Bridges Investment Management Inc. Reduces Stake in Stryker Corporation (NYSE:SYK)

Bridges Investment Management Inc. cut its holdings in Stryker Corporation (NYSE:SYK - Free Report) by 13.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,322 shares of the medical technology company's stock after selling 9,268 shares during the period. Bridges Investment Management Inc.'s holdings in Stryker were worth $21,338,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Stryker during the fourth quarter valued at about $1,710,744,000. GAMMA Investing LLC increased its position in shares of Stryker by 43,226.8% during the first quarter. GAMMA Investing LLC now owns 2,074,922 shares of the medical technology company's stock valued at $772,390,000 after buying an additional 2,070,133 shares during the period. FMR LLC increased its position in shares of Stryker by 10.0% during the fourth quarter. FMR LLC now owns 8,034,844 shares of the medical technology company's stock valued at $2,892,946,000 after buying an additional 727,850 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Stryker during the fourth quarter valued at about $154,140,000. Finally, Northern Trust Corp increased its position in shares of Stryker by 13.2% during the fourth quarter. Northern Trust Corp now owns 3,606,237 shares of the medical technology company's stock valued at $1,298,426,000 after buying an additional 420,153 shares during the period. 77.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on SYK. JMP Securities reiterated a "market perform" rating on shares of Stryker in a research report on Monday, May 5th. Truist Financial boosted their price target on shares of Stryker from $390.00 to $400.00 and gave the company a "hold" rating in a research report on Monday, May 5th. Needham & Company LLC restated a "buy" rating and issued a $442.00 price objective on shares of Stryker in a report on Friday, March 21st. Sanford C. Bernstein set a $450.00 price objective on shares of Stryker in a report on Monday, May 5th. Finally, BTIG Research set a $403.00 price objective on shares of Stryker and gave the stock a "buy" rating in a report on Monday, April 14th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $428.55.

Stryker Stock Down 1.4%

Shares of NYSE SYK traded down $5.53 during midday trading on Friday, hitting $389.24. The stock had a trading volume of 825,133 shares, compared to its average volume of 1,352,494. The company has a market cap of $148.57 billion, a P/E ratio of 52.60, a PEG ratio of 2.98 and a beta of 0.91. The business's 50 day moving average is $384.57 and its 200-day moving average is $376.97. Stryker Corporation has a 52 week low of $314.93 and a 52 week high of $406.19. The company has a quick ratio of 1.00, a current ratio of 1.64 and a debt-to-equity ratio of 0.69.

Stryker (NYSE:SYK - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The medical technology company reported $2.84 earnings per share for the quarter, beating analysts' consensus estimates of $2.73 by $0.11. Stryker had a net margin of 12.31% and a return on equity of 23.74%. 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 firm earned $2.50 earnings per share. The firm's revenue for the quarter was up 11.9% compared to the same quarter last year. As a group, analysts predict that Stryker Corporation will post 13.47 EPS for the current year.

Stryker Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be given a $0.84 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $3.36 annualized dividend and a yield of 0.86%. Stryker's payout ratio is presently 45.41%.

Insider Activity

In related news, Director Ronda E. Stryker sold 200,000 shares of the company's stock in a transaction 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 transaction, the director owned 3,417,326 shares of the company's stock, valued at approximately $1,288,195,208.96. This represents a 5.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 5.90% of the stock is currently owned by company insiders.

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.