Pallas Capital Advisors LLC Has $7.10 Million Stock Holdings in Stryker Co. (NYSE:SYK)

Pallas Capital Advisors LLC lessened its stake in shares of Stryker Co. (NYSE:SYK - Free Report) by 8.1% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 19,078 shares of the medical technology company's stock after selling 1,691 shares during the quarter. Pallas Capital Advisors LLC's holdings in Stryker were worth $7,102,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Farther Finance Advisors LLC lifted its stake in shares of Stryker by 7.9% during the 1st quarter. Farther Finance Advisors LLC now owns 6,799 shares of the medical technology company's stock worth $2,538,000 after buying an additional 496 shares during the last quarter. City Holding Co. lifted its stake in shares of Stryker by 528.6% during the 1st quarter. City Holding Co. now owns 88 shares of the medical technology company's stock worth $33,000 after buying an additional 74 shares during the last quarter. Daymark Wealth Partners LLC lifted its stake in shares of Stryker by 3.3% during the 1st quarter. Daymark Wealth Partners LLC now owns 6,805 shares of the medical technology company's stock worth $2,533,000 after buying an additional 216 shares during the last quarter. Portside Wealth Group LLC lifted its stake in shares of Stryker by 15.7% during the 1st quarter. Portside Wealth Group LLC now owns 789 shares of the medical technology company's stock worth $294,000 after buying an additional 107 shares during the last quarter. Finally, Moss Adams Wealth Advisors LLC lifted its stake in shares of Stryker by 29.0% during the 1st quarter. Moss Adams Wealth Advisors LLC now owns 1,036 shares of the medical technology company's stock worth $387,000 after buying an additional 233 shares during the last quarter. Institutional investors and hedge funds own 77.09% of the company's stock.

Stryker Price Performance

SYK stock traded down $4.02 during mid-day trading on Wednesday, hitting $381.03. The stock had a trading volume of 792,341 shares, compared to its average volume of 1,330,630. The firm has a market capitalization of $145.43 billion, a P/E ratio of 49.10, a P/E/G ratio of 2.93 and a beta of 0.91. The company has a current ratio of 1.95, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59. The firm has a fifty day simple moving average of $371.23 and a 200 day simple moving average of $375.95. Stryker Co. has a 52 week low of $314.93 and a 52 week high of $406.19.

Stryker (NYSE:SYK - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The medical technology company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.73 by $0.11. The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.68 billion. Stryker had a net margin of 13.25% and a return on equity of 23.58%. The firm's revenue was up 11.9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.50 EPS. As a group, research analysts forecast that Stryker Co. will post 13.47 EPS for the current year.

Stryker Announces Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 0.88%. The ex-dividend date of this dividend is Monday, June 30th. Stryker's dividend payout ratio (DPR) is presently 45.41%.

Insider Activity at Stryker

In related news, Director Ronda E. Stryker sold 200,000 shares of Stryker 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 sale, the director now directly owns 3,417,326 shares in the company, valued at $1,288,195,208.96. This trade represents a 5.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SYK shares. Wall Street Zen cut shares of Stryker from a "buy" rating to a "hold" rating in a research note on Friday, June 6th. Truist Financial lifted their price objective on shares of Stryker from $390.00 to $400.00 and gave the stock a "hold" rating in a research note on Monday, May 5th. Needham & Company LLC reiterated a "buy" rating and issued a $442.00 price objective on shares of Stryker in a research note on Friday, March 21st. Evercore ISI dropped their price objective on shares of Stryker from $400.00 to $390.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Finally, Roth Mkm lifted their price objective on shares of Stryker from $405.00 to $456.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Stryker presently has a consensus rating of "Moderate Buy" and an average price target of $427.30.

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.