Comerica Bank Trims Holdings in Stryker Corporation $SYK

Key Points

• Comerica Bank reduced its position in Stryker Corporation by 5.2% in Q1, owning 120,105 shares worth approximately $44.7 million after selling 6,624 shares during the quarter.
• Stryker Corporation reported $3.13 earnings per share for the last quarter, exceeding analysts' expectations, with a revenue of $6.02 billion, an 11.1% year-over-year increase.
• The company recently declared a quarterly dividend of $0.84 per share, scheduled for payment on October 31st, 2023, with a yield of 0.9% and a payout ratio of 44.50%.

Comerica Bank trimmed its position in Stryker Corporation (NYSE:SYK - Free Report) by 5.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 120,105 shares of the medical technology company's stock after selling 6,624 shares during the period. Comerica Bank's holdings in Stryker were worth $44,709,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SYK. GAMMA Investing LLC grew its position in Stryker by 43,226.8% in the 1st 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 last quarter. Nuveen LLC purchased a new position in Stryker in the 1st quarter valued at $558,075,000. Price T Rowe Associates Inc. MD grew its position in Stryker by 9.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,131,218 shares of the medical technology company's stock valued at $4,515,847,000 after buying an additional 1,021,496 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Stryker in the 4th quarter valued at $154,140,000. Finally, Northern Trust Corp grew its position in Stryker by 13.2% in the 4th 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 last quarter. 77.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on SYK shares. Wall Street Zen upgraded shares of Stryker from a "hold" rating to a "buy" rating in a research report on Friday, July 18th. JMP Securities restated a "market perform" rating on shares of Stryker in a research report on Monday, May 5th. Citigroup restated a "buy" rating and set a $455.00 target price (up from $443.00) on shares of Stryker in a research report on Thursday, May 22nd. Roth Mkm boosted their target price on shares of Stryker from $405.00 to $456.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Finally, Needham & Company LLC boosted their target price on shares of Stryker from $442.00 to $448.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Fifteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Stryker currently has a consensus rating of "Moderate Buy" and a consensus price target of $430.10.

Stryker Price Performance

Shares of NYSE:SYK traded down $3.43 during midday trading on Thursday, hitting $389.73. 1,028,567 shares of the stock were exchanged, compared to its average volume of 1,421,157. The stock has a market cap of $148.99 billion, a P/E ratio of 51.62, a PEG ratio of 2.87 and a beta of 0.91. 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 Corporation has a twelve month low of $329.16 and a twelve month high of $406.19. The company has a 50 day moving average price of $388.61 and a 200-day moving average price of $379.45.

Stryker (NYSE:SYK - Get Free Report) last released its quarterly earnings results 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. The business had revenue of $6.02 billion during the quarter, compared to the consensus estimate of $5.92 billion. Stryker had a return on equity of 23.94% and a net margin of 12.25%.The business's revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.81 EPS. Stryker has set its FY 2025 guidance at 13.400-13.600 EPS. On average, research analysts forecast that Stryker Corporation will post 13.47 earnings per share for the current year.

Stryker Announces Dividend

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

Insider Buying and Selling at Stryker

In related news, insider Viju Menon sold 500 shares of the business's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $390.61, for a total value of $195,305.00. Following the completion of the transaction, the insider owned 12,511 shares of the company's stock, valued at approximately $4,886,921.71. The trade was a 3.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ronda E. Stryker sold 200,000 shares of the company's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $376.45, for a total transaction of $75,290,000.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.90% of the company's stock.

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.