New Vernon Investment Management LLC Reduces Stock Position in Stryker Corporation $SYK

Key Points

• New Vernon Investment Management LLC significantly reduced its stake in Stryker Corporation, selling 17,140 shares to hold only 2,160 shares, representing an 88.8% decrease in their position.
• Several institutional investors, including Vanguard Group Inc. and Goldman Sachs Group Inc., increased their holdings in Stryker, with Vanguard now owning over $12 billion worth of shares.
• Stryker Corporation recently declared a quarterly dividend of $0.84 per share, with an upcoming ex-dividend date set for September 30th, indicating a 0.9% annual yield.

New Vernon Investment Management LLC decreased its stake in Stryker Corporation (NYSE:SYK - Free Report) by 88.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,160 shares of the medical technology company's stock after selling 17,140 shares during the quarter. Stryker comprises 1.1% of New Vernon Investment Management LLC's portfolio, making the stock its 27th biggest holding. New Vernon Investment Management LLC's holdings in Stryker were worth $804,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of SYK. GAMMA Investing LLC boosted its holdings in shares of Stryker by 43,226.8% in the 1st quarter. GAMMA Investing LLC now owns 2,074,922 shares of the medical technology company's stock worth $772,390,000 after purchasing an additional 2,070,133 shares during the period. Nuveen LLC purchased a new position in Stryker during the 1st quarter valued at $558,075,000. Price T Rowe Associates Inc. MD boosted its holdings in Stryker by 9.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,131,218 shares of the medical technology company's stock valued at $4,515,847,000 after acquiring an additional 1,021,496 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Stryker during the 4th quarter valued at $154,140,000. Finally, Vanguard Group Inc. boosted its holdings in Stryker by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 33,059,964 shares of the medical technology company's stock valued at $12,306,572,000 after acquiring an additional 361,136 shares during the period. Hedge funds and other institutional investors own 77.09% of the company's stock.

Stryker Stock Down 0.5%

Shares of SYK traded down $1.80 during trading hours on Wednesday, hitting $388.14. The company had a trading volume of 885,407 shares, compared to its average volume of 1,409,979. Stryker Corporation has a one year low of $329.16 and a one year high of $406.19. The company's fifty day moving average price is $389.57 and its two-hundred day moving average price is $379.45. 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 company has a market capitalization of $148.39 billion, a PE ratio of 51.41, a price-to-earnings-growth ratio of 2.85 and a beta of 0.93.

Stryker (NYSE:SYK - Get Free Report) last announced its 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 analyst estimates of $5.92 billion. During the same period in the prior year, the company posted $2.81 EPS. The firm's quarterly 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. As a group, equities analysts forecast that Stryker Corporation will post 13.47 earnings per share for the current fiscal year.

Stryker Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Tuesday, September 30th will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, September 30th. Stryker's dividend payout ratio is currently 44.50%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SYK. Wells Fargo & Company boosted their price objective on Stryker from $435.00 to $445.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Wall Street Zen upgraded Stryker from a "hold" rating to a "buy" rating in a report on Friday, July 18th. Truist Financial set a $415.00 price objective on Stryker and gave the company a "hold" rating in a report on Monday, August 4th. Citigroup restated a "buy" rating and set a $455.00 price objective (up previously from $443.00) on shares of Stryker in a report on Thursday, May 22nd. Finally, Needham & Company LLC lifted their target price on Stryker from $442.00 to $448.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Fifteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $430.10.

Insider Activity

In related news, insider Viju Menon sold 500 shares of the company's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $390.61, for a total transaction of $195,305.00. Following the transaction, the insider directly owned 12,511 shares of the company's stock, valued at $4,886,921.71. This represents a 3.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Ronda E. Stryker sold 200,000 shares of the business's stock in a transaction dated 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 owned 3,222,108 shares in the company, valued at approximately $1,212,962,556.60. The trade was a 5.84% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 5.20% of the company's stock.

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.