgewood Investments LLC increased its stake in shares of Stryker by 48.4% in the 2nd quarter. Ridgewood Investments LLC now owns 92 shares of the medical technology company's stock valued at $36,000 after purchasing an additional 30 shares during the last quarter. Finally, Ransom Advisory Ltd bought a new position in shares of Stryker in the 1st quarter valued at $37,000. Institutional investors own 77.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Weiss Ratings reiterated a "buy (b-)" rating on shares of Stryker in a research note on Wednesday, October 8th. BTIG Research lifted their price target on Stryker from $407.00 to $408.00 and gave the company a "buy" rating in a research note on Monday, October 13th. Redburn Partners set a $420.00 price objective on Stryker in a research report on Thursday, September 18th. Wall Street Zen upgraded Stryker from a "hold" rating to a "buy" rating in a research report on Saturday, October 18th. Finally, Rothschild Redb upgraded Stryker to a "hold" rating in a research report on Thursday, September 18th. Fifteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $432.24.

Stryker Trading Down 1.3%

Shares of SYK stock opened at $383.40 on Friday. The stock's fifty day simple moving average is $379.84 and its 200 day simple moving average is $379.42. Stryker Corporation has a twelve month low of $329.16 and a twelve month high of $406.19. The firm has a market capitalization of $146.58 billion, a P/E ratio of 50.78, a P/E/G ratio of 2.80 and a beta of 0.94. The company has a quick ratio of 1.06, a current ratio of 1.78 and a debt-to-equity ratio of 0.70.

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, 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 analyst estimates of $5.92 billion. During the same quarter in the previous year, the company posted $2.81 EPS. The business's revenue 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, sell-side analysts predict that Stryker Corporation will post 13.47 EPS for the current fiscal year.

Stryker Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Tuesday, September 30th will be given a $0.84 dividend. 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 44.50%.

Insider Transactions at Stryker

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

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