Stryker Corporation (NYSE:SYK) Shares Sold by Magellan Asset Management Ltd

Key Points

• Magellan Asset Management Ltd reduced its holdings in Stryker Corporation by 27%, selling 198,744 shares, which now makes up 2.4% of its investment portfolio.
• Director Ronda E. Stryker sold 200,000 shares at an average price of $376.45, decreasing her ownership by 5.84%.
• Analysts maintain a positive outlook on Stryker, with an average price target of $430.10 and many ratings reflecting a "Moderate Buy" sentiment.

Magellan Asset Management Ltd lowered its holdings in Stryker Corporation (NYSE:SYK - Free Report) by 27.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 536,415 shares of the medical technology company's stock after selling 198,744 shares during the period. Stryker accounts for 2.4% of Magellan Asset Management Ltd's investment portfolio, making the stock its 17th biggest position. Magellan Asset Management Ltd owned about 0.14% of Stryker worth $199,680,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in SYK. Capital A Wealth Management LLC purchased a new stake in shares of Stryker in the fourth quarter valued at $26,000. Goodman Advisory Group LLC purchased a new stake in shares of Stryker in the first quarter valued at $32,000. City Holding Co. grew its position in shares of Stryker by 528.6% in the first 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 period. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Stryker in the first quarter valued at $40,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in shares of Stryker in the fourth quarter valued at $42,000. Hedge funds and other institutional investors own 77.09% of the company's stock.

Insider Buying and Selling at Stryker

In related news, Director Ronda E. Stryker sold 200,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $376.45, for a total value of $75,290,000.00. Following the completion of the transaction, the director directly owned 3,222,108 shares of the company's stock, valued at $1,212,962,556.60. This represents a 5.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 5.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. BTIG Research reissued a "buy" rating on shares of Stryker in a research report on Monday, July 14th. Wells Fargo & Company boosted their price target on Stryker from $435.00 to $445.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Roth Mkm boosted their price target on Stryker from $405.00 to $456.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Sanford C. Bernstein set a $450.00 price target on Stryker in a research report on Monday, May 5th. Finally, Evercore ISI boosted their price target on Stryker from $390.00 to $415.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Four equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $430.10.

Stryker Trading Up 0.4%

Shares of NYSE SYK opened at $377.73 on Friday. The stock's 50 day moving average price is $387.17 and its two-hundred day moving average price is $380.08. Stryker Corporation has a 52-week low of $322.03 and a 52-week high of $406.19. The stock has a market capitalization of $144.41 billion, a P/E ratio of 50.03, a PEG ratio of 2.74 and a beta of 0.91. The company has a quick ratio of 1.06, a current ratio of 1.78 and a debt-to-equity ratio of 0.70.

Stryker (NYSE:SYK - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $5.92 billion. During the same quarter in the prior year, the firm posted $2.81 earnings per share. Stryker's revenue for the quarter was up 11.1% compared to the same quarter last year. On average, analysts anticipate that Stryker Corporation will post 13.47 earnings per share for the current fiscal year.

Stryker Announces Dividend

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

Stryker 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.

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