Azimuth Capital Investment Management LLC Has $35.08 Million Holdings in Stryker Corporation (NYSE:SYK)

Key Points

• Azimuth Capital Investment Management LLC sold 1.2% of its holdings in Stryker Corporation, reducing its shares to 94,247, which is valued at approximately $35 million.
• Stryker reported a quarterly EPS of $3.13, exceeding analyst expectations, and an 11.1% year-over-year revenue growth, reaching $6.02 billion.
• The company announced a quarterly dividend of $0.84 per share, with a yield of 0.9%, to be paid at the end of October.

Azimuth Capital Investment Management LLC trimmed its stake in shares of Stryker Corporation (NYSE:SYK - Free Report) by 1.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 94,247 shares of the medical technology company's stock after selling 1,155 shares during the quarter. Stryker comprises approximately 1.4% of Azimuth Capital Investment Management LLC's investment portfolio, making the stock its 10th biggest position. Azimuth Capital Investment Management LLC's holdings in Stryker were worth $35,083,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Stryker by 1.1% during the first quarter. Vanguard Group Inc. now owns 33,059,964 shares of the medical technology company's stock worth $12,306,572,000 after acquiring an additional 361,136 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Stryker by 0.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,109,722 shares of the medical technology company's stock worth $4,000,056,000 after buying an additional 54,693 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Stryker by 13.2% during the 4th quarter. Northern Trust Corp now owns 3,606,237 shares of the medical technology company's stock worth $1,298,426,000 after buying an additional 420,153 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Stryker by 13.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,252,895 shares of the medical technology company's stock worth $838,640,000 after buying an additional 261,058 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of 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 in the last quarter. 77.09% of the stock is owned by institutional investors.

Stryker Stock Performance

Shares of Stryker stock traded up $3.35 during trading hours on Friday, hitting $381.87. 1,070,752 shares of the company's stock traded hands, compared to its average volume of 1,361,149. Stryker Corporation has a 12-month low of $329.16 and a 12-month high of $406.19. The stock has a market capitalization of $145.99 billion, a price-to-earnings ratio of 50.58, a PEG ratio of 2.78 and a beta of 0.91. The company has a fifty day simple moving average of $386.78 and a 200-day simple moving average of $379.52. 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 (NYSE:SYK - Get Free Report) last announced its earnings results on Thursday, July 31st. The medical technology company reported $3.13 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $5.92 billion. During the same period last year, the firm posted $2.81 EPS. The business's revenue was up 11.1% compared to the same quarter last year. Equities research analysts anticipate that Stryker Corporation will post 13.47 EPS for the current fiscal year.

Stryker Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.84 per share. The ex-dividend date is Tuesday, September 30th. This represents a $3.36 annualized dividend and a dividend yield of 0.9%. Stryker's dividend payout ratio is presently 44.50%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on SYK shares. Evercore ISI increased their price target on Stryker from $390.00 to $415.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Sanford C. Bernstein set a $450.00 target price on Stryker in a research report on Monday, May 5th. Truist Financial set a $415.00 target price on Stryker and gave the stock a "hold" rating in a research report on Monday, August 4th. Roth Mkm upped their target price on Stryker from $405.00 to $456.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Stryker in a research report on Monday, May 5th. Four analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $430.10.

Insider Buying and Selling at Stryker

In other news, Director Ronda E. Stryker sold 200,000 shares of the stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $376.45, for a total transaction of $75,290,000.00. Following the completion of the transaction, the director owned 3,222,108 shares in the company, valued at approximately $1,212,962,556.60. This represents a 5.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.90% 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.