SouthState Corp Purchases 1,061 Shares of Stryker Corporation (NYSE:SYK)

Key Points

• SouthState Corp increased its stake in Stryker Corporation by 5.9%, bringing its total holdings to 19,133 shares worth approximately $7.12 million as of the most recent quarter.
• Recent analyst reports suggest a positive outlook for Stryker, with Evercore ISI raising its price target from $390 to $415, while Roth MKM has set it even higher at $456.
• Stryker announced a quarterly dividend of $0.84, with a payout ratio of 44.5%, signaling continued shareholder returns amid strong financial performance, including an 11.1% revenue increase year-over-year.

SouthState Corp grew its holdings in shares of Stryker Corporation (NYSE:SYK - Free Report) by 5.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 19,133 shares of the medical technology company's stock after acquiring an additional 1,061 shares during the quarter. SouthState Corp's holdings in Stryker were worth $7,122,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Capital A Wealth Management LLC acquired a new stake in shares of Stryker during the fourth quarter worth $26,000. Goodman Advisory Group LLC acquired a new stake in shares of Stryker during the first quarter worth $32,000. City Holding Co. raised its position in shares of Stryker by 528.6% during the first quarter. City Holding Co. now owns 88 shares of the medical technology company's stock worth $33,000 after purchasing an additional 74 shares during the period. Smallwood Wealth Investment Management LLC purchased a new stake in Stryker in the 1st quarter worth about $40,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in Stryker in the 4th quarter worth about $42,000. Institutional investors and hedge funds own 77.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. JMP Securities reissued a "market perform" rating on shares of Stryker in a research note on Monday, May 5th. Wells Fargo & Company increased their price objective on Stryker from $435.00 to $445.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Evercore ISI increased their price objective on Stryker from $390.00 to $415.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. BTIG Research reissued a "buy" rating on shares of Stryker in a research note on Monday, July 14th. Finally, Needham & Company LLC upped their target price on Stryker from $442.00 to $448.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Four equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $430.10.

Stryker Stock Performance

Shares of SYK stock traded up $2.23 during mid-day trading on Wednesday, reaching $378.84. The stock had a trading volume of 1,506,400 shares, compared to its average volume of 1,440,637. The firm's 50 day simple moving average is $386.99 and its 200 day simple moving average is $379.84. The company has a quick ratio of 1.06, a current ratio of 1.78 and a debt-to-equity ratio of 0.70. Stryker Corporation has a one year low of $328.24 and a one year high of $406.19. The firm has a market cap of $144.83 billion, a PE ratio of 50.18, a P/E/G ratio of 2.74 and a beta of 0.91.

Stryker (NYSE:SYK - Get Free Report) last issued 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 during the quarter, compared to analysts' expectations of $5.92 billion. During the same period in the prior year, the firm posted $2.81 EPS. Stryker's quarterly revenue was up 11.1% compared to the same quarter last year. On average, analysts forecast that Stryker Corporation will post 13.47 EPS for the current year.

Stryker Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Tuesday, September 30th will be issued a dividend of $0.84 per share. 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 (DPR) is currently 44.50%.

Insiders Place Their Bets

In related news, Director Ronda E. Stryker sold 200,000 shares of the firm's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $376.45, for a total transaction of $75,290,000.00. Following the completion of the sale, the director directly owned 3,222,108 shares of the company's stock, valued at $1,212,962,556.60. This trade represents a 5.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.20% of the stock is owned by corporate insiders.

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.