CCLA Investment Management Purchases 9,903 Shares of Stryker Corporation (NYSE:SYK)

Key Points

• CCLA Investment Management increased its stake in Stryker Corporation by 3.2%, acquiring an additional 9,903 shares, totaling nearly $120.6 million in value.
• Brokerages have raised their target prices for Stryker stock, with Roth Mkm increasing it to $456 and Citigroup adjusting it to $455, reinforcing a consensus rating of "Moderate Buy".
• During the latest quarter, Stryker reported $6.02 billion in revenue and earnings per share of $3.13, exceeding analyst estimates, with a year-over-year revenue growth of 11.1%.

CCLA Investment Management boosted its position in Stryker Corporation (NYSE:SYK - Free Report) by 3.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 323,990 shares of the medical technology company's stock after acquiring an additional 9,903 shares during the period. Stryker accounts for 2.1% of CCLA Investment Management's portfolio, making the stock its 22nd largest position. CCLA Investment Management owned 0.08% of Stryker worth $120,595,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital A Wealth Management LLC acquired a new stake in Stryker during the 4th quarter worth approximately $26,000. Goodman Advisory Group LLC acquired a new position in Stryker in the 1st quarter worth $32,000. City Holding Co. boosted its stake in Stryker by 528.6% in the 1st quarter. City Holding Co. now owns 88 shares of the medical technology company's stock worth $33,000 after purchasing an additional 74 shares during the period. Smallwood Wealth Investment Management LLC bought a new position in Stryker during the 1st quarter worth about $40,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in shares of Stryker in the 4th quarter valued at about $42,000. 77.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SYK. Roth Mkm upped their target price on shares of Stryker from $405.00 to $456.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Citigroup reiterated a "buy" rating and set a $455.00 target price (up from $443.00) on shares of Stryker in a research note on Thursday, May 22nd. Sanford C. Bernstein set a $450.00 target price on Stryker in a report on Monday, May 5th. Wall Street Zen upgraded Stryker from a "hold" rating to a "buy" rating in a research note on Friday, July 18th. Finally, BTIG Research reaffirmed a "buy" rating on shares of Stryker in a report on Monday, July 14th. Four equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, Stryker has a consensus rating of "Moderate Buy" and an average target price of $429.35.

Stryker Trading Down 3.6%

Shares of Stryker stock opened at $378.62 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.64 and a debt-to-equity ratio of 0.69. Stryker Corporation has a 12-month low of $314.93 and a 12-month high of $406.19. The company has a market capitalization of $144.52 billion, a price-to-earnings ratio of 50.15, a PEG ratio of 2.80 and a beta of 0.91. The firm's 50-day moving average price is $387.46 and its two-hundred day moving average price is $380.39.

Stryker (NYSE:SYK - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The medical technology company reported $3.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.07 by $0.06. Stryker had a net margin of 12.25% and a return on equity of 24.12%. The business had revenue of $6.02 billion for the quarter, compared to analyst estimates of $5.92 billion. During the same quarter last year, the business posted $2.81 EPS. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. On average, analysts forecast that Stryker Corporation will post 13.47 earnings per share for the current fiscal year.

Stryker Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Monday, June 30th. Stryker's dividend payout ratio is currently 45.41%.

Insider Buying and Selling at Stryker

In other Stryker news, Director Ronda E. Stryker sold 200,000 shares of Stryker stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $376.96, for a total value of $75,392,000.00. Following the transaction, the director owned 3,417,326 shares in the company, valued at $1,288,195,208.96. The trade was a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 5.90% of the stock is currently owned by corporate insiders.

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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