Fred Alger Management LLC Sells 10,203 Shares of Stryker Corporation $SYK

Key Points

• Fred Alger Management LLC decreased its stake in Stryker Corporation by 42.5% during the first quarter, now holding approximately 13,808 shares valued at $5.15 million.
• Multiple large investors, including GAMMA Investing LLC, increased their stakes significantly, with GAMMA raising its position by over 43,000%, now owning over 2 million shares valued at $772 million.
• Stryker's recent earnings report showed $3.13 earnings per share, exceeding analyst expectations, and the company has set its fiscal year 2025 guidance at 13.400-13.600 EPS.

Fred Alger Management LLC trimmed its holdings in shares of Stryker Corporation (NYSE:SYK - Free Report) by 42.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,808 shares of the medical technology company's stock after selling 10,203 shares during the period. Fred Alger Management LLC's holdings in Stryker were worth $5,150,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Stryker by 1.1% during the first quarter. Vanguard Group Inc. now owns 33,059,964 shares of the medical technology company's stock worth $12,306,572,000 after buying an additional 361,136 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Stryker by 9.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 12,131,218 shares of the medical technology company's stock worth $4,515,847,000 after buying an additional 1,021,496 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Stryker by 13.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,252,895 shares of the medical technology company's stock worth $838,640,000 after buying an additional 261,058 shares during the last quarter. GAMMA Investing LLC raised its stake 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 worth $772,390,000 after buying an additional 2,070,133 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Stryker by 1.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,015,374 shares of the medical technology company's stock valued at $750,223,000 after purchasing an additional 30,329 shares during the period. 77.09% of the stock is owned by institutional investors.

Stryker Stock Down 1.4%

Shares of Stryker stock traded down $5.47 on Friday, hitting $383.32. The company had a trading volume of 985,297 shares, compared to its average volume of 978,978. The stock has a 50-day moving average of $388.98 and a 200-day moving average of $379.65. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.78 and a quick ratio of 1.06. The firm has a market capitalization of $146.55 billion, a P/E ratio of 50.77, a P/E/G ratio of 2.80 and a beta of 0.93. Stryker Corporation has a twelve month low of $329.16 and a twelve month high of $406.19.

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

Stryker Dividend Announcement

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

Insiders Place Their Bets

In other news, Director Ronda E. Stryker sold 200,000 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $376.45, for a total value of $75,290,000.00. Following the sale, the director owned 3,222,108 shares of the company's stock, valued at $1,212,962,556.60. The trade was a 5.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Viju Menon sold 500 shares of the business's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $390.61, for a total transaction of $195,305.00. Following the completion of the sale, the insider directly owned 12,511 shares in the company, valued at approximately $4,886,921.71. This represents a 3.84% decrease in their position. The disclosure for this sale can be found here. Insiders own 5.90% of the company's stock.

Analysts Set New Price Targets

SYK has been the subject of a number of analyst reports. Evercore ISI boosted their price objective on shares of Stryker from $390.00 to $415.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Truist Financial set a $415.00 price objective on shares of Stryker and gave the company a "hold" rating in a report on Monday, August 4th. BTIG Research restated a "buy" rating on shares of Stryker in a report on Monday, July 14th. Wall Street Zen upgraded shares of Stryker from a "hold" rating to a "buy" rating in a report on Friday, July 18th. Finally, Citigroup restated a "buy" rating and set a $455.00 price objective (up previously from $443.00) on shares of Stryker in a report on Thursday, May 22nd. Fourteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $431.42.

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.