First Manhattan CO. LLC. Cuts Position in Stryker Co. (NYSE:SYK)

First Manhattan CO. LLC. cut its holdings in Stryker Co. (NYSE:SYK - Free Report) by 3.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,264 shares of the medical technology company's stock after selling 2,141 shares during the quarter. First Manhattan CO. LLC.'s holdings in Stryker were worth $24,636,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Stryker by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 32,698,828 shares of the medical technology company's stock valued at $11,773,213,000 after buying an additional 252,188 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Stryker by 0.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,109,722 shares of the medical technology company's stock valued at $4,000,056,000 after buying an additional 54,693 shares in the last quarter. FMR LLC boosted its stake in shares of Stryker by 10.0% in the fourth quarter. FMR LLC now owns 8,034,844 shares of the medical technology company's stock valued at $2,892,946,000 after buying an additional 727,850 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Stryker by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 7,073,562 shares of the medical technology company's stock valued at $2,539,033,000 after buying an additional 168,436 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Stryker in the fourth quarter valued at approximately $1,710,744,000. 77.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SYK has been the topic of a number of research analyst reports. Barclays boosted their target price on Stryker from $418.00 to $443.00 and gave the stock an "overweight" rating in a research report on Monday, February 10th. JPMorgan Chase & Co. boosted their target price on Stryker from $420.00 to $445.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 29th. BTIG Research set a $403.00 target price on Stryker and gave the stock a "buy" rating in a research report on Monday, April 14th. Argus set a $450.00 target price on Stryker in a research report on Monday, February 3rd. Finally, Roth Mkm boosted their target price on Stryker from $405.00 to $456.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $427.05.

Stryker Price Performance

Shares of NYSE SYK traded down $1.59 during trading on Friday, reaching $380.87. The company had a trading volume of 758,784 shares, compared to its average volume of 1,356,009. The stock has a market capitalization of $145.37 billion, a PE ratio of 49.08, a price-to-earnings-growth ratio of 2.93 and a beta of 0.93. The stock has a 50-day moving average price of $365.47 and a two-hundred day moving average price of $374.48. Stryker Co. has a twelve month low of $314.93 and a twelve month high of $406.19. The company has a current ratio of 1.95, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59.

Stryker (NYSE:SYK - Get Free Report) last released its earnings results on Thursday, May 1st. The medical technology company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.73 by $0.11. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.68 billion. Stryker had a return on equity of 23.58% and a net margin of 13.25%. The business's quarterly revenue was up 11.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.50 earnings per share. As a group, sell-side analysts predict that Stryker Co. will post 13.47 earnings per share for the current year.

Stryker Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be paid a $0.84 dividend. The ex-dividend date is Monday, June 30th. This represents a $3.36 annualized dividend and a yield of 0.88%. Stryker's payout ratio is currently 45.41%.

Insider Activity at Stryker

In related news, Director Ronda E. Stryker sold 200,000 shares of the company's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $376.96, for a total value of $75,392,000.00. Following the completion of the transaction, the director now directly owns 3,417,326 shares in the company, valued at approximately $1,288,195,208.96. This represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Allan C. Golston sold 2,458 shares of the company's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $383.07, for a total value of $941,586.06. Following the sale, the director now owns 14,895 shares of the company's stock, valued at $5,705,827.65. This represents a 14.16% 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.

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.