Bank of Nova Scotia Has $13.34 Million Stake in Stryker Corporation (NYSE:SYK)

Key Points

• Bank of Nova Scotia reduced its stake in Stryker Corporation by 81.2%, holding 35,836 shares worth approximately $13.34 million after selling 154,843 shares in the first quarter.
• Director Ronda E. Stryker sold 200,000 shares at an average price of $376.96, decreasing her ownership by 5.53%, leaving her with shares valued at around $1.29 billion.
• Stryker's latest quarterly earnings report showed an EPS of $3.13, beating estimates, with revenue of $6.02 billion, representing an 11.1% year-over-year increase.

Bank of Nova Scotia lessened its position in shares of Stryker Corporation (NYSE:SYK - Free Report) by 81.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 35,836 shares of the medical technology company's stock after selling 154,843 shares during the period. Bank of Nova Scotia's holdings in Stryker were worth $13,340,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Capital A Wealth Management LLC purchased a new stake in Stryker in the 4th quarter valued at $26,000. Goodman Advisory Group LLC purchased a new stake in Stryker in the 1st quarter valued at $32,000. City Holding Co. raised 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 purchasing an additional 74 shares during the last quarter. Smallwood Wealth Investment Management LLC purchased a new position in Stryker during the 1st quarter worth $40,000. Finally, Itau Unibanco Holding S.A. purchased a new position in Stryker during the 4th quarter worth $42,000. Institutional investors and hedge funds own 77.09% of the company's stock.

Stryker Price Performance

SYK stock traded down $5.93 during trading on Wednesday, hitting $374.93. The company had a trading volume of 1,478,016 shares, compared to its average volume of 1,301,643. The firm has a market capitalization of $143.34 billion, a price-to-earnings ratio of 49.66, a P/E/G ratio of 2.77 and a beta of 0.91. The business has a 50 day moving average of $387.49 and a 200 day moving average of $380.36. Stryker Corporation has a fifty-two week low of $319.07 and a fifty-two week high of $406.19. The company has a current ratio of 1.78, a quick ratio of 1.06 and a debt-to-equity ratio of 0.70.

Stryker (NYSE:SYK - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The medical technology company reported $3.13 earnings per share for the quarter, topping the consensus estimate of $3.07 by $0.06. Stryker had a net margin of 12.25% and a return on equity of 23.94%. The business had revenue of $6.02 billion during the quarter, compared to the consensus estimate of $5.92 billion. During the same quarter in the prior year, the company posted $2.81 earnings per share. The company's quarterly revenue was up 11.1% compared to the same quarter last year. As a group, research analysts predict that Stryker Corporation will post 13.47 earnings per share for the current year.

Stryker Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 30th were issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 0.9%. The ex-dividend date was Monday, June 30th. Stryker's payout ratio is presently 44.50%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SYK. Citigroup restated a "buy" rating and set a $455.00 price objective (up previously from $443.00) on shares of Stryker in a research report on Thursday, May 22nd. JMP Securities restated a "market perform" rating on shares of Stryker in a research report on Monday, May 5th. Sanford C. Bernstein set a $450.00 price objective on shares of Stryker in a research report on Monday, May 5th. BTIG Research restated a "buy" rating on shares of Stryker in a research report on Monday, July 14th. Finally, Truist Financial set a $415.00 price target on shares of Stryker and gave the company a "hold" rating in a report on Monday. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $430.10.

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.