Miracle Mile Advisors LLC Makes New $308,000 Investment in Stryker Co. (NYSE:SYK)

Miracle Mile Advisors LLC purchased a new position in shares of Stryker Co. (NYSE:SYK) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 860 shares of the medical technology company’s stock, valued at approximately $308,000.

A number of other large investors have also modified their holdings of the company. Quadrature Capital Ltd acquired a new position in shares of Stryker during the third quarter worth approximately $1,467,000. Truist Financial Corp grew its stake in shares of Stryker by 16.3% in the third quarter. Truist Financial Corp now owns 132,369 shares of the medical technology company’s stock worth $36,172,000 after purchasing an additional 18,598 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Stryker by 17.5% during the third quarter. Advisors Asset Management Inc. now owns 20,107 shares of the medical technology company’s stock valued at $5,495,000 after purchasing an additional 2,998 shares during the period. Axxcess Wealth Management LLC acquired a new position in shares of Stryker during the third quarter valued at $340,000. Finally, Ameriprise Financial Inc. raised its stake in shares of Stryker by 14.4% during the third quarter. Ameriprise Financial Inc. now owns 1,547,683 shares of the medical technology company’s stock valued at $422,099,000 after purchasing an additional 194,715 shares in the last quarter. Institutional investors and hedge funds own 77.09% of the company’s stock.

Analysts Set New Price Targets

SYK has been the topic of several research analyst reports. Piper Sandler raised their target price on shares of Stryker from $375.00 to $380.00 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. The Goldman Sachs Group initiated coverage on shares of Stryker in a research note on Thursday, May 30th. They set a “neutral” rating and a $372.00 price objective on the stock. Wells Fargo & Company upped their target price on Stryker from $364.00 to $381.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Royal Bank of Canada lifted their price target on Stryker from $360.00 to $386.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. Finally, StockNews.com upgraded Stryker from a “hold” rating to a “buy” rating in a report on Tuesday, June 25th. Four investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $370.58.

Stryker Stock Down 1.1 %

Shares of NYSE:SYK opened at $336.50 on Tuesday. The firm has a 50 day simple moving average of $337.38 and a 200 day simple moving average of $333.91. Stryker Co. has a 52 week low of $249.98 and a 52 week high of $361.41. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.99 and a current ratio of 1.71. The company has a market cap of $128.19 billion, a PE ratio of 38.41, a price-to-earnings-growth ratio of 2.68 and a beta of 0.89.

Stryker (NYSE:SYK) last issued its earnings results on Tuesday, April 30th. The medical technology company reported $2.50 EPS for the quarter, topping the consensus estimate of $2.36 by $0.14. The business had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.10 billion. Stryker had a return on equity of 23.05% and a net margin of 16.03%. Stryker’s revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the firm posted $2.14 earnings per share. As a group, research analysts expect that Stryker Co. will post 11.95 earnings per share for the current year.

Stryker Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, June 28th will be given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend is Friday, June 28th. Stryker’s dividend payout ratio (DPR) is 36.53%.

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.