Stryker Co. (NYSE:SYK) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its holdings in Stryker Co. (NYSE:SYK) by 12.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 94,664 shares of the medical technology company’s stock after selling 13,567 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Stryker were worth $32,209,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. St. Johns Investment Management Company LLC grew its position in Stryker by 2.1% during the second quarter. St. Johns Investment Management Company LLC now owns 5,129 shares of the medical technology company’s stock valued at $1,745,000 after buying an additional 107 shares during the period. SlateStone Wealth LLC acquired a new stake in Stryker during the second quarter valued at $684,000. Bailard Inc. grew its position in Stryker by 127.5% during the second quarter. Bailard Inc. now owns 25,264 shares of the medical technology company’s stock valued at $8,596,000 after buying an additional 14,157 shares during the period. Verdence Capital Advisors LLC grew its position in Stryker by 20.6% during the second quarter. Verdence Capital Advisors LLC now owns 1,353 shares of the medical technology company’s stock valued at $460,000 after buying an additional 231 shares during the period. Finally, Catalyst Financial Partners LLC grew its position in Stryker by 5.3% during the second quarter. Catalyst Financial Partners LLC now owns 1,402 shares of the medical technology company’s stock valued at $477,000 after buying an additional 70 shares during the period. Institutional investors and hedge funds own 77.09% of the company’s stock.

Insider Buying and Selling

In related news, CFO Glenn S. Boehnlein sold 20,000 shares of Stryker stock in a transaction that occurred 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 transaction, the chief financial officer now owns 2,852 shares in the company, valued at $949,716. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Glenn S. Boehnlein sold 20,000 shares of the business’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 approximately $949,716. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Viju Menon sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $355.00, for a total transaction of $213,000.00. Following the sale, the insider now owns 9,069 shares of the company’s stock, valued at approximately $3,219,495. The disclosure for this sale can be found here. Insiders sold 210,600 shares of company stock worth $68,330,400 over the last 90 days. 5.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on SYK shares. Morgan Stanley raised their price target on shares of Stryker from $345.00 to $350.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Evercore ISI decreased their price objective on shares of Stryker from $370.00 to $365.00 and set an “outperform” rating on the stock in a report on Tuesday, July 2nd. UBS Group increased their price objective on shares of Stryker from $351.00 to $366.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $386.00 price objective on shares of Stryker in a report on Wednesday, July 31st. Finally, StockNews.com raised shares of Stryker from a “hold” rating to a “buy” rating in a report on Thursday, July 11th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $373.11.

Stryker Price Performance

Shares of SYK opened at $358.51 on Wednesday. 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 stock has a market cap of $136.62 billion, a PE ratio of 40.93, a P/E/G ratio of 2.74 and a beta of 0.89. The firm has a 50-day simple moving average of $336.10 and a two-hundred day simple moving average of $341.09. Stryker Co. has a 1-year low of $249.98 and a 1-year high of $361.41.

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

Stryker Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be paid a $0.80 dividend. The ex-dividend date is Monday, September 30th. This represents a $3.20 dividend on an annualized basis and a yield of 0.89%. Stryker’s dividend payout ratio is currently 36.53%.

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.