Stryker Co. (NYSE:SYK) Position Lessened by Simplify Asset Management Inc.

Simplify Asset Management Inc. reduced its stake in shares of Stryker Co. (NYSE:SYK) by 78.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,104 shares of the medical technology company’s stock after selling 3,985 shares during the quarter. Simplify Asset Management Inc.’s holdings in Stryker were worth $376,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in SYK. Koshinski Asset Management Inc. bought a new stake in Stryker during the 1st quarter valued at $795,000. Envestnet Portfolio Solutions Inc. lifted its holdings in Stryker by 43.1% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 18,491 shares of the medical technology company’s stock worth $6,617,000 after purchasing an additional 5,565 shares during the period. Norden Group LLC bought a new position in Stryker in the 1st quarter valued at about $4,027,000. International Assets Investment Management LLC acquired a new position in Stryker during the 1st quarter valued at about $21,970,000. Finally, BI Asset Management Fondsmaeglerselskab A S raised its position in shares of Stryker by 38.5% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 19,796 shares of the medical technology company’s stock worth $7,084,000 after buying an additional 5,502 shares in the last quarter. Institutional investors own 77.09% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SYK. Barclays increased their price objective on shares of Stryker from $374.00 to $402.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. The Goldman Sachs Group started coverage on Stryker in a research report on Thursday, May 30th. They set a “neutral” rating and a $372.00 price target on the stock. Truist Financial decreased their target price on Stryker from $364.00 to $345.00 and set a “hold” rating for the company in a research note on Thursday, August 1st. Piper Sandler reiterated an “overweight” rating and issued a $380.00 price target on shares of Stryker in a research report on Tuesday, September 10th. Finally, Wolfe Research started coverage on shares of Stryker in a research report on Tuesday, September 10th. They set an “outperform” rating and a $405.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $378.58.

Stryker Price Performance

SYK opened at $364.97 on Friday. The stock has a market cap of $139.08 billion, a price-to-earnings ratio of 41.66, a PEG ratio of 2.87 and a beta of 0.91. Stryker Co. has a 1 year low of $249.98 and a 1 year high of $374.63. The stock has a fifty day moving average price of $344.61 and a 200 day moving average price of $342.90. The company has a current ratio of 1.68, a quick ratio of 0.95 and a debt-to-equity ratio of 0.51.

Stryker (NYSE:SYK) last announced its quarterly earnings data on Tuesday, July 30th. The medical technology company reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.79 by $0.02. The business had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.40 billion. Stryker had a net margin of 16.12% and a return on equity of 22.89%. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.54 earnings per share. Analysts forecast that Stryker Co. will post 12 EPS for the current fiscal year.

Stryker Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be issued a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date is Monday, September 30th. Stryker’s dividend payout ratio is currently 36.53%.

Insider Activity at Stryker

In other Stryker news, CFO Glenn S. Boehnlein sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $333.00, for a total transaction of $6,660,000.00. Following the completion of the transaction, the chief financial officer now owns 2,852 shares of the company’s stock, valued at approximately $949,716. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Ronda E. Stryker sold 190,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $323.46, for a total transaction of $61,457,400.00. Following the completion of the sale, the director now directly owns 3,316,608 shares in the company, valued at approximately $1,072,790,023.68. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Glenn S. Boehnlein sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $333.00, for a total transaction of $6,660,000.00. Following the completion of the sale, the chief financial officer now owns 2,852 shares in the company, valued at $949,716. The disclosure for this sale can be found here. Insiders have sold 220,068 shares of company stock worth $71,811,372 over the last ninety days. Company insiders own 5.90% of the company’s stock.

Stryker Company 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.