Mackenzie Financial Corp Reduces Stock Holdings in Stryker Corporation (NYSE:SYK)

Key Points

• Mackenzie Financial Corp has reduced its stake in Stryker Corporation by 1.5% in the first quarter, owning 1,396,109 shares valued at approximately $519.7 million after selling 20,885 shares.
• Insider Ronda E. Stryker sold 200,000 shares of the company, leading to a 5.53% decrease in her ownership, with the remaining shares valued at around $1.29 billion.
• Stryker recently reported a quarterly EPS of $2.84, exceeding estimates, with revenue reaching $5.87 billion—a year-over-year increase of 11.9%.

Mackenzie Financial Corp reduced its stake in shares of Stryker Corporation (NYSE:SYK - Free Report) by 1.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,396,109 shares of the medical technology company's stock after selling 20,885 shares during the period. Mackenzie Financial Corp owned 0.37% of Stryker worth $519,702,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of SYK. Continuum Advisory LLC increased its holdings in shares of Stryker by 5.8% during the 1st quarter. Continuum Advisory LLC now owns 532 shares of the medical technology company's stock worth $198,000 after buying an additional 29 shares during the last quarter. Oakworth Capital Inc. boosted its position in Stryker by 0.5% during the 1st quarter. Oakworth Capital Inc. now owns 6,133 shares of the medical technology company's stock worth $2,283,000 after purchasing an additional 29 shares during the period. Rinkey Investments boosted its position in Stryker by 1.1% during the 4th quarter. Rinkey Investments now owns 2,712 shares of the medical technology company's stock worth $976,000 after purchasing an additional 30 shares during the period. Tritonpoint Wealth LLC boosted its position in Stryker by 0.7% during the 1st quarter. Tritonpoint Wealth LLC now owns 4,042 shares of the medical technology company's stock worth $1,508,000 after purchasing an additional 30 shares during the period. Finally, Cornerstone Advisory LLC boosted its position in Stryker by 0.6% during the 4th quarter. Cornerstone Advisory LLC now owns 5,256 shares of the medical technology company's stock worth $2,024,000 after purchasing an additional 31 shares during the period. 77.09% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Ronda E. Stryker sold 200,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $376.96, for a total transaction of $75,392,000.00. Following the completion of the sale, the director directly owned 3,417,326 shares in the company, valued at approximately $1,288,195,208.96. This trade represents a 5.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 5.90% of the company's stock.

Stryker Price Performance

Shares of NYSE:SYK opened at $403.34 on Monday. The firm's 50 day moving average is $386.37 and its two-hundred day moving average is $379.44. Stryker Corporation has a 52 week low of $314.93 and a 52 week high of $406.19. The firm has a market capitalization of $153.95 billion, a P/E ratio of 54.51, a PEG ratio of 2.99 and a beta of 0.91. The company has a current ratio of 1.64, a quick ratio of 1.00 and a debt-to-equity ratio of 0.69.

Stryker (NYSE:SYK - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The medical technology company reported $2.84 EPS for the quarter, beating analysts' consensus estimates of $2.73 by $0.11. Stryker had a net margin of 12.31% and a return on equity of 23.74%. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.68 billion. During the same quarter last year, the business earned $2.50 earnings per share. The business's revenue for the quarter was up 11.9% on a year-over-year basis. Analysts anticipate that Stryker Corporation will post 13.47 earnings per share for the current year.

Stryker Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date is Monday, June 30th. Stryker's payout ratio is 45.41%.

Analysts Set New Price Targets

SYK has been the subject of a number of research reports. Truist Financial upped their price target on shares of Stryker from $390.00 to $400.00 and gave the stock a "hold" rating in a research report on Monday, May 5th. Roth Mkm upped their price objective on shares of Stryker from $405.00 to $456.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. JMP Securities reissued a "market perform" rating on shares of Stryker in a research report on Monday, May 5th. Wall Street Zen raised shares of Stryker from a "hold" rating to a "buy" rating in a research report on Friday, July 18th. Finally, Sanford C. Bernstein set a $450.00 price objective on shares of Stryker in a research report on Monday, May 5th. Four investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $428.55.

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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