PNC Financial Services Group Inc. Boosts Position in Stryker Corporation (NYSE:SYK)

Key Points

• PNC Financial Services Group Inc. has raised its holdings in Stryker Corporation by 1.3%, now owning approximately 1,033,324 shares valued at about $384.7 million.
• Stryker reported a quarterly earnings per share of $3.13, exceeding analysts' expectations, and recorded an 11.1% year-over-year increase in revenue.
• The company has announced a quarterly dividend of $0.84, indicating a 0.9% yield and a payout ratio of 45.41%.

PNC Financial Services Group Inc. grew its holdings in Stryker Corporation (NYSE:SYK - Free Report) by 1.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,033,324 shares of the medical technology company's stock after acquiring an additional 13,710 shares during the quarter. PNC Financial Services Group Inc. owned 0.27% of Stryker worth $384,655,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Continuum Advisory LLC lifted 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 in the last quarter. Oakworth Capital Inc. raised its position in shares of Stryker by 0.5% during the 1st quarter. Oakworth Capital Inc. now owns 6,133 shares of the medical technology company's stock valued at $2,283,000 after buying an additional 29 shares during the period. Rinkey Investments raised its holdings in Stryker by 1.1% in the 4th quarter. Rinkey Investments now owns 2,712 shares of the medical technology company's stock valued at $976,000 after buying an additional 30 shares during the period. Tritonpoint Wealth LLC lifted its holdings in shares of Stryker by 0.7% in the 1st quarter. Tritonpoint Wealth LLC now owns 4,042 shares of the medical technology company's stock worth $1,508,000 after acquiring an additional 30 shares during the last quarter. Finally, Cornerstone Advisory LLC raised its holdings in shares of 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 buying an additional 31 shares during the period. Institutional investors and hedge funds own 77.09% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on SYK shares. Evercore ISI boosted their price objective on Stryker from $390.00 to $415.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Wells Fargo & Company lifted their price objective on shares of Stryker from $435.00 to $445.00 and gave the stock an "overweight" rating in a research report on Friday. Roth Mkm lifted their price target on Stryker from $405.00 to $456.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Sanford C. Bernstein set a $450.00 target price on Stryker in a research report on Monday, May 5th. Finally, Truist Financial upped their price target on Stryker from $410.00 to $415.00 and gave the company a "hold" rating in a report on Monday. Four research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, Stryker has an average rating of "Moderate Buy" and an average target price of $430.10.

Stryker Trading Up 0.9%

Stryker stock traded up $3.45 during trading hours on Monday, hitting $381.24. The stock had a trading volume of 1,354,523 shares, compared to its average volume of 1,306,701. The business's 50 day simple moving average is $387.46 and its 200-day simple moving average is $380.38. Stryker Corporation has a one year low of $314.93 and a one year high of $406.19. The company has a quick ratio of 1.06, a current ratio of 1.78 and a debt-to-equity ratio of 0.70. The stock has a market cap of $145.51 billion, a price-to-earnings ratio of 50.49, a P/E/G ratio of 2.77 and a beta of 0.91.

Stryker (NYSE:SYK - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The medical technology company reported $3.13 earnings per share for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $5.92 billion. During the same period last year, the business posted $2.81 EPS. The business's revenue was up 11.1% compared to the same quarter last year. On average, equities analysts predict that Stryker Corporation will post 13.47 EPS for the current fiscal year.

Stryker Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were issued a $0.84 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $3.36 annualized dividend and a yield of 0.9%. Stryker's dividend payout ratio (DPR) is 44.50%.

Insiders Place Their Bets

In related news, Director Ronda E. Stryker sold 200,000 shares of the stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $376.96, for a total transaction of $75,392,000.00. Following the sale, the director owned 3,417,326 shares of the company's stock, valued at approximately $1,288,195,208.96. This represents a 5.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.20% of the company's stock.

Stryker 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.