Pitcairn Co. Trims Stock Holdings in Stryker Corporation $SYK

Key Points

• Pitcairn Co. reduced its stake in Stryker by 30.8% in Q3, selling 3,018 shares and leaving 6,774 shares valued at $2.504 million.
• Director Ronda E. Stryker sold 250,000 shares on Feb. 4 for about $90.73 million (avg $362.92), cutting her ownership by 9.23%; company insiders now own 5.90% of the stock.
• Stryker recently beat EPS expectations ($4.47 vs. $4.40), reported revenue of $7.17 billion (up 11.4% y/y), and declared a $0.88 quarterly dividend (1.0% yield).

Pitcairn Co. lowered its holdings in Stryker Corporation (NYSE:SYK - Free Report) by 30.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,774 shares of the medical technology company's stock after selling 3,018 shares during the period. Pitcairn Co.'s holdings in Stryker were worth $2,504,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Clayton Financial Group LLC bought a new stake in Stryker during the 3rd quarter valued at $26,000. Elevation Point Wealth Partners LLC bought a new position in shares of Stryker in the second quarter worth $28,000. Kilter Group LLC purchased a new position in shares of Stryker in the second quarter valued at $29,000. Howard Hughes Medical Institute purchased a new position in shares of Stryker in the second quarter valued at $29,000. Finally, ANTIPODES PARTNERS Ltd bought a new stake in shares of Stryker during the 3rd quarter valued at $34,000. 77.09% of the stock is owned by institutional investors.

Insider Transactions at Stryker

In related news, Director Ronda E. Stryker sold 250,000 shares of the company's stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $362.92, for a total value of $90,730,000.00. Following the completion of the transaction, the director directly owned 2,457,331 shares in the company, valued at approximately $891,814,566.52. The trade was a 9.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 5.90% of the company's stock.

Stryker Stock Down 3.1%

Shares of NYSE SYK opened at $370.07 on Friday. The business has a 50-day moving average of $365.25 and a 200-day moving average of $369.27. The firm has a market capitalization of $141.62 billion, a price-to-earnings ratio of 44.06, a PEG ratio of 2.23 and a beta of 0.85. The company has a current ratio of 1.89, a quick ratio of 1.21 and a debt-to-equity ratio of 0.66. Stryker Corporation has a 12 month low of $329.16 and a 12 month high of $404.87.

Stryker (NYSE:SYK - Get Free Report) last announced its earnings results 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 business had revenue of $7.17 billion during the quarter, compared to analyst estimates of $7.12 billion. During the same period in the previous year, the business posted $4.01 earnings per share. Stryker's revenue for the quarter was up 11.4% on a year-over-year basis. Sell-side analysts expect that Stryker Corporation will post 13.47 earnings per share for the current fiscal year.

Stryker Announces Dividend

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. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, March 31st. Stryker's payout ratio is currently 41.90%.

Analyst Ratings Changes

Several research analysts have commented on SYK shares. Wall Street Zen upgraded Stryker from a "hold" rating to a "buy" rating in a research note on Saturday, February 21st. Citizens Jmp raised shares of Stryker from a "market perform" rating to an "outperform" rating and set a $440.00 price target on the stock in a report on Friday, December 19th. Sanford C. Bernstein raised their price objective on shares of Stryker from $450.00 to $465.00 and gave the company an "outperform" rating in a research report on Friday, January 9th. Truist Financial reduced their price objective on shares of Stryker from $400.00 to $392.00 and set a "hold" rating for the company in a research note on Thursday, December 18th. Finally, Needham & Company LLC increased their target price on shares of Stryker from $448.00 to $454.00 and gave the stock a "buy" rating in a research note on Friday, January 30th. Fourteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $428.61.

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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