Gabelli Funds LLC Sells 2,800 Shares of Stryker Corporation $SYK

Key Points

• Gabelli Funds trimmed its stake in Stryker by 2.6% in Q3, selling 2,800 shares and leaving it with 104,389 shares worth about $38.59 million.
• Insider sale: Director Ronda E. Stryker sold 250,000 shares at an average $362.92 for roughly $90.73 million, reducing her ownership by 9.23% (company insiders now own 5.90%).
• Company fundamentals: Stryker reported an EPS beat and 11.4% revenue growth in the quarter, declared a $0.88 quarterly dividend (1.0% yield), and carries a consensus "Moderate Buy" analyst rating with an average target of $428.61.

Gabelli Funds LLC cut its position in Stryker Corporation (NYSE:SYK - Free Report) by 2.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 104,389 shares of the medical technology company's stock after selling 2,800 shares during the period. Gabelli Funds LLC's holdings in Stryker were worth $38,589,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Clayton Financial Group LLC bought a new position in Stryker in the third quarter worth approximately $26,000. Elevation Point Wealth Partners LLC bought a new stake in shares of Stryker during the second quarter valued at approximately $28,000. Kilter Group LLC bought a new stake in shares of Stryker during the second quarter valued at approximately $29,000. Howard Hughes Medical Institute acquired a new position in shares of Stryker during the second quarter worth approximately $29,000. Finally, ANTIPODES PARTNERS Ltd acquired a new position in shares of Stryker during the third quarter worth approximately $34,000. 77.09% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Ronda E. Stryker sold 250,000 shares of the business's stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $362.92, for a total transaction of $90,730,000.00. Following the transaction, the director directly owned 2,457,331 shares in the company, valued at approximately $891,814,566.52. The trade was a 9.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 5.90% of the company's stock.

Stryker Trading Down 1.7%

Shares of Stryker stock opened at $364.11 on Friday. The company has a market capitalization of $139.34 billion, a P/E ratio of 43.35, a price-to-earnings-growth ratio of 2.16 and a beta of 0.85. The stock has a fifty day simple moving average of $365.45 and a 200 day simple moving average of $369.14. Stryker Corporation has a 12-month low of $329.16 and a 12-month high of $404.87. The company has a current ratio of 1.89, a quick ratio of 1.21 and a debt-to-equity ratio of 0.66.

Stryker (NYSE:SYK - Get Free Report) last issued its quarterly earnings data on Thursday, January 29th. The medical technology company reported $4.47 earnings per share for the quarter, beating the consensus estimate of $4.40 by $0.07. The business had revenue of $7.17 billion for the quarter, compared to analysts' expectations of $7.12 billion. Stryker had a return on equity of 24.41% and a net margin of 12.92%.The business's revenue was up 11.4% on a year-over-year basis. During the same period last year, the business earned $4.01 EPS. On average, sell-side analysts anticipate that Stryker Corporation will post 13.47 earnings per share for the current fiscal year.

Stryker Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Tuesday, March 31st will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, March 31st. Stryker's dividend payout ratio (DPR) is presently 41.90%.

Analyst Ratings Changes

Several analysts recently issued reports on SYK shares. Wells Fargo & Company lifted their price target on shares of Stryker from $452.00 to $456.00 and gave the company an "overweight" rating in a research report on Friday, November 14th. William Blair restated an "outperform" rating on shares of Stryker in a report on Thursday. Citizens Jmp raised shares of Stryker from a "market perform" rating to an "outperform" rating and set a $440.00 price objective on the stock in a research note on Friday, December 19th. Piper Sandler reiterated an "overweight" rating on shares of Stryker in a report on Tuesday, January 27th. Finally, Citigroup reissued a "market outperform" rating on shares of Stryker in a research report on Friday, January 30th. Fourteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Stryker currently has a consensus rating of "Moderate Buy" and an average target price of $428.61.

Stryker Profile

Stryker Corporation is a global medical technology company that designs, manufactures and markets a broad range of products and services for use in hospitals, surgeons' offices and other healthcare facilities. Its primary business activities span orthopedics (including joint replacement implants, trauma and extremities products), surgical equipment and operating room technologies (such as visualization, navigation and powered instruments), neurotechnology and spine solutions, and patient-handling and emergency medical equipment.

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