Applied Finance Capital Management LLC Sells 53,427 Shares of Stryker Corporation (NYSE:SYK)

Key Points

• Applied Finance Capital Management LLC significantly reduced its stake in Stryker Corporation by 60.7%, now holding 34,563 shares worth approximately $12.87 million.
• Analysts have a consensus rating of "Moderate Buy" for Stryker, with a target price averaging $428.55, including ratings from firms like Citigroup and Truist Financial.
• Stryker recently announced a quarterly dividend of $0.84 per share, reflecting an annual yield of 0.83%, with a payout ratio of 45.41%.

Applied Finance Capital Management LLC decreased its position in Stryker Corporation (NYSE:SYK - Free Report) by 60.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,563 shares of the medical technology company's stock after selling 53,427 shares during the quarter. Applied Finance Capital Management LLC's holdings in Stryker were worth $12,866,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Angeles Wealth Management LLC increased its stake in shares of Stryker by 4.6% in the first quarter. Angeles Wealth Management LLC now owns 1,302 shares of the medical technology company's stock worth $485,000 after purchasing an additional 57 shares during the period. Skandinaviska Enskilda Banken AB publ raised its stake in shares of Stryker by 94.8% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 323,060 shares of the medical technology company's stock valued at $120,259,000 after buying an additional 157,240 shares in the last quarter. Phoenix Financial Ltd. lifted its holdings in shares of Stryker by 14.6% during the 1st quarter. Phoenix Financial Ltd. now owns 27,774 shares of the medical technology company's stock worth $10,385,000 after acquiring an additional 3,535 shares during the period. Drive Wealth Management LLC boosted its position in shares of Stryker by 12.5% during the 1st quarter. Drive Wealth Management LLC now owns 925 shares of the medical technology company's stock valued at $345,000 after acquiring an additional 103 shares in the last quarter. Finally, Westover Capital Advisors LLC raised its position in Stryker by 75.2% in the first quarter. Westover Capital Advisors LLC now owns 1,165 shares of the medical technology company's stock worth $434,000 after purchasing an additional 500 shares in the last quarter. 77.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on SYK. Citigroup reiterated a "buy" rating and set a $455.00 price objective (up from $443.00) on shares of Stryker in a research note on Thursday, May 22nd. BTIG Research reissued a "buy" rating on shares of Stryker in a report on Monday, July 14th. JMP Securities restated a "market perform" rating on shares of Stryker in a report on Monday, May 5th. Wall Street Zen upgraded shares of Stryker from a "hold" rating to a "buy" rating in a research report on Friday, July 18th. Finally, Evercore ISI increased their price target on shares of Stryker from $390.00 to $415.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $428.55.

Stryker Stock Performance

NYSE:SYK traded down $3.10 during mid-day trading on Monday, hitting $400.43. The stock had a trading volume of 888,445 shares, compared to its average volume of 1,442,356. The company's 50 day simple moving average is $386.37 and its 200 day simple moving average is $379.44. The stock has a market cap of $152.84 billion, a price-to-earnings ratio of 54.11, a PEG ratio of 2.99 and a beta of 0.91. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.00 and a current ratio of 1.64. Stryker Corporation has a twelve month low of $314.93 and a twelve month high of $406.19.

Stryker (NYSE:SYK - Get Free Report) last posted 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 23.74% and a net margin of 12.31%. The company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.68 billion. During the same quarter in the prior year, the business earned $2.50 earnings per share. The firm's revenue for the quarter was up 11.9% on a year-over-year basis. On average, equities research analysts forecast that Stryker Corporation will post 13.47 earnings per share for the current year.

Stryker Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Monday, June 30th. This represents a $3.36 annualized dividend and a dividend yield of 0.84%. Stryker's dividend payout ratio (DPR) is presently 45.41%.

Insider Activity at Stryker

In other news, Director Ronda E. Stryker sold 200,000 shares of the firm's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $376.96, for a total transaction of $75,392,000.00. Following the completion of the transaction, the director owned 3,417,326 shares of the company's stock, valued at approximately $1,288,195,208.96. This trade represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.90% of the company's stock.

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.