Stonebridge Capital Management Inc. Sells 50 Shares of Stryker Co. (NYSE:SYK)
Stonebridge Capital Management Inc. reduced its holdings in shares of Stryker Co. (NYSE:SYK) by 0.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,710 shares of the medical technology company’s stock after selling 50 shares during the period. Stryker comprises approximately 2.8% of Stonebridge Capital Management Inc.’s portfolio, making the stock its 11th biggest holding. Stonebridge Capital Management Inc.’s holdings in Stryker were worth $7,237,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Confluence Investment Management LLC grew its holdings in shares of Stryker by 0.9% in the first quarter. Confluence Investment Management LLC now owns 343,929 shares of the medical technology company’s stock worth $83,774,000 after purchasing an additional 3,101 shares during the last quarter. Fulton Bank N.A. grew its holdings in shares of Stryker by 3.0% in the first quarter. Fulton Bank N.A. now owns 7,412 shares of the medical technology company’s stock worth $1,805,000 after purchasing an additional 213 shares during the last quarter. Private Asset Management Inc. grew its holdings in shares of Stryker by 2.3% in the first quarter. Private Asset Management Inc. now owns 2,812 shares of the medical technology company’s stock worth $685,000 after purchasing an additional 62 shares during the last quarter. Bard Financial Services Inc. bought a new position in shares of Stryker in the fourth quarter worth approximately $368,000. Finally, Legacy Wealth Asset Management LLC bought a new position in shares of Stryker in the fourth quarter worth approximately $1,235,000. Institutional investors and hedge funds own 71.46% of the company’s stock.
Shares of Stryker stock traded up $2.49 during trading hours on Thursday, reaching $249.93. 5,697 shares of the stock traded hands, compared to its average volume of 1,237,170. The company has a 50 day moving average price of $240.61 and a 200 day moving average price of $231.99. The firm has a market capitalization of $94.05 billion, a price-to-earnings ratio of 53.67, a P/E/G ratio of 2.79 and a beta of 0.87. Stryker Co. has a one year low of $166.51 and a one year high of $250.02. The company has a quick ratio of 2.15, a current ratio of 2.89 and a debt-to-equity ratio of 0.92.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 30th. Investors of record on Wednesday, March 31st will be issued a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, March 30th. This represents a $2.52 dividend on an annualized basis and a yield of 1.01%. Stryker’s dividend payout ratio is presently 30.51%.
In related news, CFO Glenn S. Boehnlein sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, March 1st. The stock was sold at an average price of $246.01, for a total value of $492,020.00. Following the transaction, the chief financial officer now directly owns 12,321 shares of the company’s stock, valued at approximately $3,031,089.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 6.80% of the stock is currently owned by insiders.
SYK has been the topic of several recent analyst reports. Raymond James raised their target price on shares of Stryker from $240.00 to $255.00 and gave the stock an “outperform” rating in a report on Thursday, January 28th. JPMorgan Chase & Co. raised their target price on shares of Stryker from $245.00 to $265.00 and gave the stock an “overweight” rating in a report on Tuesday, March 2nd. BTIG Research raised their price target on Stryker from $234.00 to $252.00 and gave the stock a “buy” rating in a research note on Thursday, December 31st. Needham & Company LLC reaffirmed a “hold” rating on shares of Stryker in a research note on Thursday, January 28th. Finally, Truist raised their price target on Stryker from $210.00 to $245.00 in a research note on Wednesday, January 6th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $232.74.
Stryker Corporation operates as a medical technology company. The company operates through three segments: Orthopaedics, MedSurg, and Neurotechnology and Spine. The Orthopaedics segment provides implants for use in hip and knee joint replacements, and trauma and extremities surgeries. The MedSurg segment offers surgical equipment and surgical navigation systems, endoscopic and communications systems, patient handling, emergency medical equipment and intensive care disposable products, reprocessed and remanufactured medical devices, and other medical device products that are used in various medical specialties.
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