Nuveen LLC Buys New Position in Stryker Corporation (NYSE:SYK)

Key Points

• Nuveen LLC has invested approximately $558.08 million in Stryker Corporation, acquiring 1,499,195 shares during the first quarter.
• Stryker recently reported quarterly earnings of $3.13 EPS, exceeding analysts' expectations of $3.07, with revenue of $6.02 billion for the same period.
• The company's quarterly dividend of $0.84 per share will be distributed on October 31st, giving Stryker a 0.9% dividend yield.

Nuveen LLC acquired a new stake in shares of Stryker Corporation (NYSE:SYK - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 1,499,195 shares of the medical technology company's stock, valued at approximately $558,075,000. Nuveen LLC owned approximately 0.39% of Stryker at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital A Wealth Management LLC purchased a new stake in Stryker in the 4th quarter worth $26,000. Goodman Advisory Group LLC purchased a new stake in shares of Stryker in the first quarter worth about $32,000. City Holding Co. lifted its position in shares of Stryker by 528.6% in the first quarter. City Holding Co. now owns 88 shares of the medical technology company's stock worth $33,000 after buying an additional 74 shares in the last quarter. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Stryker in the first quarter worth about $40,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in shares of Stryker in the fourth quarter worth about $42,000. Institutional investors own 77.09% of the company's stock.

Stryker Stock Down 0.0%

NYSE:SYK traded down $0.17 during mid-day trading on Tuesday, reaching $376.50. The stock had a trading volume of 960,134 shares, compared to its average volume of 1,333,667. The stock has a market cap of $143.94 billion, a P/E ratio of 49.87, a PEG ratio of 2.74 and a beta of 0.91. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.78 and a quick ratio of 1.06. The business's 50 day moving average is $386.99 and its 200 day moving average is $379.84. Stryker Corporation has a fifty-two week low of $325.37 and a fifty-two week high of $406.19.

Stryker (NYSE:SYK - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The medical technology company reported $3.13 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $6.02 billion during the quarter, compared to analyst estimates of $5.92 billion. During the same period in the prior year, the company posted $2.81 earnings per share. The business's revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, sell-side analysts predict that Stryker Corporation will post 13.47 earnings per share for the current year.

Stryker Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders 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 yield of 0.9%. Stryker's payout ratio is presently 44.50%.

Insider Buying and Selling

In other news, Director Ronda E. Stryker sold 200,000 shares of Stryker stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $376.45, for a total transaction of $75,290,000.00. Following the completion of the transaction, the director directly 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 5.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SYK. Truist Financial set a $415.00 price target on shares of Stryker and gave the stock a "hold" rating in a research note on Monday, August 4th. JMP Securities reiterated a "market perform" rating on shares of Stryker in a research note 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. Wells Fargo & Company upped their price objective on shares of Stryker from $435.00 to $445.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, Evercore ISI upped their price objective on shares of Stryker from $390.00 to $415.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Four equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $430.10.

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.