Oak Ridge Investments LLC Invests $12.72 Million in Stryker Corporation (SYK)
Oak Ridge Investments LLC bought a new position in shares of Stryker Corporation (NYSE:SYK) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 91,658 shares of the medical technology company’s stock, valued at approximately $12,720,000.
Several other hedge funds also recently added to or reduced their stakes in SYK. Northwestern Mutual Wealth Management Co. raised its position in shares of Stryker Corporation by 1.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 9,613 shares of the medical technology company’s stock worth $1,334,000 after purchasing an additional 146 shares during the last quarter. Dai Ichi Life Insurance Company Ltd lifted its stake in Stryker Corporation by 33.4% in the 2nd quarter. Dai Ichi Life Insurance Company Ltd now owns 97,909 shares of the medical technology company’s stock valued at $13,588,000 after buying an additional 24,526 shares in the last quarter. Columbia Asset Management lifted its stake in Stryker Corporation by 1.8% in the 2nd quarter. Columbia Asset Management now owns 23,653 shares of the medical technology company’s stock valued at $3,282,000 after buying an additional 425 shares in the last quarter. Financial Counselors Inc. lifted its stake in Stryker Corporation by 0.5% in the 2nd quarter. Financial Counselors Inc. now owns 13,700 shares of the medical technology company’s stock valued at $1,901,000 after buying an additional 68 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Stryker Corporation by 2.3% in the 2nd quarter. Alliancebernstein L.P. now owns 648,424 shares of the medical technology company’s stock valued at $89,988,000 after buying an additional 14,812 shares in the last quarter. 74.13% of the stock is owned by institutional investors and hedge funds.
Shares of Stryker Corporation (NYSE SYK) opened at 143.63 on Wednesday. The firm has a market cap of $53.73 billion, a PE ratio of 32.06 and a beta of 0.80. The firm’s 50-day moving average price is $142.35 and its 200 day moving average price is $139.76. Stryker Corporation has a 1-year low of $106.48 and a 1-year high of $148.84.
Stryker Corporation (NYSE:SYK) last announced its earnings results on Thursday, July 27th. The medical technology company reported $1.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.51 by $0.02. The firm had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.98 billion. Stryker Corporation had a net margin of 14.22% and a return on equity of 24.26%. Stryker Corporation’s revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.39 earnings per share. On average, equities research analysts forecast that Stryker Corporation will post $6.46 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be issued a $0.425 dividend. The ex-dividend date is Thursday, September 28th. This represents a $1.70 annualized dividend and a yield of 1.18%. Stryker Corporation’s dividend payout ratio (DPR) is presently 37.95%.
In related news, insider Graham A. Mclean sold 1,124 shares of the stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $146.26, for a total transaction of $164,396.24. Following the transaction, the insider now directly owns 8,983 shares in the company, valued at $1,313,853.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider David Floyd sold 19,305 shares of the stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $144.56, for a total value of $2,790,730.80. The disclosure for this sale can be found here. Insiders sold a total of 25,429 shares of company stock valued at $3,686,927 over the last quarter. 7.40% of the stock is currently owned by insiders.
A number of equities analysts have commented on the company. Piper Jaffray Companies reissued an “overweight” rating and set a $148.00 target price on shares of Stryker Corporation in a report on Thursday, August 24th. Needham & Company LLC upgraded Stryker Corporation from an “underperform” rating to a “hold” rating in a research report on Friday, August 25th. Cantor Fitzgerald initiated coverage on Stryker Corporation in a research note on Thursday, June 29th. They issued a “neutral” rating and a $153.00 price target on the stock. Morgan Stanley reaffirmed an “overweight” rating and issued a $160.00 price target (up from $155.00) on shares of Stryker Corporation in a research note on Monday, July 10th. Finally, Zacks Investment Research upgraded Stryker Corporation from a “hold” rating to a “buy” rating and set a $163.00 price target for the company in a research report on Monday, July 17th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $146.78.
Stryker Corporation Company Profile
Stryker Corporation is a medical technology company. The Company offers a range of medical technologies, including orthopedic, medical and surgical, and neurotechnology and spine products. The Company’s segments include Orthopaedics; MedSurg; Neurotechnology and Spine, and Corporate and Other. The Orthopaedics segment includes reconstructive (hip and knee) and trauma implant systems and other related products.
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