DAVENPORT & Co LLC Buys 7,086 Shares of Stryker Co. (NYSE:SYK)

DAVENPORT & Co LLC grew its stake in Stryker Co. (NYSE:SYK) by 43.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,244 shares of the medical technology company’s stock after acquiring an additional 7,086 shares during the quarter. DAVENPORT & Co LLC’s holdings in Stryker were worth $8,369,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Parnassus Investments LLC acquired a new stake in Stryker in the third quarter worth $762,798,000. International Assets Investment Management LLC raised its stake in Stryker by 66,967.5% during the 3rd quarter. International Assets Investment Management LLC now owns 853,769 shares of the medical technology company’s stock worth $308,433,000 after buying an additional 852,496 shares during the period. RTW Investments LP bought a new position in Stryker during the third quarter worth about $143,392,000. State Street Corp grew its stake in Stryker by 2.2% in the third quarter. State Street Corp now owns 14,582,959 shares of the medical technology company’s stock valued at $5,279,788,000 after acquiring an additional 316,404 shares during the period. Finally, FMR LLC raised its position in shares of Stryker by 3.0% during the third quarter. FMR LLC now owns 7,306,994 shares of the medical technology company’s stock worth $2,639,725,000 after purchasing an additional 215,782 shares during the period. 77.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Stryker

In other Stryker news, CEO Kevin Lobo sold 57,313 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $368.70, for a total transaction of $21,131,303.10. Following the transaction, the chief executive officer now owns 100,027 shares in the company, valued at $36,879,954.90. This trade represents a 36.43 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SYK. Needham & Company LLC reiterated a “buy” rating and issued a $442.00 price objective on shares of Stryker in a research report on Wednesday, January 29th. Wells Fargo & Company raised their price objective on shares of Stryker from $427.00 to $435.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. BTIG Research upped their target price on shares of Stryker from $383.00 to $394.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Piper Sandler reiterated an “overweight” rating and set a $420.00 target price (up previously from $380.00) on shares of Stryker in a report on Wednesday, October 30th. Finally, JMP Securities restated a “market perform” rating on shares of Stryker in a report on Tuesday, January 7th. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $419.37.

Stryker Stock Up 0.1 %

SYK stock opened at $390.90 on Monday. The business’s 50 day simple moving average is $376.68 and its 200 day simple moving average is $363.02. Stryker Co. has a 1-year low of $314.93 and a 1-year high of $406.19. The firm has a market capitalization of $149.02 billion, a PE ratio of 50.37, a PEG ratio of 2.68 and a beta of 0.95. The company has a current ratio of 1.91, a quick ratio of 1.22 and a debt-to-equity ratio of 0.66.

Stryker (NYSE:SYK) last issued its quarterly earnings data on Tuesday, January 28th. The medical technology company reported $4.01 earnings per share for the quarter, beating the consensus estimate of $3.87 by $0.14. Stryker had a net margin of 13.25% and a return on equity of 23.86%. During the same period last year, the firm earned $3.46 EPS. As a group, research analysts anticipate that Stryker Co. will post 13.53 EPS for the current year.

Stryker Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st were given a $0.84 dividend. This is an increase from Stryker’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $3.36 annualized dividend and a dividend yield of 0.86%. Stryker’s dividend payout ratio is presently 43.30%.

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.