Magellan Asset Management Ltd Has $264.69 Million Stock Holdings in Stryker Co. (NYSE:SYK)

Magellan Asset Management Ltd reduced its stake in Stryker Co. (NYSE:SYK) by 10.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 735,159 shares of the medical technology company’s stock after selling 87,639 shares during the period. Stryker comprises approximately 2.9% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 15th largest position. Magellan Asset Management Ltd owned 0.19% of Stryker worth $264,694,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Stryker by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 32,698,828 shares of the medical technology company’s stock valued at $11,773,213,000 after acquiring an additional 252,188 shares during the period. State Street Corp grew its stake in Stryker by 2.2% in the third quarter. State Street Corp now owns 14,582,959 shares of the medical technology company’s stock valued at $5,279,788,000 after acquiring an additional 316,404 shares during the period. Geode Capital Management LLC increased its stake in Stryker by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 7,073,562 shares of the medical technology company’s stock valued at $2,539,033,000 after purchasing an additional 168,436 shares in the last quarter. Norges Bank bought a new position in Stryker in the 4th quarter valued at about $1,710,744,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Stryker by 2.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,985,045 shares of the medical technology company’s stock valued at $714,715,000 after buying an additional 48,819 shares during the last quarter. Institutional investors own 77.09% of the company’s stock.

Insider Transactions at Stryker

In related news, Director Ronda E. Stryker sold 201,392 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $392.24, for a total value of $78,993,998.08. Following the sale, the director now directly owns 3,642,075 shares of the company’s stock, valued at $1,428,567,498. This represents a 5.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Allan C. Golston sold 2,458 shares of Stryker stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $383.07, for a total value of $941,586.06. Following the sale, the director now owns 14,895 shares of the company’s stock, valued at approximately $5,705,827.65. This trade represents a 14.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.50% of the company’s stock.

Wall Street Analyst Weigh In

SYK has been the subject of several analyst reports. Citigroup reiterated a “buy” rating and issued a $450.00 price objective on shares of Stryker in a research note on Wednesday, February 26th. Truist Financial upped their price objective on shares of Stryker from $409.00 to $413.00 and gave the company a “hold” rating in a report on Thursday, January 30th. Needham & Company LLC reiterated a “buy” rating and issued a $442.00 price target on shares of Stryker in a research report on Friday, March 21st. Canaccord Genuity Group raised their price target on shares of Stryker from $420.00 to $435.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Finally, JMP Securities restated a “market perform” rating on shares of Stryker in a research report on Tuesday, February 18th. Five equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $421.90.

Stryker Stock Up 1.2 %

Shares of NYSE:SYK opened at $377.82 on Thursday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.32 and a current ratio of 1.95. Stryker Co. has a 52-week low of $314.93 and a 52-week high of $406.19. The firm has a market capitalization of $144.21 billion, a P/E ratio of 48.69, a P/E/G ratio of 2.93 and a beta of 0.95. The stock has a 50 day moving average price of $383.16 and a 200-day moving average price of $374.45.

Stryker (NYSE:SYK) last posted its quarterly earnings data on Tuesday, January 28th. The medical technology company reported $4.01 earnings per share for the quarter, beating analysts’ consensus estimates of $3.87 by $0.14. Stryker had a return on equity of 23.58% and a net margin of 13.25%. During the same quarter last year, the firm posted $3.46 earnings per share. As a group, equities research analysts anticipate that Stryker Co. will post 13.47 EPS for the current fiscal year.

Stryker Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be paid a dividend of $0.84 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.36 annualized dividend and a yield of 0.89%. Stryker’s payout ratio is 43.30%.

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.