Arrow Financial Corp reduced its holdings in shares of Stryker Co. (NYSE:SYK) by 1.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 23,918 shares of the medical technology company’s stock after selling 468 shares during the period. Stryker comprises 1.1% of Arrow Financial Corp’s portfolio, making the stock its 22nd biggest position. Arrow Financial Corp’s holdings in Stryker were worth $5,173,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of SYK. Vanguard Group Inc. increased its holdings in Stryker by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 26,735,288 shares of the medical technology company’s stock worth $5,496,241,000 after purchasing an additional 555,327 shares during the period. Northern Trust Corp increased its holdings in Stryker by 0.5% during the 2nd quarter. Northern Trust Corp now owns 3,922,830 shares of the medical technology company’s stock worth $806,455,000 after purchasing an additional 19,248 shares during the period. Nuveen Asset Management LLC increased its holdings in Stryker by 20,218.6% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,596,110 shares of the medical technology company’s stock worth $533,708,000 after purchasing an additional 2,583,333 shares during the period. Morgan Stanley increased its holdings in Stryker by 3.4% during the 2nd quarter. Morgan Stanley now owns 1,826,762 shares of the medical technology company’s stock worth $375,547,000 after purchasing an additional 59,305 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Stryker by 3.4% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,357,591 shares of the medical technology company’s stock worth $279,094,000 after purchasing an additional 44,907 shares during the period. 73.03% of the stock is owned by hedge funds and other institutional investors.
In other Stryker news, Director Allan C. Golston sold 3,399 shares of Stryker stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $209.84, for a total transaction of $713,246.16. Following the completion of the sale, the director now owns 13,762 shares of the company’s stock, valued at approximately $2,887,818.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Glenn S. Boehnlein sold 2,700 shares of Stryker stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $214.16, for a total value of $578,232.00. Following the sale, the chief financial officer now directly owns 20,633 shares of the company’s stock, valued at approximately $4,418,763.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,637 shares of company stock worth $11,280,427. 7.20% of the stock is owned by company insiders.
SYK stock traded up $2.10 on Monday, hitting $213.72. 1,754,163 shares of the company’s stock were exchanged, compared to its average volume of 1,180,310. Stryker Co. has a 12-month low of $144.75 and a 12-month high of $223.45. The firm has a 50 day moving average price of $215.73 and a two-hundred day moving average price of $204.26. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.26 and a current ratio of 2.07. The stock has a market cap of $79.09 billion, a P/E ratio of 29.24, a price-to-earnings-growth ratio of 2.56 and a beta of 0.81.
Stryker (NYSE:SYK) last announced its earnings results on Thursday, July 25th. The medical technology company reported $1.98 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.93 by $0.05. Stryker had a return on equity of 25.98% and a net margin of 24.99%. The firm had revenue of $3.65 billion for the quarter, compared to the consensus estimate of $3.60 billion. During the same period in the previous year, the business earned $1.76 EPS. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. Sell-side analysts expect that Stryker Co. will post 8.21 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.08 annualized dividend and a yield of 0.97%. Stryker’s dividend payout ratio (DPR) is 28.45%.
A number of research analysts have recently issued reports on SYK shares. Cantor Fitzgerald lifted their price target on Stryker from $190.00 to $230.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Zacks Investment Research upgraded Stryker from a “hold” rating to a “buy” rating and set a $225.00 price target on the stock in a report on Monday, July 29th. Morgan Stanley lifted their price target on Stryker from $218.00 to $230.00 and gave the company an “overweight” rating in a report on Tuesday, July 16th. Svb Leerink reiterated an “outperform” rating on shares of Stryker in a report on Wednesday, July 10th. Finally, Robert W. Baird lifted their price target on Stryker from $206.00 to $239.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Six analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Stryker currently has a consensus rating of “Buy” and a consensus price target of $214.89.
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 devices for use in various medical specialties.
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