Pacer Advisors Inc. Cuts Stock Holdings in Stryker Corporation (NYSE:SYK)

Key Points

• Pacer Advisors Inc. reduced its stake in Stryker Corporation by 35.4% during the first quarter, now holding 20,638 shares valued at approximately $7.68 million.
• Stryker reported a quarterly earnings per share (EPS) of $2.84, exceeding estimates by $0.11, with revenues of $5.87 billion up 11.9% year-over-year.
• The company announced a quarterly dividend of $0.84 per share, with a dividend yield of 0.83%, to be paid on July 31st to shareholders of record on June 30th.

Pacer Advisors Inc. decreased its stake in shares of Stryker Corporation (NYSE:SYK - Free Report) by 35.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,638 shares of the medical technology company's stock after selling 11,287 shares during the quarter. Pacer Advisors Inc.'s holdings in Stryker were worth $7,682,000 as of its most recent SEC filing.

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

Stryker Stock Down 0.1%

SYK traded down $0.30 during midday trading on Tuesday, reaching $400.39. The company's stock had a trading volume of 970,464 shares, compared to its average volume of 1,439,033. The firm has a market capitalization of $152.82 billion, a price-to-earnings ratio of 54.11, 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 Corporation has a 1 year low of $314.93 and a 1 year high of $406.19. The stock's 50-day moving average is $386.49 and its 200-day moving average is $379.68.

Stryker (NYSE:SYK - Get Free Report) last issued its earnings results on Thursday, May 1st. The medical technology company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.73 by $0.11. The firm had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.68 billion. Stryker had a net margin of 12.31% and a return on equity of 23.74%. The business's revenue was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.50 earnings per share. As a group, research analysts expect that Stryker Corporation will post 13.47 EPS for the current year.

Stryker Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. BTIG Research reaffirmed a "buy" rating on shares of Stryker in a research note on Monday, July 14th. Sanford C. Bernstein set a $450.00 price objective on Stryker in a report on Monday, May 5th. JMP Securities reaffirmed a "market perform" rating on shares of Stryker in a report on Monday, May 5th. Citigroup reissued a "buy" rating and issued a $455.00 price target (up previously from $443.00) on shares of Stryker in a report on Thursday, May 22nd. Finally, Evercore ISI lifted their target price on Stryker from $390.00 to $415.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Four investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $428.55.

Insiders Place Their Bets

In related news, Director Ronda E. Stryker sold 200,000 shares of the 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 transaction, the director owned 3,417,326 shares in the company, valued at $1,288,195,208.96. This represents a 5.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.20% of the stock is currently owned by company insiders.

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.