Diamond Hill Capital Management Inc. Makes New $241.84 Million Investment in Stryker Co. (NYSE:SYK)

Diamond Hill Capital Management Inc. acquired a new position in Stryker Co. (NYSE:SYK – Get Rating) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,194,040 shares of the medical technology company’s stock, valued at approximately $241,841,000. Diamond Hill Capital Management Inc. owned approximately 0.32% of Stryker as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. Fisher Asset Management LLC increased its position in Stryker by 4.6% during the 3rd quarter. Fisher Asset Management LLC now owns 3,576,824 shares of the medical technology company’s stock worth $724,450,000 after purchasing an additional 156,863 shares in the last quarter. Ontario Teachers Pension Plan Board boosted its stake in shares of Stryker by 22.9% during the 2nd quarter. Ontario Teachers Pension Plan Board now owns 2,554,244 shares of the medical technology company’s stock valued at $508,116,000 after buying an additional 476,512 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of Stryker by 2.2% during the 2nd quarter. Legal & General Group Plc now owns 2,484,857 shares of the medical technology company’s stock valued at $494,315,000 after buying an additional 53,790 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of Stryker by 8.8% during the 2nd quarter. Mackenzie Financial Corp now owns 2,309,931 shares of the medical technology company’s stock valued at $459,515,000 after buying an additional 186,134 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its stake in shares of Stryker by 664.0% during the 2nd quarter. Clearbridge Investments LLC now owns 2,199,253 shares of the medical technology company’s stock valued at $437,497,000 after buying an additional 1,911,376 shares during the last quarter. 77.10% of the stock is currently owned by hedge funds and other institutional investors.

Stryker Trading Up 0.1 %

Shares of SYK stock traded up $0.21 on Thursday, reaching $279.16. 515,673 shares of the stock were exchanged, compared to its average volume of 1,472,958. The stock has a market cap of $105.64 billion, a PE ratio of 45.21, a P/E/G ratio of 2.83 and a beta of 0.93. Stryker Co. has a one year low of $188.84 and a one year high of $282.19. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.04 and a quick ratio of 1.19. The stock has a 50 day moving average price of $246.81 and a 200 day moving average price of $225.74.

Stryker (NYSE:SYK – Get Rating) last released its quarterly earnings data on Tuesday, January 31st. The medical technology company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.84 by $0.16. The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $4.97 billion. Stryker had a return on equity of 22.70% and a net margin of 12.78%. The firm’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.71 earnings per share. Equities research analysts forecast that Stryker Co. will post 9.83 EPS for the current fiscal year.

Stryker Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 31st. Investors of record on Friday, December 30th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date of this dividend was Thursday, December 29th. This is an increase from Stryker’s previous quarterly dividend of $0.70. Stryker’s dividend payout ratio is currently 48.62%.

Analyst Upgrades and Downgrades

SYK has been the topic of several research reports. Morgan Stanley upped their price target on Stryker from $260.00 to $280.00 and gave the company an “equal weight” rating in a research report on Wednesday. Wells Fargo & Company increased their target price on Stryker from $281.00 to $285.00 and gave the stock an “overweight” rating in a research report on Wednesday. Evercore ISI increased their target price on Stryker to $265.00 in a research report on Tuesday, January 3rd. Jefferies Financial Group initiated coverage on Stryker in a research report on Wednesday, October 12th. They issued a “buy” rating and a $270.00 target price on the stock. Finally, BTIG Research raised their price target on Stryker from $268.00 to $281.00 and gave the company a “buy” rating in a report on Wednesday. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $271.32.

Insider Buying and Selling at Stryker

In other Stryker news, VP M Kathryn Fink sold 3,536 shares of the business’s stock in a transaction dated Monday, January 9th. The stock was sold at an average price of $260.00, for a total value of $919,360.00. Following the completion of the transaction, the vice president now directly owns 9,264 shares of the company’s stock, valued at $2,408,640. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Srikant M. Datar sold 1,000 shares of the company’s stock in a transaction dated Wednesday, December 7th. The stock was sold at an average price of $240.25, for a total transaction of $240,250.00. Following the completion of the transaction, the director now directly owns 6,262 shares of the company’s stock, valued at $1,504,445.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP M Kathryn Fink sold 3,536 shares of the company’s stock in a transaction dated Monday, January 9th. The stock was sold at an average price of $260.00, for a total value of $919,360.00. Following the transaction, the vice president now directly owns 9,264 shares of the company’s stock, valued at $2,408,640. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 79,139 shares of company stock valued at $19,150,115. Company insiders own 6.70% of the company’s stock.

Stryker Company Profile

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Stryker Corp. operates as a medical technology company. It operates through the following segments: Orthopaedics & Spine and MedSurg & Neurotechnology. The Orthopaedics & Spine segment provides implants for use in total joint replacements, such as hip, knee, and shoulder, and trauma and extremities surgeries.