Lord Abbett & CO. LLC Acquires 241,115 Shares of Stryker Corporation $SYK

Key Points

• Lord Abbett & CO. LLC significantly increased its stake in Stryker Corporation by 26,970.4%, owning 242,009 shares valued at $90 million after acquiring over 241,000 shares in Q1.
• Other institutional investors like GAMMA Investing LLC and Nuveen LLC also made substantial investments in Stryker, highlighting a general trend of increased institutional ownership.
• Stryker announced a quarterly dividend of $0.84 per share, translating to an annualized dividend yield of 0.9%, with an upcoming payment date of October 31st.

Lord Abbett & CO. LLC increased its holdings in Stryker Corporation (NYSE:SYK - Free Report) by 26,970.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 242,009 shares of the medical technology company's stock after acquiring an additional 241,115 shares during the period. Lord Abbett & CO. LLC owned about 0.06% of Stryker worth $90,088,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Continuum Advisory LLC grew its position in Stryker by 5.8% during the first quarter. Continuum Advisory LLC now owns 532 shares of the medical technology company's stock valued at $198,000 after purchasing an additional 29 shares in the last quarter. Oakworth Capital Inc. grew its holdings in shares of Stryker by 0.5% during the 1st quarter. Oakworth Capital Inc. now owns 6,133 shares of the medical technology company's stock valued at $2,283,000 after acquiring an additional 29 shares in the last quarter. Strategy Asset Managers LLC grew its holdings in shares of Stryker by 1.4% during the 1st quarter. Strategy Asset Managers LLC now owns 2,134 shares of the medical technology company's stock valued at $794,000 after acquiring an additional 29 shares in the last quarter. Rinkey Investments increased its stake in shares of Stryker by 1.1% in the fourth quarter. Rinkey Investments now owns 2,712 shares of the medical technology company's stock worth $976,000 after acquiring an additional 30 shares during the last quarter. Finally, Tritonpoint Wealth LLC raised its holdings in shares of Stryker by 0.7% during the first quarter. Tritonpoint Wealth LLC now owns 4,042 shares of the medical technology company's stock worth $1,508,000 after acquiring an additional 30 shares in the last quarter. Hedge funds and other institutional investors own 77.09% of the company's stock.

Stryker Stock Performance

SYK traded up $4.44 during trading on Tuesday, hitting $386.05. The stock had a trading volume of 482,263 shares, compared to its average volume of 1,430,838. The firm has a market cap of $147.59 billion, a PE ratio of 51.15, a P/E/G ratio of 2.78 and a beta of 0.91. 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 12 month low of $329.16 and a 12 month high of $406.19. The company has a 50 day simple moving average of $386.77 and a 200-day simple moving average of $379.38.

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 (EPS) for the quarter, beating the consensus estimate of $3.07 by $0.06. Stryker had a return on equity of 23.94% and a net margin of 12.25%.The company had revenue of $6.02 billion for the quarter, compared to the consensus estimate of $5.92 billion. During the same period last year, the business posted $2.81 earnings per share. The firm's revenue was up 11.1% compared to the same quarter last year. Stryker has set its FY 2025 guidance at 13.400-13.600 EPS. Analysts expect that Stryker Corporation will post 13.47 EPS for the current year.

Stryker Dividend Announcement

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

Insiders Place Their Bets

In other Stryker news, Director Ronda E. Stryker sold 200,000 shares of the firm's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $376.45, for a total value of $75,290,000.00. Following the sale, the director directly owned 3,222,108 shares in the company, valued at $1,212,962,556.60. This trade represents a 5.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SYK. Wells Fargo & Company upped their target price on Stryker from $435.00 to $445.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Citigroup reissued a "buy" rating and issued a $455.00 price target (up previously from $443.00) on shares of Stryker in a research note on Thursday, May 22nd. JMP Securities reaffirmed a "market perform" rating on shares of Stryker in a research report on Monday, May 5th. Roth Mkm boosted their target price on shares of Stryker from $405.00 to $456.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Finally, Needham & Company LLC raised their price target on shares of Stryker from $442.00 to $448.00 and gave the company a "buy" rating in a report on Friday, August 1st. Fifteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Stryker presently has a consensus rating of "Moderate Buy" and a consensus price target of $430.10.

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.