Stryker Co. (NYSE:SYK) Stake Boosted by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board increased its stake in Stryker Co. (NYSE:SYK) by 49.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 686,416 shares of the medical technology company’s stock after purchasing an additional 228,139 shares during the period. Canada Pension Plan Investment Board owned 0.18% of Stryker worth $233,553,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SYK. Burkett Financial Services LLC bought a new position in shares of Stryker during the fourth quarter worth about $25,000. Central Pacific Bank Trust Division acquired a new position in Stryker during the 1st quarter valued at about $39,000. DSM Capital Partners LLC acquired a new position in Stryker during the 4th quarter valued at about $34,000. Accent Capital Management LLC bought a new position in Stryker in the 4th quarter worth about $60,000. Finally, Sachetta LLC increased its stake in shares of Stryker by 16.3% in the second quarter. Sachetta LLC now owns 242 shares of the medical technology company’s stock valued at $80,000 after purchasing an additional 34 shares during the period. Institutional investors and hedge funds own 77.09% of the company’s stock.

Insider Activity

In related news, Director Ronda E. Stryker sold 190,000 shares of the firm’s stock in a transaction that occurred 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 directly owns 3,316,608 shares in the company, valued at $1,072,790,023.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Ronda E. Stryker sold 190,000 shares of the 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 $1,072,790,023.68. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Glenn S. Boehnlein sold 20,000 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer now owns 2,852 shares in the company, valued at approximately $949,716. The disclosure for this sale can be found here. Insiders have sold 220,068 shares of company stock worth $71,811,372 in the last 90 days. Company insiders own 5.90% of the company’s stock.

Analysts Set New Price Targets

SYK has been the subject of a number of recent analyst reports. Piper Sandler reissued an “overweight” rating and issued a $380.00 price objective on shares of Stryker in a report on Tuesday, September 10th. UBS Group increased their price target on Stryker from $351.00 to $366.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Royal Bank of Canada restated an “outperform” rating and set a $386.00 price objective on shares of Stryker in a research note on Wednesday, July 31st. Wolfe Research initiated coverage on shares of Stryker in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $405.00 target price for the company. Finally, Morgan Stanley boosted their price target on shares of Stryker from $345.00 to $350.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $378.58.

Stryker Stock Performance

Stryker stock opened at $364.97 on Friday. Stryker Co. has a fifty-two week low of $249.98 and a fifty-two week high of $374.63. The firm’s 50 day simple moving average is $344.61 and its 200-day simple moving average is $342.90. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.68 and a quick ratio of 0.95. The company has a market cap of $139.08 billion, a P/E ratio of 41.66, a price-to-earnings-growth ratio of 2.87 and a beta of 0.91.

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

Stryker Dividend Announcement

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

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.