State of New Jersey Common Pension Fund D Has $42.94 Million Stock Holdings in Stryker Corporation $SYK

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in Stryker Corporation by 7.9%, holding 115,340 shares worth approximately $42.9 million after selling 9,836 shares in the first quarter.
• GAMMA Investing LLC drastically increased its investment in Stryker by 43,226.8%, acquiring over 2 million shares valued at around $772 million, while Vanguard Group also increased its holdings by 1.1% to nearly 33 million shares.
• Stryker reported $3.13 earnings per share in its last quarter, exceeding estimates, with revenue of $6.02 billion, marking an 11.1% increase from the previous year.

State of New Jersey Common Pension Fund D lowered its stake in shares of Stryker Corporation (NYSE:SYK - Free Report) by 7.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 115,340 shares of the medical technology company's stock after selling 9,836 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Stryker were worth $42,935,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of SYK. Elefante Mark B purchased a new position in shares of Stryker during the 4th quarter valued at $337,000. Mogy Joel R Investment Counsel Inc. increased its stake in Stryker by 3.4% in the 1st quarter. Mogy Joel R Investment Counsel Inc. now owns 98,216 shares of the medical technology company's stock worth $36,561,000 after acquiring an additional 3,218 shares during the last quarter. Ferguson Wellman Capital Management Inc. increased its position in shares of Stryker by 1.9% during the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 174,871 shares of the medical technology company's stock valued at $65,096,000 after purchasing an additional 3,341 shares during the last quarter. Harbor Capital Advisors Inc. bought a new position in shares of Stryker during the 1st quarter valued at about $1,840,000. Finally, Mar Vista Investment Partners LLC increased its position in shares of Stryker by 10.2% during the 1st quarter. Mar Vista Investment Partners LLC now owns 90,187 shares of the medical technology company's stock valued at $33,572,000 after purchasing an additional 8,353 shares during the last quarter. Institutional investors own 77.09% of the company's stock.

Insider Buying and Selling at Stryker

In other news, Director Ronda E. Stryker sold 200,000 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The shares were 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 owned 3,222,108 shares in the company, valued at $1,212,962,556.60. This represents a 5.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SYK shares. Wall Street Zen upgraded Stryker from a "hold" rating to a "buy" rating in a research report on Friday, July 18th. Roth Mkm lifted their price target on Stryker from $405.00 to $456.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Wells Fargo & Company boosted their target price on Stryker from $435.00 to $445.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Truist Financial set a $415.00 target price on Stryker and gave the stock a "hold" rating in a report on Monday, August 4th. Finally, Evercore ISI upped their price target on Stryker from $390.00 to $415.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, Stryker has a consensus rating of "Moderate Buy" and an average price target of $430.10.

Stryker Price Performance

Shares of Stryker stock remained flat at $381.91 on Monday. 1,102,241 shares of the stock traded hands, compared to its average volume of 1,328,874. The stock has a market cap of $146.01 billion, a P/E ratio of 50.58, a PEG ratio of 2.78 and a beta of 0.91. Stryker Corporation has a twelve month low of $329.16 and a twelve month high of $406.19. The company has a current ratio of 1.78, a quick ratio of 1.06 and a debt-to-equity ratio of 0.70. The business has a 50 day simple moving average of $386.77 and a 200-day simple moving average of $379.38.

Stryker (NYSE:SYK - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The medical technology company reported $3.13 earnings per share for the quarter, beating analysts' consensus estimates of $3.07 by $0.06. Stryker had a net margin of 12.25% and a return on equity of 23.94%. The business had revenue of $6.02 billion for the quarter, compared to the consensus estimate of $5.92 billion. During the same quarter last year, the firm earned $2.81 EPS. Stryker's revenue for the quarter was up 11.1% on a year-over-year basis. On average, equities research analysts predict that Stryker Corporation will post 13.47 earnings per share for the current fiscal year.

Stryker Dividend Announcement

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 paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, September 30th. Stryker's 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.