Kentucky Retirement Systems Grows Position in Stryker Corporation $SYK

Kentucky Retirement Systems boosted its position in shares of Stryker Corporation (NYSE:SYK) by 12.8% in the first quarter, Holdings Channel.com reports. The institutional investor owned 24,369 shares of the medical technology company’s stock after acquiring an additional 2,758 shares during the period. Kentucky Retirement Systems’ holdings in Stryker were worth $8,007,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Chesapeake Wealth Management raised its position in shares of Stryker by 6.6% during the 1st quarter. Chesapeake Wealth Management now owns 1,447 shares of the medical technology company’s stock valued at $475,000 after buying an additional 90 shares in the last quarter. Bull Harbor Capital LLC purchased a new position in shares of Stryker in the 1st quarter worth approximately $585,000. Strategic Investment Advisors MI bought a new position in shares of Stryker during the 1st quarter valued at approximately $122,000. Arkadios Wealth Advisors raised its holdings in Stryker by 5.1% during the 1st quarter. Arkadios Wealth Advisors now owns 6,773 shares of the medical technology company’s stock valued at $2,226,000 after buying an additional 330 shares during the period. Finally, Sunbelt Securities Inc. lifted its position in Stryker by 57.5% in the first quarter. Sunbelt Securities Inc. now owns 660 shares of the medical technology company’s stock worth $217,000 after buying an additional 241 shares during the last quarter. 77.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on SYK. Evercore set a $350.00 price target on shares of Stryker in a research note on Monday, July 6th. BMO Capital Markets initiated coverage on Stryker in a research note on Wednesday, July 8th. They set an “outperform” rating and a $369.00 target price on the stock. Citigroup decreased their price target on Stryker from $420.00 to $385.00 and set a “buy” rating for the company in a research note on Tuesday, April 7th. Canaccord Genuity Group reduced their target price on Stryker from $435.00 to $400.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Finally, Truist Financial restated a “hold” rating and set a $330.00 price target (down from $380.00) on shares of Stryker in a research note on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $393.39.

Insiders Place Their Bets

In related news, VP M Kathryn Fink sold 5,220 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $283.85, for a total transaction of $1,481,697.00. Following the completion of the sale, the vice president directly owned 13,137 shares in the company, valued at approximately $3,728,937.45. The trade was a 28.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ronda E. Stryker sold 310,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $312.23, for a total value of $96,791,300.00. Following the completion of the sale, the director directly owned 1,924,880 shares of the company’s stock, valued at approximately $601,005,282.40. This represents a 13.87% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 323,264 shares of company stock valued at $100,659,489. 4.60% of the stock is owned by insiders.

Stryker Price Performance

SYK opened at $352.35 on Thursday. The firm has a market capitalization of $135.08 billion, a PE ratio of 40.78, a price-to-earnings-growth ratio of 2.22 and a beta of 0.77. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.11 and a quick ratio of 1.25. The business’s 50-day moving average is $316.38 and its two-hundred day moving average is $335.11. Stryker Corporation has a 1 year low of $281.00 and a 1 year high of $403.22.

Stryker (NYSE:SYK) last posted its earnings results on Thursday, April 30th. The medical technology company reported $2.60 EPS for the quarter, missing analysts’ consensus estimates of $2.98 by ($0.38). Stryker had a net margin of 13.20% and a return on equity of 23.42%. The firm had revenue of $6.02 billion for the quarter, compared to analysts’ expectations of $6.34 billion. During the same period in the previous year, the company earned $2.84 EPS. The company’s revenue was up 2.6% on a year-over-year basis. Research analysts anticipate that Stryker Corporation will post 14.99 earnings per share for the current fiscal year.

Stryker Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Tuesday, June 30th will be given a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, June 30th. Stryker’s dividend payout ratio is presently 40.74%.

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.