Citigroup Inc. Increases Position in Stryker Corporation (NYSE:SYK)

Key Points

• Citigroup Inc. increased its stake in Stryker Corporation by 72.4% in Q1, owning 468,349 shares worth $174.34 million.
• Director Ronda E. Stryker sold 200,000 shares for approximately $75.29 million, reducing her position by 5.84%.
• Stryker recently declared a quarterly dividend of $0.84 per share, representing an annual yield of 0.9%.

Citigroup Inc. boosted its position in Stryker Corporation (NYSE:SYK - Free Report) by 72.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 468,349 shares of the medical technology company's stock after acquiring an additional 196,637 shares during the quarter. Citigroup Inc. owned 0.12% of Stryker worth $174,343,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in SYK. Vanguard Group Inc. increased its stake in shares of Stryker by 1.1% in the first quarter. Vanguard Group Inc. now owns 33,059,964 shares of the medical technology company's stock worth $12,306,572,000 after buying an additional 361,136 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Stryker by 0.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,109,722 shares of the medical technology company's stock valued at $4,000,056,000 after acquiring an additional 54,693 shares in the last quarter. Northern Trust Corp boosted its holdings in Stryker by 13.2% in the fourth quarter. Northern Trust Corp now owns 3,606,237 shares of the medical technology company's stock valued at $1,298,426,000 after acquiring an additional 420,153 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Stryker by 13.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,252,895 shares of the medical technology company's stock valued at $838,640,000 after acquiring an additional 261,058 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in Stryker by 43,226.8% during the 1st quarter. GAMMA Investing LLC now owns 2,074,922 shares of the medical technology company's stock valued at $772,390,000 after purchasing an additional 2,070,133 shares during the period. Institutional investors own 77.09% of the company's stock.

Insider Activity at Stryker

In related news, Director Ronda E. Stryker sold 200,000 shares of Stryker stock in a transaction that occurred on 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 transaction, the director owned 3,222,108 shares in the company, valued at approximately $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 accessible through this hyperlink. Corporate insiders own 5.20% of the company's stock.

Analysts Set New Price Targets

SYK has been the subject of several research analyst reports. Wells Fargo & Company raised their price objective on shares of Stryker from $435.00 to $445.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. JMP Securities reissued a "market perform" rating on shares of Stryker in a research report on Monday, May 5th. BTIG Research reissued a "buy" rating on shares of Stryker in a research report on Monday, July 14th. Sanford C. Bernstein set a $450.00 price target on shares of Stryker in a research report on Monday, May 5th. Finally, Truist Financial set a $415.00 price target on shares of Stryker and gave the company a "hold" rating in a research report on Monday, August 4th. Four research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $430.10.

Stryker Trading Down 0.2%

Stryker stock traded down $0.83 during trading hours on Monday, hitting $376.75. The company had a trading volume of 1,128,000 shares, compared to its average volume of 1,340,536. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.06 and a current ratio of 1.78. The company has a 50-day moving average price of $387.17 and a two-hundred day moving average price of $379.98. Stryker Corporation has a 1 year low of $323.73 and a 1 year high of $406.19. The firm has a market cap of $144.04 billion, a P/E ratio of 29.38, a P/E/G ratio of 2.74 and a beta of 0.91.

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 analysts' consensus estimates of $3.07 by $0.06. The business had revenue of $6.02 billion during the quarter, compared to analysts' expectations of $5.92 billion. Stryker had a net margin of 12.25% and a return on equity of 23.94%. The business's quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the company posted $2.81 earnings per share. On average, sell-side analysts anticipate that Stryker Corporation will post 13.47 earnings per share for the current year.

Stryker Announces Dividend

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

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.