Premier Fund Managers Ltd Raises Stock Holdings in Stryker Corporation (NYSE:SYK)

Key Points

• Premier Fund Managers Ltd increased its stake in Stryker Corporation by 37.6% during the first quarter, owning nearly 30,000 shares valued at approximately $10.88 million.
• Insider trading activity included a notable sale by Director Ronda E. Stryker, who sold 200,000 shares for around $75.39 million, reducing her direct ownership by 5.53%.
• Stryker recently posted earnings of $2.84 EPS, exceeding analyst expectations, with revenue of $5.87 billion marking an 11.9% year-over-year increase.

Premier Fund Managers Ltd grew its position in Stryker Corporation (NYSE:SYK - Free Report) by 37.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,866 shares of the medical technology company's stock after buying an additional 8,160 shares during the quarter. Premier Fund Managers Ltd's holdings in Stryker were worth $10,879,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in SYK. Capital A Wealth Management LLC acquired a new position in Stryker during the 4th quarter worth approximately $26,000. Goodman Advisory Group LLC acquired a new position in Stryker in the 1st quarter valued at approximately $32,000. City Holding Co. increased its position in Stryker by 528.6% in the 1st quarter. City Holding Co. now owns 88 shares of the medical technology company's stock valued at $33,000 after acquiring an additional 74 shares during the period. Smallwood Wealth Investment Management LLC acquired a new position in Stryker in the 1st quarter valued at approximately $40,000. Finally, Itau Unibanco Holding S.A. acquired a new position in Stryker in the 4th quarter valued at approximately $42,000. 77.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SYK has been the subject of several recent research reports. Wall Street Zen upgraded 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 price objective on shares of Stryker in a research report on Monday, May 5th. Citigroup reiterated a "buy" rating and set a $455.00 price objective (up from $443.00) on shares of Stryker in a research report on Thursday, May 22nd. Truist Financial increased their target price on shares of Stryker from $390.00 to $400.00 and gave the stock a "hold" rating in a research note on Monday, May 5th. Finally, BTIG Research reissued a "buy" rating on shares of Stryker in a research note on Monday, July 14th. Four equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, Stryker has a consensus rating of "Moderate Buy" and an average target price of $428.55.

Stryker Price Performance

Shares of SYK stock traded down $0.30 during trading hours on Tuesday, reaching $400.39. The stock had a trading volume of 970,464 shares, compared to its average volume of 1,080,045. The stock's fifty day simple moving average is $386.71 and its 200 day simple moving average is $379.82. The company has a current ratio of 1.64, a quick ratio of 1.00 and a debt-to-equity ratio of 0.69. Stryker Corporation has a 12 month low of $314.93 and a 12 month high of $406.19. The firm has a market capitalization of $152.82 billion, a PE ratio of 54.11, a PEG ratio of 2.97 and a beta of 0.91.

Stryker (NYSE:SYK - Get Free Report) last announced its earnings results on Thursday, May 1st. The medical technology company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.73 by $0.11. Stryker had a net margin of 12.31% and a return on equity of 23.74%. The business had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.68 billion. During the same period in the previous year, the business posted $2.50 earnings per share. Stryker's revenue for the quarter was up 11.9% on a year-over-year basis. On average, equities research analysts predict that Stryker Corporation will post 13.47 EPS for the current year.

Stryker Announces Dividend

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

Insider Buying and Selling at Stryker

In other news, Director Ronda E. Stryker sold 200,000 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $376.96, for a total value of $75,392,000.00. Following the completion of the sale, the director directly owned 3,417,326 shares in the company, valued at approximately $1,288,195,208.96. The trade was a 5.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 5.20% of the company's stock.

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.