Jensen Investment Management Inc. Sells 246,059 Shares of Stryker Corporation (NYSE:SYK)

Key Points

• Jensen Investment Management Inc. reduced its stake in Stryker Corporation by 14.0%, selling 246,059 shares during the first quarter, which brings its total holdings to approximately 1.5 million shares.
• Stryker recently announced a quarterly dividend of $0.84 per share, with a yield of 0.9% and a dividend payout ratio of 44.50%.
• Analysts have a positive outlook on Stryker, with an average rating of "Moderate Buy" and a price target of $430.10, reflecting expectations for further growth in earnings.

Jensen Investment Management Inc. trimmed its position in Stryker Corporation (NYSE:SYK - Free Report) by 14.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,517,463 shares of the medical technology company's stock after selling 246,059 shares during the quarter. Stryker accounts for 6.2% of Jensen Investment Management Inc.'s holdings, making the stock its 5th biggest holding. Jensen Investment Management Inc. owned 0.40% of Stryker worth $564,876,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Elefante Mark B acquired a new stake in shares of Stryker during the 4th quarter worth $337,000. Mogy Joel R Investment Counsel Inc. grew its holdings in shares of Stryker by 3.4% during the 1st quarter. Mogy Joel R Investment Counsel Inc. now owns 98,216 shares of the medical technology company's stock worth $36,561,000 after purchasing an additional 3,218 shares in the last quarter. Ferguson Wellman Capital Management Inc. lifted its position in shares of Stryker by 1.9% during the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 174,871 shares of the medical technology company's stock worth $65,096,000 after buying an additional 3,341 shares during the last quarter. Harbor Capital Advisors Inc. bought a new stake in shares of Stryker during the 1st quarter worth $1,840,000. Finally, Mar Vista Investment Partners LLC lifted its position in shares of Stryker by 10.2% during the 1st quarter. Mar Vista Investment Partners LLC now owns 90,187 shares of the medical technology company's stock worth $33,572,000 after buying an additional 8,353 shares during the last quarter. 77.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SYK shares. Wells Fargo & Company upped their price objective on Stryker from $435.00 to $445.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Truist Financial upped their price objective on Stryker from $410.00 to $415.00 and gave the stock a "hold" rating in a research report on Monday. Sanford C. Bernstein set a $450.00 price objective on Stryker in a research report on Monday, May 5th. BTIG Research restated a "buy" rating on shares of Stryker in a research report on Monday, July 14th. Finally, Wall Street Zen upgraded Stryker from a "hold" rating to a "buy" rating in a research report on Friday, July 18th. Four equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $430.10.

Stryker Trading Down 0.1%

Shares of SYK stock opened at $381.04 on Wednesday. The stock has a market cap of $145.68 billion, a price-to-earnings ratio of 50.47, a PEG ratio of 2.78 and a beta of 0.91. The stock has a 50-day moving average of $387.49 and a 200-day moving average of $380.36. The company has a current ratio of 1.78, a quick ratio of 1.06 and a debt-to-equity ratio of 0.70. Stryker Corporation has a 1-year low of $316.01 and a 1-year high of $406.19.

Stryker (NYSE:SYK - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The medical technology company reported $3.13 earnings per share for the quarter, beating the consensus estimate of $3.07 by $0.06. The company 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%. The business's quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.81 earnings per share. On average, equities research analysts forecast that Stryker Corporation will post 13.47 earnings per share for the current year.

Stryker Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were paid a dividend of $0.84 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $3.36 annualized dividend and a yield of 0.9%. Stryker's dividend payout ratio (DPR) 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.

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.