Magellan Asset Management Ltd Lowers Stock Position in Stryker Corporation $SYK

Magellan Asset Management Ltd trimmed its holdings in Stryker Corporation (NYSE:SYK) by 21.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 418,420 shares of the medical technology company’s stock after selling 112,324 shares during the quarter. Stryker makes up about 1.8% of Magellan Asset Management Ltd’s holdings, making the stock its 22nd biggest position. Magellan Asset Management Ltd owned 0.11% of Stryker worth $154,677,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Terra Alpha Investments LLC acquired a new position in Stryker in the 3rd quarter valued at $1,216,000. Diversified Trust Co boosted its holdings in shares of Stryker by 45.6% in the third quarter. Diversified Trust Co now owns 12,445 shares of the medical technology company’s stock valued at $4,601,000 after acquiring an additional 3,899 shares in the last quarter. SVB Wealth LLC acquired a new position in shares of Stryker during the second quarter worth about $4,785,000. AXQ Capital LP purchased a new position in Stryker during the second quarter worth about $567,000. Finally, National Pension Service lifted its position in Stryker by 2.4% in the third quarter. National Pension Service now owns 683,867 shares of the medical technology company’s stock valued at $252,805,000 after purchasing an additional 16,254 shares during the period. Institutional investors and hedge funds own 77.09% of the company’s stock.

Insider Buying and Selling at Stryker

In related news, Director Ronda E. Stryker sold 250,000 shares of Stryker stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $362.92, for a total transaction of $90,730,000.00. Following the completion of the transaction, the director directly owned 2,457,331 shares in the company, valued at $891,814,566.52. The trade was a 9.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on SYK shares. TD Cowen downgraded Stryker from a “buy” rating to a “hold” rating and set a $387.00 target price for the company. in a research note on Monday, January 26th. Robert W. Baird set a $437.00 price objective on Stryker in a report on Friday, January 30th. Wells Fargo & Company raised their target price on Stryker from $452.00 to $456.00 and gave the company an “overweight” rating in a report on Friday, November 14th. BTIG Research boosted their target price on shares of Stryker from $410.00 to $412.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Finally, Truist Financial cut their price target on shares of Stryker from $400.00 to $392.00 and set a “hold” rating for the company in a report on Thursday, December 18th. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $426.47.

Stryker Stock Down 0.8%

Stryker stock opened at $381.84 on Wednesday. Stryker Corporation has a fifty-two week low of $329.16 and a fifty-two week high of $404.87. The firm has a market capitalization of $146.13 billion, a price-to-earnings ratio of 45.46, a price-to-earnings-growth ratio of 2.25 and a beta of 0.87. The stock’s fifty day moving average is $361.24 and its two-hundred day moving average is $368.91. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.21 and a current ratio of 1.89.

Stryker (NYSE:SYK) last released its quarterly earnings data on Thursday, January 29th. The medical technology company reported $4.47 EPS for the quarter, topping the consensus estimate of $4.40 by $0.07. The business had revenue of $7.17 billion for the quarter, compared to analyst estimates of $7.12 billion. Stryker had a net margin of 12.92% and a return on equity of 24.41%. The business’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.01 EPS. Analysts predict that Stryker Corporation will post 13.47 EPS for the current fiscal year.

Stryker Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, March 31st. Stryker’s dividend payout ratio (DPR) is 41.90%.

About Stryker

Stryker Corporation is a global medical technology company that designs, manufactures and markets a broad range of products and services for use in hospitals, surgeons’ offices and other healthcare facilities. Its primary business activities span orthopedics (including joint replacement implants, trauma and extremities products), surgical equipment and operating room technologies (such as visualization, navigation and powered instruments), neurotechnology and spine solutions, and patient-handling and emergency medical equipment.