Stryker Corporation (NYSE:SYK) Stake Boosted by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Stryker Corporation by 8.2%, owning 106,452 shares worth $39.5 million as of the latest SEC filing.
• Several analysts have upgraded their ratings on Stryker, with a consensus price target now at $430.10, indicating a positive outlook for the stock.
• Stryker announced a quarterly dividend of $0.84 per share, set to be paid to investors of record on September 30th, representing a 0.9% yield.

Resona Asset Management Co. Ltd. boosted its holdings in Stryker Corporation (NYSE:SYK - Free Report) by 8.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 106,452 shares of the medical technology company's stock after buying an additional 8,098 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Stryker were worth $39,500,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

SYK has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their price objective on shares of Stryker from $435.00 to $445.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. BTIG Research reissued a "buy" rating on shares of Stryker in a research note on Monday, July 14th. Wall Street Zen raised shares of Stryker from a "hold" rating to a "buy" rating in a research report on Friday, July 18th. Sanford C. Bernstein set a $450.00 target price on shares of Stryker in a research note on Monday, May 5th. Finally, Roth Mkm lifted their price target on shares of Stryker from $405.00 to $456.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $430.10.

Insider Buying and Selling at Stryker

In other Stryker news, Director Ronda E. Stryker sold 200,000 shares of the firm's stock in a transaction dated 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 transaction, the director 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 5.90% of the company's stock.

Stryker Stock Down 0.1%

Stryker stock traded down $0.41 during midday trading on Thursday, hitting $378.54. 1,622,546 shares of the stock were exchanged, compared to its average volume of 1,441,777. Stryker Corporation has a 1 year low of $329.16 and a 1 year high of $406.19. The firm has a market cap of $144.72 billion, a P/E ratio of 50.14, a P/E/G ratio of 2.74 and a beta of 0.91. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.78 and a quick ratio of 1.06. The company has a 50 day moving average price of $386.91 and a two-hundred day moving average price of $379.83.

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 (EPS) for the quarter, topping the consensus estimate of $3.07 by $0.06. The firm had revenue of $6.02 billion for the quarter, compared to the consensus estimate of $5.92 billion. Stryker had a net margin of 12.25% and a return on equity of 23.94%. The firm's quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.81 EPS. On average, sell-side analysts predict that Stryker Corporation will post 13.47 earnings per share for the current fiscal year.

Stryker Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Tuesday, September 30th will be given a $0.84 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $3.36 annualized dividend and a dividend yield of 0.9%. Stryker's payout ratio is presently 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.