Stryker Corporation (NYSE:SYK) Stock Position Lowered by Connable Office Inc.

Key Points

• Connable Office Inc. reduced its stake in Stryker Corporation by 17.8%, now holding 100,367 shares, which equates to about 4.0% of its portfolio, valued at approximately $37.36 million.
• Stryker reported earnings of $3.13 per share for the last quarter, exceeding analyst estimates, with a revenue increase of 11.1% year-over-year, totaling $6.02 billion.
• The company announced a quarterly dividend of $0.84 per share, with an annualized yield of 0.9% and a payout ratio of 44.50%.

Connable Office Inc. cut its holdings in shares of Stryker Corporation (NYSE:SYK - Free Report) by 17.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 100,367 shares of the medical technology company's stock after selling 21,794 shares during the period. Stryker accounts for 4.0% of Connable Office Inc.'s portfolio, making the stock its 4th biggest position. Connable Office Inc.'s holdings in Stryker were worth $37,362,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Capital A Wealth Management LLC purchased a new stake in Stryker in the fourth quarter worth $26,000. Goodman Advisory Group LLC purchased a new stake in Stryker in the first quarter worth $32,000. City Holding Co. grew its stake in shares of Stryker by 528.6% in the first quarter. City Holding Co. now owns 88 shares of the medical technology company's stock worth $33,000 after acquiring an additional 74 shares during the last quarter. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Stryker in the first quarter worth $40,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in shares of Stryker in the fourth quarter worth $42,000. 77.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SYK shares. Sanford C. Bernstein set a $450.00 price target on Stryker in a report on Monday, May 5th. 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. Truist Financial set a $415.00 target price on Stryker and gave the company a "hold" rating in a report on Monday. Citigroup reissued a "buy" rating and issued a $455.00 target price (up previously from $443.00) on shares of Stryker in a report on Thursday, May 22nd. Finally, BTIG Research reissued a "buy" rating on shares of Stryker in a report on Monday, July 14th. Four equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $430.10.

Stryker Stock Performance

Shares of SYK stock traded down $5.93 during mid-day trading on Wednesday, hitting $374.93. The stock had a trading volume of 1,478,016 shares, compared to its average volume of 1,301,643. The firm has a market cap of $143.34 billion, a PE ratio of 49.66, a PEG ratio of 2.77 and a beta of 0.91. The company's 50-day simple moving average is $387.49 and its 200-day simple moving average is $380.36. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.78 and a quick ratio of 1.06. Stryker Corporation has a fifty-two week low of $319.07 and a fifty-two week high of $406.19.

Stryker (NYSE:SYK - Get Free Report) last posted 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 return on equity of 23.94% and a net margin of 12.25%. The firm had revenue of $6.02 billion for the quarter, compared to the consensus estimate of $5.92 billion. During the same period in the previous year, the business earned $2.81 earnings per share. The company's revenue for the quarter was up 11.1% compared to the same quarter last year. Sell-side analysts anticipate that Stryker Corporation will post 13.47 earnings per share for the current year.

Stryker Dividend Announcement

The company also recently declared 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 was Monday, June 30th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.9%. Stryker's dividend payout ratio is currently 44.50%.

Stryker Company 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.