Sit Investment Associates Inc. Invests $8.04 Million in Stryker Corporation $SYK

Key Points

• Sit Investment Associates Inc. has acquired a new stake in Stryker Corporation, purchasing 21,600 shares valued at approximately $8.04 million in the first quarter.
• Recent analyst upgrades have raised Stryker's price target, with Evercore ISI and Wells Fargo setting targets at $415.00 and $445.00, respectively, contributing to a consensus rating of "Moderate Buy" with an average price target of $430.10.
• Director Ronda E. Stryker sold 200,000 shares of the company at an average price of $376.45, reflecting a significant reduction in her ownership stake to about 3.22 million shares.

Sit Investment Associates Inc. bought a new stake in Stryker Corporation (NYSE:SYK - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 21,600 shares of the medical technology company's stock, valued at approximately $8,041,000.

A number of other hedge funds also recently added to or reduced their stakes in SYK. Vanguard Group Inc. raised its stake in shares of Stryker by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 33,059,964 shares of the medical technology company's stock worth $12,306,572,000 after buying an additional 361,136 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Stryker by 0.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,109,722 shares of the medical technology company's stock worth $4,000,056,000 after buying an additional 54,693 shares in the last quarter. Northern Trust Corp increased its stake in Stryker by 13.2% in the 4th quarter. Northern Trust Corp now owns 3,606,237 shares of the medical technology company's stock valued at $1,298,426,000 after purchasing an additional 420,153 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Stryker by 13.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,252,895 shares of the medical technology company's stock valued at $838,640,000 after purchasing an additional 261,058 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Stryker by 43,226.8% in the 1st quarter. GAMMA Investing LLC now owns 2,074,922 shares of the medical technology company's stock valued at $772,390,000 after purchasing an additional 2,070,133 shares in the last quarter. 77.09% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Stryker

In related news, Director Ronda E. Stryker sold 200,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $376.45, for a total value of $75,290,000.00. Following the completion of the transaction, the director directly owned 3,222,108 shares of the company's stock, valued at $1,212,962,556.60. This represents a 5.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 5.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on SYK shares. JMP Securities reissued a "market perform" rating on shares of Stryker in a research report on Monday, May 5th. Evercore ISI raised their price target on Stryker from $390.00 to $415.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Sanford C. Bernstein set a $450.00 price target on Stryker in a research report on Monday, May 5th. BTIG Research restated a "buy" rating on shares of Stryker in a report on Monday, July 14th. Finally, Wall Street Zen upgraded Stryker from a "hold" rating to a "buy" rating in a report on Friday, July 18th. Fifteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $430.10.

Stryker Stock Up 2.2%

Shares of NYSE SYK traded up $8.2520 during midday trading on Tuesday, reaching $389.8620. 815,034 shares of the company's stock were exchanged, compared to its average volume of 1,432,954. Stryker Corporation has a 52-week low of $329.16 and a 52-week high of $406.19. The stock has a market capitalization of $149.05 billion, a PE ratio of 51.63, a price-to-earnings-growth ratio of 2.78 and a beta of 0.91. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.06 and a current ratio of 1.78. The business's fifty day moving average price is $386.77 and its two-hundred day moving average price is $379.38.

Stryker (NYSE:SYK - Get Free Report) last announced its earnings results on Thursday, July 31st. The medical technology company reported $3.13 earnings per share (EPS) 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 business had revenue of $6.02 billion for the quarter, compared to analyst estimates of $5.92 billion. During the same period in the previous year, the company earned $2.81 earnings per share. The company's revenue for the quarter was up 11.1% compared to the same quarter last year. Stryker has set its FY 2025 guidance at 13.400-13.600 EPS. Analysts forecast that Stryker Corporation will post 13.47 EPS for the current year.

Stryker Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Tuesday, September 30th will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, September 30th. Stryker's dividend payout ratio is 44.50%.

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.