Confluence Investment Management LLC Lowers Holdings in Stryker Co. (NYSE:SYK)

Confluence Investment Management LLC cut its holdings in shares of Stryker Co. (NYSE:SYK - Free Report) by 3.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 236,840 shares of the medical technology company's stock after selling 8,583 shares during the period. Stryker makes up 1.3% of Confluence Investment Management LLC's holdings, making the stock its 29th biggest holding. Confluence Investment Management LLC owned 0.06% of Stryker worth $88,164,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in SYK. Capital & Planning LLC increased its position in shares of Stryker by 3.6% during the fourth quarter. Capital & Planning LLC now owns 841 shares of the medical technology company's stock worth $304,000 after acquiring an additional 29 shares in the last quarter. Brighton Jones LLC grew its position in Stryker by 15.4% in the 4th quarter. Brighton Jones LLC now owns 4,564 shares of the medical technology company's stock worth $1,643,000 after purchasing an additional 609 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in Stryker by 47.6% in the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,696 shares of the medical technology company's stock worth $971,000 after purchasing an additional 870 shares in the last quarter. Pacer Advisors Inc. grew its position in Stryker by 21.8% in the 4th quarter. Pacer Advisors Inc. now owns 31,925 shares of the medical technology company's stock worth $11,495,000 after purchasing an additional 5,704 shares in the last quarter. Finally, Foundations Investment Advisors LLC grew its position in Stryker by 12.2% in the 4th quarter. Foundations Investment Advisors LLC now owns 1,967 shares of the medical technology company's stock worth $708,000 after purchasing an additional 214 shares in the last quarter. 77.09% of the stock is owned by institutional investors.

Insider Activity at Stryker

In other Stryker news, Director Ronda E. Stryker sold 200,000 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $376.96, for a total value of $75,392,000.00. Following the sale, the director now directly owns 3,417,326 shares in the company, valued at $1,288,195,208.96. This represents a 5.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.20% of the stock is currently owned by corporate insiders.

Stryker Stock Performance

Shares of SYK stock traded up $0.51 during trading on Friday, reaching $382.86. 1,993,145 shares of the company's stock traded hands, compared to its average volume of 1,339,482. The company has a market capitalization of $146.13 billion, a P/E ratio of 49.34, a PEG ratio of 2.93 and a beta of 0.93. The company has a current ratio of 1.95, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59. The firm's 50-day moving average is $368.77 and its 200 day moving average is $376.14. Stryker Co. has a 1 year low of $314.93 and a 1 year high of $406.19.

Stryker (NYSE:SYK - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The medical technology company reported $2.84 EPS for the quarter, beating analysts' consensus estimates of $2.73 by $0.11. The company had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.68 billion. Stryker had a net margin of 13.25% and a return on equity of 23.58%. Stryker's revenue was up 11.9% compared to the same quarter last year. During the same period in the prior year, the company posted $2.50 EPS. Equities research analysts expect that Stryker Co. will post 13.47 EPS for the current year.

Stryker Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 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 0.88%. The ex-dividend date of this dividend is Monday, June 30th. Stryker's payout ratio is currently 45.41%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SYK. Truist Financial upped their price objective on shares of Stryker from $390.00 to $400.00 and gave the stock a "hold" rating in a research report on Monday, May 5th. Needham & Company LLC reaffirmed a "buy" rating and issued a $442.00 price objective on shares of Stryker in a research report on Friday, March 21st. BTIG Research set a $403.00 price objective on shares of Stryker and gave the stock a "buy" rating in a research report on Monday, April 14th. Roth Mkm upped their price objective on shares of Stryker from $405.00 to $456.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Finally, Sanford C. Bernstein set a $450.00 price objective on shares of Stryker in a research report on Monday, May 5th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $427.30.

Stryker Company 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.