Covea Finance Increases Stock Position in Stryker Corporation $SYK

Key Points

• Covea Finance increased its stake in Stryker Corporation by 92.8% in Q2, owning 26,034 shares valued at approximately $10.3 million.
• Stryker reported $3.13 EPS for the last quarter, surpassing analysts' expectations and posting a revenue of $6.02 billion, up 11.1% year-over-year.
• The company announced a quarterly dividend of $0.84 per share, with a payout scheduled for October 31st, representing a 0.9% yield.

Covea Finance boosted its stake in Stryker Corporation (NYSE:SYK - Free Report) by 92.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,034 shares of the medical technology company's stock after acquiring an additional 12,534 shares during the period. Covea Finance's holdings in Stryker were worth $10,300,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Capital A Wealth Management LLC purchased a new stake in shares of Stryker in the fourth quarter valued at about $26,000. Goodman Advisory Group LLC purchased a new stake in shares of Stryker in the first quarter valued at about $32,000. City Holding Co. raised its holdings in shares of Stryker by 528.6% in the first quarter. City Holding Co. now owns 88 shares of the medical technology company's stock valued at $33,000 after buying an additional 74 shares during the last quarter. Ridgewood Investments LLC raised its holdings in shares of Stryker by 48.4% in the second quarter. Ridgewood Investments LLC now owns 92 shares of the medical technology company's stock valued at $36,000 after buying an additional 30 shares during the last quarter. Finally, Ransom Advisory Ltd purchased a new stake in shares of Stryker in the first quarter valued at about $37,000. 77.09% of the stock is owned by hedge funds and other institutional investors.

Stryker Stock Performance

Shares of SYK opened at $378.70 on Tuesday. The company's 50 day moving average price is $387.26 and its 200 day moving average price is $379.05. Stryker Corporation has a 52 week low of $329.16 and a 52 week high of $406.19. The company has a market capitalization of $144.78 billion, a PE ratio of 50.16, a PEG ratio of 2.71 and a beta of 0.93. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.06 and a current ratio of 1.78.

Stryker (NYSE:SYK - Get Free Report) last announced its quarterly earnings data 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 net margin of 12.25% and a return on equity of 23.94%. The firm had revenue of $6.02 billion for the quarter, compared to the consensus estimate of $5.92 billion. During the same period in the previous year, the firm posted $2.81 earnings per share. The firm'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. Research analysts expect that Stryker Corporation will post 13.47 EPS for the current fiscal year.

Stryker Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Tuesday, September 30th will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $3.36 dividend on an annualized basis and a yield of 0.9%. Stryker's payout ratio is presently 44.50%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SYK shares. Rothschild & Co Redburn began coverage on shares of Stryker in a report on Thursday, September 18th. They issued a "neutral" rating and a $420.00 target price for the company. Wells Fargo & Company increased their price target on shares of Stryker from $435.00 to $445.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Needham & Company LLC increased their price target on shares of Stryker from $442.00 to $448.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Redburn Partners set a $420.00 price target on shares of Stryker in a research note on Thursday. Finally, BTIG Research reissued a "buy" rating on shares of Stryker in a research note on Monday, July 14th. Fourteen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $430.33.

Insider Buying and Selling

In other Stryker news, insider Viju Menon sold 500 shares of the business's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $390.61, for a total value of $195,305.00. Following the completion of the sale, the insider directly owned 12,511 shares of the company's stock, valued at $4,886,921.71. The trade was a 3.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ronda E. Stryker sold 200,000 shares of the business'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 transaction of $75,290,000.00. Following the completion of the sale, the director directly owned 3,222,108 shares of the company's stock, valued at $1,212,962,556.60. This represents a 5.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.20% of the stock is owned by insiders.

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.

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.