Invesco Ltd. Reduces Holdings in Stryker Corporation (NYSE:SYK)

Key Points

• Invesco Ltd. reduced its holdings in Stryker Corporation by 11.4%, selling 228,301 shares in the 1st quarter, leaving it with approximately 1.78 million shares valued at $662.16 million.
• Several other institutional investors increased their stakes in Stryker, with notable changes including Manhattan West Asset Management lifting its stake by 24.7% and Fiduciary Family Office LLC acquiring new shares valued at $635,000.
• Stryker recently reported a quarterly earnings per share of $3.13, surpassing estimates, and has declared a quarterly dividend of $0.84 per share, with a dividend yield of 0.9%.

Invesco Ltd. trimmed its position in shares of Stryker Corporation (NYSE:SYK - Free Report) by 11.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,778,804 shares of the medical technology company's stock after selling 228,301 shares during the quarter. Invesco Ltd. owned approximately 0.47% of Stryker worth $662,160,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Fiduciary Family Office LLC acquired a new position in shares of Stryker in the 1st quarter valued at $635,000. Manhattan West Asset Management LLC lifted its stake in shares of Stryker by 24.7% in the 1st quarter. Manhattan West Asset Management LLC now owns 712 shares of the medical technology company's stock valued at $265,000 after purchasing an additional 141 shares during the last quarter. Benjamin Edwards Inc. lifted its stake in shares of Stryker by 12.6% in the 1st quarter. Benjamin Edwards Inc. now owns 159,879 shares of the medical technology company's stock valued at $59,515,000 after purchasing an additional 17,840 shares during the last quarter. Townsquare Capital LLC lifted its stake in shares of Stryker by 16.7% in the 1st quarter. Townsquare Capital LLC now owns 10,085 shares of the medical technology company's stock valued at $3,754,000 after purchasing an additional 1,442 shares during the last quarter. Finally, Zions Bancorporation National Association UT acquired a new position in shares of Stryker in the 1st quarter valued at $6,648,000. Institutional investors and hedge funds own 77.09% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Evercore ISI increased their target price on Stryker from $390.00 to $415.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Wall Street Zen upgraded Stryker from a "hold" rating to a "buy" rating in a report on Friday, July 18th. JMP Securities restated a "market perform" rating on shares of Stryker in a report on Monday, May 5th. Needham & Company LLC upped their price target on Stryker from $442.00 to $448.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, Wells Fargo & Company upped their price target on Stryker from $435.00 to $445.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Four equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, Stryker currently has a consensus rating of "Moderate Buy" and an average target price of $430.10.

Insider Activity at Stryker

In other Stryker news, Director Ronda E. Stryker sold 200,000 shares of the business's stock in a transaction dated 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 transaction, the director owned 3,222,108 shares in the company, valued at $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 available through this hyperlink. 5.90% of the stock is currently owned by corporate insiders.

Stryker Stock Up 0.4%

Stryker stock opened at $377.73 on Friday. The company has a current ratio of 1.78, a quick ratio of 1.06 and a debt-to-equity ratio of 0.70. The stock has a 50 day moving average of $387.17 and a two-hundred day moving average of $380.08. The stock has a market capitalization of $144.41 billion, a price-to-earnings ratio of 50.03, a PEG ratio of 2.74 and a beta of 0.91. Stryker Corporation has a twelve month low of $322.03 and a twelve month high of $406.19.

Stryker (NYSE:SYK - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The medical technology company reported $3.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.07 by $0.06. The firm had revenue of $6.02 billion during the quarter, compared to analysts' expectations of $5.92 billion. Stryker had a return on equity of 23.94% and a net margin of 12.25%. Stryker's revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.81 earnings per share. As a group, research analysts expect that Stryker Corporation will post 13.47 earnings per share for the current year.

Stryker Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Tuesday, September 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 0.9%. The ex-dividend date is Tuesday, September 30th. Stryker's payout ratio is currently 44.50%.

About Stryker

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.

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