M&T Bank Corp Lowers Stake in Stryker Corporation $SYK

Key Points

• M&T Bank Corp cut its stake in Stryker by 84.5% in Q4, selling 36,239 shares and retaining 6,634 shares worth $2.332 million.
• Director Ronda E. Stryker sold 250,000 shares on Feb. 4 at an average of $362.92 for about $90.73 million, reducing her ownership by 9.23%; insiders now hold 4.60% and institutions 77.09% of the stock.
• Stryker beat Q4 estimates with EPS of $4.47 vs. $4.40 and revenue of $7.17B (up 11.4% YoY), announced a $0.88 quarterly dividend ($3.52 annually, 1.1% yield), and carries an average analyst target of $421.11 ("Moderate Buy").

M&T Bank Corp reduced its stake in shares of Stryker Corporation (NYSE:SYK - Free Report) by 84.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,634 shares of the medical technology company's stock after selling 36,239 shares during the quarter. M&T Bank Corp's holdings in Stryker were worth $2,332,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. United Financial Planning Group LLC purchased a new stake in Stryker in the third quarter worth about $27,000. Strive Asset Management LLC purchased a new stake in Stryker in the third quarter worth about $30,000. ANTIPODES PARTNERS Ltd purchased a new stake in Stryker in the third quarter worth about $34,000. Copia Wealth Management lifted its stake in Stryker by 181.6% in the third quarter. Copia Wealth Management now owns 107 shares of the medical technology company's stock worth $40,000 after acquiring an additional 69 shares during the period. Finally, WPG Advisers LLC lifted its stake in Stryker by 156.8% in the third quarter. WPG Advisers LLC now owns 113 shares of the medical technology company's stock worth $42,000 after acquiring an additional 69 shares during the period. 77.09% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Ronda E. Stryker sold 250,000 shares of the company'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 owned 2,457,331 shares in the company, valued at $891,814,566.52. This represents a 9.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.60% of the stock is currently owned by company insiders.

Stryker Stock Performance

SYK opened at $321.40 on Wednesday. Stryker Corporation has a 52-week low of $319.32 and a 52-week high of $404.87. The company has a quick ratio of 1.21, a current ratio of 1.89 and a debt-to-equity ratio of 0.66. The company has a market cap of $123.09 billion, a P/E ratio of 38.26, a price-to-earnings-growth ratio of 1.92 and a beta of 0.92. The firm's 50-day moving average price is $348.08 and its 200-day moving average price is $357.55.

Stryker (NYSE:SYK - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The medical technology company reported $4.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.40 by $0.07. Stryker had a net margin of 12.92% and a return on equity of 24.41%. The firm had revenue of $7.17 billion for the quarter, compared to the consensus estimate of $7.12 billion. During the same quarter in the prior year, the company posted $4.01 earnings per share. The company's revenue for the quarter was up 11.4% compared to the same quarter last year. As a group, equities analysts anticipate that Stryker Corporation will post 14.91 EPS for the current fiscal year.

Stryker Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be issued a dividend of $0.88 per share. The ex-dividend date is Tuesday, March 31st. This represents a $3.52 annualized dividend and a dividend yield of 1.1%. Stryker's dividend payout ratio is 41.90%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on SYK shares. BTIG Research reaffirmed a "buy" rating and issued a $397.00 price objective on shares of Stryker in a research note on Tuesday, April 14th. The Goldman Sachs Group lowered their price objective on shares of Stryker from $403.00 to $357.00 and set a "neutral" rating for the company in a research note on Thursday, April 9th. Barclays reaffirmed an "overweight" rating and issued a $469.00 price objective on shares of Stryker in a research note on Monday, February 2nd. Evercore set a $390.00 price objective on shares of Stryker in a research note on Monday, January 5th. Finally, Sanford C. Bernstein upped their price objective on shares of Stryker from $450.00 to $465.00 and gave the stock an "outperform" rating in a research note on Friday, January 9th. Fifteen analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $421.11.

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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