Stryker Corporation (NYSE:SYK) Shares Sold by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board reduced its stake in Stryker Corporation by 20.7%, selling 51,396 shares and retaining approximately 0.05% of the company worth $73.4 million.
• Stryker reported a quarterly earnings per share (EPS) of $3.13, exceeding analysts' expectations of $3.07, with revenue rising to $6.02 billion, marking an increase of 11.1% year-over-year.
• The company announced a quarterly dividend of $0.84 per share, with an ex-dividend date of September 30th, reflecting an annualized yield of 0.9%.

Public Sector Pension Investment Board cut its holdings in shares of Stryker Corporation (NYSE:SYK - Free Report) by 20.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 197,295 shares of the medical technology company's stock after selling 51,396 shares during the period. Public Sector Pension Investment Board owned about 0.05% of Stryker worth $73,443,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Continuum Advisory LLC increased its stake in Stryker by 5.8% during the first quarter. Continuum Advisory LLC now owns 532 shares of the medical technology company's stock worth $198,000 after purchasing an additional 29 shares during the period. 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 worth $2,283,000 after purchasing an additional 29 shares during the period. Strategy Asset Managers LLC increased its stake in Stryker by 1.4% during the first quarter. Strategy Asset Managers LLC now owns 2,134 shares of the medical technology company's stock worth $794,000 after purchasing an additional 29 shares during the period. Rinkey Investments increased its stake in Stryker by 1.1% during the fourth quarter. Rinkey Investments now owns 2,712 shares of the medical technology company's stock worth $976,000 after purchasing an additional 30 shares during the period. Finally, Tritonpoint Wealth LLC increased its stake in Stryker by 0.7% during the first 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 during the period. 77.09% of the stock is currently owned by hedge funds and other institutional investors.

Stryker Stock Performance

Shares of NYSE SYK traded down $0.17 during mid-day trading on Tuesday, hitting $376.50. 960,134 shares of the company were exchanged, compared to its average volume of 1,333,667. The stock has a 50 day simple moving average of $386.99 and a 200-day simple moving average of $379.84. The firm has a market cap of $143.94 billion, a price-to-earnings ratio of 49.87, a price-to-earnings-growth 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 Corporation has a 1-year low of $325.37 and a 1-year high of $406.19.

Stryker (NYSE:SYK - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The medical technology company reported $3.13 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $5.92 billion. During the same quarter in the prior year, the business posted $2.81 earnings per share. Stryker's revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts forecast that Stryker Corporation will post 13.47 EPS for the current fiscal year.

Stryker Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors 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 yield of 0.9%. The ex-dividend date is Tuesday, September 30th. Stryker's dividend payout ratio (DPR) is currently 44.50%.

Insider Buying and Selling

In related news, Director Ronda E. Stryker sold 200,000 shares of Stryker stock in a transaction dated 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 sale, the director owned 3,222,108 shares in the company, valued at approximately $1,212,962,556.60. This trade represents a 5.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.20% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on SYK. BTIG Research reissued a "buy" rating on shares of Stryker in a research report on Monday, July 14th. Sanford C. Bernstein set a $450.00 price objective on Stryker in a research report on Monday, May 5th. Evercore ISI boosted their price objective on Stryker from $390.00 to $415.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Citigroup reissued a "buy" rating and set a $455.00 price objective (up from $443.00) on shares of Stryker in a research report on Thursday, May 22nd. Finally, JMP Securities reiterated a "market perform" rating on shares of Stryker in a research note on Monday, May 5th. Four analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target 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.