Carnegie Investment Counsel Sells 2,743 Shares of Stryker Co. (NYSE:SYK)

Carnegie Investment Counsel decreased its stake in shares of Stryker Co. (NYSE:SYK) by 2.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 112,453 shares of the medical technology company’s stock after selling 2,743 shares during the quarter. Stryker comprises about 1.2% of Carnegie Investment Counsel’s portfolio, making the stock its 15th largest holding. Carnegie Investment Counsel’s holdings in Stryker were worth $40,624,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of SYK. Koshinski Asset Management Inc. purchased a new stake in shares of Stryker in the first quarter worth about $795,000. Envestnet Portfolio Solutions Inc. boosted its position in shares of Stryker by 43.1% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 18,491 shares of the medical technology company’s stock valued at $6,617,000 after acquiring an additional 5,565 shares during the last quarter. Norden Group LLC purchased a new position in shares of Stryker in the first quarter valued at $4,027,000. International Assets Investment Management LLC bought a new stake in Stryker in the first quarter worth $21,970,000. Finally, BI Asset Management Fondsmaeglerselskab A S raised its stake in Stryker by 38.5% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 19,796 shares of the medical technology company’s stock valued at $7,084,000 after purchasing an additional 5,502 shares in the last quarter. Hedge funds and other institutional investors own 77.09% of the company’s stock.

Stryker Stock Performance

Shares of SYK stock opened at $355.60 on Friday. The company’s 50 day moving average is $351.84 and its 200 day moving average is $343.05. The company has a quick ratio of 0.95, a current ratio of 1.68 and a debt-to-equity ratio of 0.51. The firm has a market cap of $135.47 billion, a price-to-earnings ratio of 40.59, a PEG ratio of 2.73 and a beta of 0.91. Stryker Co. has a 52-week low of $249.98 and a 52-week high of $374.63.

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

Stryker Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors 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 dividend yield of 0.90%. Stryker’s dividend payout ratio (DPR) is presently 36.53%.

Insider Buying and Selling at Stryker

In other news, CFO Glenn S. Boehnlein sold 20,000 shares of the stock in a transaction 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 sale, the chief financial officer now owns 2,852 shares in the company, valued at approximately $949,716. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 shares were sold at an average price of $333.00, for a total transaction of $6,660,000.00. Following the transaction, the chief financial officer now owns 2,852 shares in the company, valued at approximately $949,716. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ronda E. Stryker sold 190,000 shares of Stryker 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 sale, the director now owns 3,316,608 shares of the company’s stock, valued at $1,072,790,023.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 220,068 shares of company stock worth $71,811,372 over the last three months. Corporate insiders own 5.90% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on SYK shares. Royal Bank of Canada restated an “outperform” rating and issued a $386.00 target price on shares of Stryker in a report on Wednesday, July 31st. Truist Financial dropped their target price on Stryker from $364.00 to $345.00 and set a “hold” rating for the company in a report on Thursday, August 1st. Evercore ISI increased their price target on Stryker from $365.00 to $380.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Needham & Company LLC lifted their price objective on shares of Stryker from $392.00 to $393.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Stifel Nicolaus reduced their target price on shares of Stryker from $375.00 to $365.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Four analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $379.37.

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.