Vanguard Group Inc. Acquires 361,136 Shares of Stryker Corporation (NYSE:SYK)

Key Points

• Vanguard Group Inc. has increased its ownership in Stryker Corporation by 1.1%, acquiring an additional 361,136 shares, which brings its total holdings to approximately 33 million shares valued at over $12 billion.
• Stryker recently reported earnings of $3.13 per share, exceeding analysts' expectations, and achieved revenues of $6.02 billion, marking an 11.1% increase year-over-year.
• The company's stock has received a consensus rating of "Moderate Buy" with an average target price of $430.10, following analysis by several equity analysts who have generally upgraded their ratings.

Vanguard Group Inc. boosted its position in Stryker Corporation (NYSE:SYK - Free Report) by 1.1% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 33,059,964 shares of the medical technology company's stock after purchasing an additional 361,136 shares during the period. Vanguard Group Inc. owned about 8.66% of Stryker worth $12,306,572,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Continuum Advisory LLC lifted its stake in Stryker by 5.8% in the 1st quarter. Continuum Advisory LLC now owns 532 shares of the medical technology company's stock worth $198,000 after purchasing an additional 29 shares in the last quarter. Oakworth Capital Inc. increased its holdings in shares of Stryker by 0.5% in the 1st quarter. Oakworth Capital Inc. now owns 6,133 shares of the medical technology company's stock worth $2,283,000 after buying an additional 29 shares during the last quarter. Rinkey Investments increased its holdings 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 buying an additional 30 shares during the last quarter. Tritonpoint Wealth LLC increased its holdings in shares of Stryker by 0.7% in the 1st quarter. Tritonpoint Wealth LLC now owns 4,042 shares of the medical technology company's stock worth $1,508,000 after buying an additional 30 shares during the last quarter. Finally, Cornerstone Advisory LLC increased its holdings in shares of Stryker by 0.6% in the 4th quarter. Cornerstone Advisory LLC now owns 5,256 shares of the medical technology company's stock worth $2,024,000 after buying an additional 31 shares during the last quarter. 77.09% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Wall Street Zen raised shares of Stryker from a "hold" rating to a "buy" rating in a report on Friday, July 18th. Citigroup reaffirmed a "buy" rating and set a $455.00 target price (up previously from $443.00) on shares of Stryker in a report on Thursday, May 22nd. Roth Mkm increased their target price on shares of Stryker from $405.00 to $456.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Sanford C. Bernstein set a $450.00 target price on shares of Stryker in a report on Monday, May 5th. Finally, Truist Financial increased their target price on shares of Stryker from $410.00 to $415.00 and gave the company a "hold" rating in a report on Monday. Four equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $430.10.

Stryker Stock Performance

Shares of SYK stock opened at $381.04 on Wednesday. The company has a 50 day moving average price of $387.49 and a 200-day moving average price of $380.36. Stryker Corporation has a 52 week low of $316.01 and a 52 week high of $406.19. The firm has a market capitalization of $145.68 billion, a PE ratio of 50.47, a P/E/G ratio of 2.78 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 results 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 firm had revenue of $6.02 billion during 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 business's revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the business posted $2.81 earnings per share. As a group, equities research analysts expect that Stryker Corporation will post 13.47 earnings per share for the current year.

Stryker Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 30th were 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 was Monday, June 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.