Granite Investment Partners LLC Has $15.96 Million Stake in Stryker Co. (NYSE:SYK)

Granite Investment Partners LLC trimmed its stake in shares of Stryker Co. (NYSE:SYK) by 2.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 46,908 shares of the medical technology company’s stock after selling 1,006 shares during the period. Granite Investment Partners LLC’s holdings in Stryker were worth $15,960,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Burkett Financial Services LLC acquired a new position in shares of Stryker during the fourth quarter worth approximately $25,000. DSM Capital Partners LLC bought a new stake in shares of Stryker during the fourth quarter worth approximately $34,000. Central Pacific Bank Trust Division bought a new stake in shares of Stryker during the first quarter worth approximately $39,000. Accent Capital Management LLC bought a new stake in shares of Stryker during the fourth quarter worth approximately $60,000. Finally, Sachetta LLC raised its stake in shares of Stryker by 16.3% during the second quarter. Sachetta LLC now owns 242 shares of the medical technology company’s stock worth $80,000 after buying an additional 34 shares during the last quarter. 77.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SYK has been the subject of a number of recent research reports. Evercore ISI dropped their price target on shares of Stryker from $370.00 to $365.00 and set an “outperform” rating for the company in a research note on Tuesday, July 2nd. Stifel Nicolaus dropped their price target on shares of Stryker from $375.00 to $365.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Royal Bank of Canada reissued an “outperform” rating and set a $386.00 price target on shares of Stryker in a research note on Wednesday, July 31st. Wolfe Research began coverage on shares of Stryker in a research note on Tuesday, September 10th. They set an “outperform” rating and a $405.00 price target for the company. Finally, Barclays upped their target price on shares of Stryker from $374.00 to $402.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Stryker currently has an average rating of “Moderate Buy” and a consensus price target of $378.58.

Stryker Stock Up 1.0 %

Shares of SYK stock opened at $364.97 on Friday. The firm has a fifty day moving average of $344.61 and a 200-day moving average of $342.90. The company has a quick ratio of 0.95, a current ratio of 1.68 and a debt-to-equity ratio of 0.51. Stryker Co. has a 12-month low of $249.98 and a 12-month high of $374.63. The company has a market capitalization of $139.08 billion, a price-to-earnings ratio of 41.66, a P/E/G ratio of 2.87 and a beta of 0.91.

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

Stryker Dividend Announcement

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

Insider Buying and Selling

In related news, Director Ronda E. Stryker sold 190,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $323.46, for a total transaction of $61,457,400.00. Following the completion of the transaction, the director now owns 3,316,608 shares in the company, valued at $1,072,790,023.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Stryker news, CFO Glenn S. Boehnlein sold 20,000 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $333.00, for a total value 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 sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Ronda E. Stryker sold 190,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were 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 owns 3,316,608 shares of the company’s stock, valued at approximately $1,072,790,023.68. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 220,068 shares of company stock worth $71,811,372. 5.90% of the stock is owned by insiders.

About Stryker

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.