Stryker Co. (NYSE:SYK) Stake Cut by Congress Asset Management Co.

Congress Asset Management Co. trimmed its holdings in Stryker Co. (NYSE:SYK - Free Report) by 2.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 61,797 shares of the medical technology company's stock after selling 1,577 shares during the period. Congress Asset Management Co.'s holdings in Stryker were worth $23,004,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Stryker in the 4th quarter valued at approximately $1,710,744,000. GAMMA Investing LLC grew its stake in Stryker by 43,226.8% during the 1st quarter. GAMMA Investing LLC now owns 2,074,922 shares of the medical technology company's stock worth $772,390,000 after buying an additional 2,070,133 shares during the last quarter. Raymond James Financial Inc. bought a new position in Stryker during the 4th quarter worth $353,394,000. FMR LLC grew its stake in Stryker by 10.0% during the 4th quarter. FMR LLC now owns 8,034,844 shares of the medical technology company's stock worth $2,892,946,000 after buying an additional 727,850 shares during the last quarter. Finally, Proficio Capital Partners LLC grew its stake in Stryker by 52,520.8% during the 4th quarter. Proficio Capital Partners LLC now owns 596,194 shares of the medical technology company's stock worth $214,660,000 after buying an additional 595,061 shares during the last quarter. 77.09% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently commented on SYK. Truist Financial upped their price objective on Stryker from $390.00 to $400.00 and gave the stock a "hold" rating in a research note on Monday, May 5th. Needham & Company LLC restated a "buy" rating and set a $442.00 price objective on shares of Stryker in a research note on Friday, March 21st. Wall Street Zen downgraded Stryker from a "buy" rating to a "hold" rating in a research note on Friday. The Goldman Sachs Group set a $422.00 price objective on Stryker in a research note on Tuesday, March 4th. Finally, JMP Securities reissued a "market perform" rating on shares of Stryker in a research note on Monday, May 5th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to MarketBeat, Stryker presently has an average rating of "Moderate Buy" and an average price target of $427.30.

Stryker Price Performance

SYK stock traded up $1.05 during trading hours on Friday, hitting $384.15. 709,048 shares of the stock traded hands, compared to its average volume of 1,333,234. The stock has a 50-day simple moving average of $370.10 and a 200 day simple moving average of $375.96. Stryker Co. has a one year low of $314.93 and a one year high of $406.19. The company has a market cap of $146.63 billion, a P/E ratio of 49.50, a P/E/G ratio of 2.93 and a beta of 0.91. The company has a current ratio of 1.95, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59.

Stryker (NYSE:SYK - Get Free Report) last announced its earnings results on Thursday, May 1st. The medical technology company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.73 by $0.11. Stryker had a return on equity of 23.58% and a net margin of 13.25%. The business had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.68 billion. During the same period in the prior year, the business posted $2.50 earnings per share. Stryker's revenue was up 11.9% compared to the same quarter last year. Equities analysts forecast that Stryker Co. will post 13.47 earnings per share for the current year.

Stryker Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend is Monday, June 30th. Stryker's dividend payout ratio is 45.41%.

Insider Activity

In other news, Director Ronda E. Stryker sold 200,000 shares of the company's stock in a transaction on 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 completion of the sale, the director now directly owns 3,417,326 shares of the company's stock, valued at $1,288,195,208.96. This represents a 5.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 5.90% of the stock is currently owned by company insiders.

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.