Primecap Management Co. CA Sells 1,250 Shares of Stryker Corporation (NYSE:SYK)

Key Points

• Primecap Management Co. CA has decreased its stake in Stryker Corporation by 0.3%, owning approximately 434,850 shares valued at $161.87 million as of the latest SEC filing.
• Several analysts, including Wells Fargo and Sanford C. Bernstein, have raised their price targets for Stryker's shares, with a consensus rating of "Moderate Buy" and an average price target of $430.10.
• Stryker reported quarterly earnings of $3.13 per share, exceeding the forecasted $3.07, with revenues of $6.02 billion, reflecting an 11.1% increase year-over-year.

Primecap Management Co. CA lessened its holdings in shares of Stryker Corporation (NYSE:SYK - Free Report) by 0.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 434,850 shares of the medical technology company's stock after selling 1,250 shares during the period. Primecap Management Co. CA owned approximately 0.11% of Stryker worth $161,873,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Continuum Advisory LLC raised its position in shares of Stryker by 5.8% during the first quarter. Continuum Advisory LLC now owns 532 shares of the medical technology company's stock valued at $198,000 after buying an additional 29 shares during the last quarter. Oakworth Capital Inc. increased its stake in Stryker by 0.5% during the first quarter. Oakworth Capital Inc. now owns 6,133 shares of the medical technology company's stock valued at $2,283,000 after acquiring an additional 29 shares during the period. Strategy Asset Managers LLC raised its holdings in Stryker by 1.4% in the 1st quarter. Strategy Asset Managers LLC now owns 2,134 shares of the medical technology company's stock valued at $794,000 after acquiring an additional 29 shares in the last quarter. Rinkey Investments lifted its position in shares of Stryker by 1.1% in the 4th quarter. Rinkey Investments now owns 2,712 shares of the medical technology company's stock worth $976,000 after acquiring an additional 30 shares during the period. Finally, Tritonpoint Wealth LLC grew its holdings in shares of Stryker by 0.7% during the 1st quarter. Tritonpoint Wealth LLC now owns 4,042 shares of the medical technology company's stock worth $1,508,000 after purchasing an additional 30 shares in the last quarter. Institutional investors own 77.09% of the company's stock.

Stryker Price Performance

Shares of SYK stock traded up $1.36 during trading hours on Friday, hitting $377.73. 972,332 shares of the company's stock were exchanged, compared to its average volume of 1,333,167. The stock's 50-day moving average is $387.17 and its 200-day moving average is $380.15. 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 Corporation has a 52 week low of $322.03 and a 52 week high of $406.19. The stock has a market cap of $144.41 billion, a price-to-earnings ratio of 50.03, a price-to-earnings-growth ratio of 2.74 and a beta of 0.91.

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

Stryker Dividend Announcement

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

Analyst Ratings Changes

Several research analysts recently commented on the company. Wall Street Zen raised Stryker from a "hold" rating to a "buy" rating in a research report on Friday, July 18th. Needham & Company LLC increased their price objective on shares of Stryker from $442.00 to $448.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Roth Mkm lifted their target price on shares of Stryker from $405.00 to $456.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. BTIG Research reissued a "buy" rating on shares of Stryker in a research note on Monday, July 14th. Finally, Wells Fargo & Company raised their price target on shares of Stryker from $435.00 to $445.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $430.10.

Insider Transactions at Stryker

In other news, Director Ronda E. Stryker sold 200,000 shares of Stryker stock in a transaction 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 sale, the director directly owned 3,222,108 shares of the company's stock, valued at approximately $1,212,962,556.60. This trade represents a 5.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate 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.