Congress Asset Management Co. Lowers Holdings in Stryker Corporation $SYK

Key Points

• Congress Asset Management Co. reduced its stake in Stryker Corporation by 2.8%, owning 60,054 shares valued at approximately $23.76 million after the sale.
• Institutional investors hold 77.09% of Stryker's stock, with notable updates including GAMMA Investing's 43,226.8% increase and Vanguard Group's 1.1% boost in holdings during the first quarter.
• Stryker has announced a quarterly dividend of $0.84 per share, with an annualized yield of 0.9%, which will be paid to shareholders on October 31st.

Congress Asset Management Co. trimmed its position in Stryker Corporation (NYSE:SYK - Free Report) by 2.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,054 shares of the medical technology company's stock after selling 1,743 shares during the period. Congress Asset Management Co.'s holdings in Stryker were worth $23,759,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in SYK. GAMMA Investing LLC boosted its position in shares of 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 worth $772,390,000 after purchasing an additional 2,070,133 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Stryker during the 1st quarter worth $558,075,000. Price T Rowe Associates Inc. MD boosted its position in shares of Stryker by 9.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,131,218 shares of the medical technology company's stock worth $4,515,847,000 after purchasing an additional 1,021,496 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Stryker by 66.7% during the 1st quarter. Alliancebernstein L.P. now owns 1,373,142 shares of the medical technology company's stock worth $511,152,000 after purchasing an additional 549,643 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Stryker by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 33,059,964 shares of the medical technology company's stock worth $12,306,572,000 after purchasing an additional 361,136 shares in the last quarter. 77.09% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on SYK shares. Rothschild & Co Redburn started coverage on shares of Stryker in a research report on Thursday, September 18th. They issued a "neutral" rating and a $420.00 price objective on the stock. Truist Financial set a $415.00 price objective on shares of Stryker and gave the stock a "hold" rating in a research report on Monday, August 4th. BTIG Research reiterated a "buy" rating on shares of Stryker in a research report on Monday, July 14th. Redburn Partners set a $420.00 price objective on shares of Stryker in a research report on Thursday, September 18th. Finally, Evercore ISI boosted their price objective on shares of Stryker from $390.00 to $415.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Fourteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $430.33.

Insider Buying and Selling

In other Stryker news, insider Viju Menon sold 500 shares of the company's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $390.61, for a total value of $195,305.00. Following the completion of the transaction, the insider owned 12,511 shares in the company, valued at $4,886,921.71. This represents a 3.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ronda E. Stryker sold 200,000 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The stock was 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 of the company's stock, valued at approximately $1,212,962,556.60. This represents a 5.84% decrease in their position. The disclosure for this sale can be found here. 5.90% of the stock is owned by corporate insiders.

Stryker Trading Up 0.1%

NYSE SYK opened at $368.83 on Friday. Stryker Corporation has a 12 month low of $329.16 and a 12 month high of $406.19. The company has a 50-day moving average of $385.71 and a 200-day moving average of $378.97. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.78 and a quick ratio of 1.06. The company has a market cap of $141.01 billion, a P/E ratio of 48.85, a P/E/G ratio of 2.66 and a beta of 0.93.

Stryker (NYSE:SYK - Get Free Report) last issued its 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. Stryker had a return on equity of 23.94% and a net margin of 12.25%.The business 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 EPS. The company'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 analysts predict 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. Shareholders of record on Tuesday, September 30th will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Tuesday, September 30th. Stryker's dividend payout ratio 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.

Want to see what other hedge funds are holding SYK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Stryker Corporation (NYSE:SYK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.