Investment Partners Asset Management Inc. Makes New Investment in Stryker Co. (NYSE:SYK)

Investment Partners Asset Management Inc. bought a new position in shares of Stryker Co. (NYSE:SYK) in the 1st quarter, HoldingsChannel reports. The fund bought 655 shares of the medical technology company’s stock, valued at approximately $234,000.

Other hedge funds also recently bought and sold shares of the company. Carnegie Capital Asset Management LLC boosted its stake in Stryker by 0.5% during the fourth quarter. Carnegie Capital Asset Management LLC now owns 96,241 shares of the medical technology company’s stock worth $28,820,000 after buying an additional 497 shares during the period. Atlantic Edge Private Wealth Management LLC purchased a new position in shares of Stryker in the fourth quarter valued at approximately $1,561,000. CoreCap Advisors LLC boosted its stake in shares of Stryker by 3.9% in the fourth quarter. CoreCap Advisors LLC now owns 5,030 shares of the medical technology company’s stock valued at $1,506,000 after purchasing an additional 191 shares during the period. Consolidated Planning Corp purchased a new position in shares of Stryker in the fourth quarter valued at approximately $205,000. Finally, Meritage Portfolio Management purchased a new position in shares of Stryker in the fourth quarter valued at approximately $569,000. Hedge funds and other institutional investors own 77.09% of the company’s stock.

Stryker Stock Down 0.1 %

SYK stock traded down $0.18 during midday trading on Thursday, reaching $340.33. 278,203 shares of the company were exchanged, compared to its average volume of 1,307,372. The stock’s 50-day simple moving average is $336.82 and its 200 day simple moving average is $333.01. The company has a market cap of $129.65 billion, a price-to-earnings ratio of 38.99, a price-to-earnings-growth ratio of 2.67 and a beta of 0.92. Stryker Co. has a 1-year low of $249.98 and a 1-year 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.

Stryker (NYSE:SYK) last announced its earnings results on Tuesday, April 30th. The medical technology company reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. The business had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.10 billion. Stryker had a net margin of 16.03% and a return on equity of 23.05%. The company’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.14 EPS. On average, equities analysts forecast that Stryker Co. will post 11.95 earnings per share for the current year.

Stryker Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be paid a $0.80 dividend. The ex-dividend date is Friday, June 28th. This represents a $3.20 annualized dividend and a yield of 0.94%. Stryker’s dividend payout ratio is currently 36.53%.

Analysts Set New Price Targets

SYK has been the subject of several recent research reports. Citigroup raised their price objective on shares of Stryker from $362.00 to $406.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. Roth Mkm lifted their price target on shares of Stryker from $348.00 to $405.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Barclays lifted their price target on shares of Stryker from $372.00 to $376.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. Needham & Company LLC upgraded shares of Stryker from a “hold” rating to a “buy” rating and set a $392.00 price target for the company in a research note on Wednesday, May 22nd. Finally, UBS Group lifted their price target on shares of Stryker from $339.00 to $351.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Four analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, Stryker has a consensus rating of “Moderate Buy” and a consensus target price of $370.58.

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.