Contravisory Investment Management Inc. Grows Position in Stryker Co. (NYSE:SYK)

Contravisory Investment Management Inc. increased its holdings in shares of Stryker Co. (NYSE:SYK) by 0.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,944 shares of the medical technology company’s stock after acquiring an additional 33 shares during the quarter. Contravisory Investment Management Inc.’s holdings in Stryker were worth $7,901,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SYK. State Street Corp lifted its stake in Stryker by 2.2% in the 3rd quarter. State Street Corp now owns 14,582,959 shares of the medical technology company’s stock worth $5,279,788,000 after purchasing an additional 316,404 shares in the last quarter. FMR LLC boosted its stake in Stryker by 3.0% during the third quarter. FMR LLC now owns 7,306,994 shares of the medical technology company’s stock worth $2,639,725,000 after buying an additional 215,782 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Stryker by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 6,905,126 shares of the medical technology company’s stock worth $2,484,893,000 after acquiring an additional 165,490 shares during the last quarter. Clearbridge Investments LLC boosted its position in shares of Stryker by 2.9% during the 2nd quarter. Clearbridge Investments LLC now owns 2,323,452 shares of the medical technology company’s stock valued at $790,554,000 after acquiring an additional 66,482 shares during the last quarter. Finally, Parnassus Investments LLC purchased a new stake in shares of Stryker in the third quarter valued at about $762,798,000. 77.09% of the stock is currently owned by institutional investors and hedge funds.

Stryker Stock Up 1.5 %

SYK opened at $368.09 on Thursday. The stock has a market capitalization of $140.32 billion, a P/E ratio of 39.45, a price-to-earnings-growth ratio of 2.51 and a beta of 0.95. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.22 and a current ratio of 1.91. Stryker Co. has a one year low of $307.23 and a one year high of $398.20. The business’s 50-day simple moving average is $375.13 and its 200-day simple moving average is $358.25.

Stryker (NYSE:SYK) last released its quarterly earnings results on Tuesday, October 29th. The medical technology company reported $2.87 EPS for the quarter, beating the consensus estimate of $2.77 by $0.10. The firm had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.37 billion. Stryker had a net margin of 16.34% and a return on equity of 23.07%. Stryker’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.46 EPS. Analysts anticipate that Stryker Co. will post 12.06 EPS for the current year.

Stryker Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 0.91%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from Stryker’s previous quarterly dividend of $0.80. Stryker’s dividend payout ratio is 36.01%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $420.00 target price (up from $380.00) on shares of Stryker in a research note on Wednesday, October 30th. UBS Group upped their price target on Stryker from $366.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Wells Fargo & Company raised their price objective on Stryker from $405.00 to $427.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. StockNews.com raised shares of Stryker from a “hold” rating to a “buy” rating in a research report on Thursday, January 9th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $442.00 price target on shares of Stryker in a research report on Tuesday, January 7th. Four equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Stryker currently has an average rating of “Moderate Buy” and a consensus price target of $405.80.

Insider Buying and Selling

In related news, CEO Kevin Lobo sold 57,313 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $368.70, for a total value of $21,131,303.10. Following the completion of the sale, the chief executive officer now owns 100,027 shares in the company, valued at $36,879,954.90. This trade represents a 36.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 5.50% of the company’s stock.

Stryker Profile

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.