Stryker Co. (NYSE:SYK) Shares Purchased by Fred Alger Management LLC

Fred Alger Management LLC raised its stake in Stryker Co. (NYSE:SYK) by 415.8% in the fourth quarter, HoldingsChannel reports. The fund owned 24,011 shares of the medical technology company’s stock after purchasing an additional 19,356 shares during the period. Fred Alger Management LLC’s holdings in Stryker were worth $8,664,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Stryker in the 4th quarter valued at about $1,710,744,000. Raymond James Financial Inc. acquired a new position in Stryker in the 4th quarter valued at $353,394,000. FMR LLC boosted its stake in Stryker by 10.0% during the 4th quarter. FMR LLC now owns 8,034,844 shares of the medical technology company’s stock worth $2,892,946,000 after purchasing an additional 727,850 shares during the last quarter. Proficio Capital Partners LLC raised its position in shares of Stryker by 52,520.8% in the fourth quarter. Proficio Capital Partners LLC now owns 596,194 shares of the medical technology company’s stock valued at $214,660,000 after buying an additional 595,061 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Stryker by 13.2% in the fourth quarter. Northern Trust Corp now owns 3,606,237 shares of the medical technology company’s stock worth $1,298,426,000 after buying an additional 420,153 shares in the last quarter. 77.09% of the stock is owned by hedge funds and other institutional investors.

Stryker Trading Down 0.4 %

NYSE SYK opened at $382.68 on Friday. The company has a market capitalization of $146.06 billion, a price-to-earnings ratio of 49.31, a price-to-earnings-growth ratio of 2.93 and a beta of 0.93. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.95 and a quick ratio of 1.32. Stryker Co. has a 12 month low of $314.93 and a 12 month high of $406.19. The firm’s fifty day moving average price is $365.66 and its 200 day moving average price is $374.20.

Stryker (NYSE:SYK) last announced its earnings results on Thursday, May 1st. The medical technology company reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.73 by $0.11. Stryker had a net margin of 13.25% and a return on equity of 23.58%. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.68 billion. During the same period last year, the firm posted $2.50 earnings per share. The company’s revenue for the quarter was up 11.9% compared to the same quarter last year. On average, sell-side analysts expect that Stryker Co. will post 13.47 earnings per share for the current fiscal year.

Stryker Announces Dividend

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

Wall Street Analysts Forecast Growth

SYK has been the topic of a number of research reports. Wells Fargo & Company raised their target price on shares of Stryker from $427.00 to $435.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Citigroup restated a “buy” rating and set a $450.00 price objective on shares of Stryker in a research report on Wednesday, February 26th. Sanford C. Bernstein set a $450.00 price target on shares of Stryker in a report on Monday. Barclays increased their price objective on Stryker from $418.00 to $443.00 and gave the stock an “overweight” rating in a research report on Monday, February 10th. Finally, Truist Financial upped their price target on Stryker from $390.00 to $400.00 and gave the company a “hold” rating in a research note on Monday. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $427.05.

Insider Activity at Stryker

In related news, Director Ronda E. Stryker sold 200,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $376.96, for a total transaction of $75,392,000.00. Following the sale, the director now directly owns 3,417,326 shares of the company’s stock, valued at approximately $1,288,195,208.96. This represents a 5.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Allan C. Golston sold 2,458 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $383.07, for a total value of $941,586.06. Following the transaction, the director now owns 14,895 shares of the company’s stock, valued at approximately $5,705,827.65. The trade was a 14.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.90% of the stock is owned by insiders.

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.