Seven Mile Advisory Raises Holdings in Stryker Co. (NYSE:SYK)

Seven Mile Advisory raised its position in shares of Stryker Co. (NYSE:SYK) by 11.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 722 shares of the medical technology company’s stock after acquiring an additional 73 shares during the period. Seven Mile Advisory’s holdings in Stryker were worth $246,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Stryker during the 4th quarter worth approximately $1,260,562,000. Global Assets Advisory LLC acquired a new stake in shares of Stryker in the first quarter worth $341,049,000. JPMorgan Chase & Co. raised its stake in shares of Stryker by 10.4% in the 1st quarter. JPMorgan Chase & Co. now owns 8,651,403 shares of the medical technology company’s stock valued at $3,096,078,000 after acquiring an additional 813,311 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Stryker by 5.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,541,845 shares of the medical technology company’s stock valued at $3,755,782,000 after acquiring an additional 642,178 shares in the last quarter. Finally, 1832 Asset Management L.P. boosted its position in Stryker by 146.9% during the 1st quarter. 1832 Asset Management L.P. now owns 878,669 shares of the medical technology company’s stock worth $314,449,000 after purchasing an additional 522,817 shares during the period. 77.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Stryker 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 value of $6,660,000.00. Following the sale, the chief financial officer now directly owns 2,852 shares of the company’s stock, valued at $949,716. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Stryker news, CFO Glenn S. Boehnlein sold 20,000 shares of the company’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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, 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 owns 3,316,608 shares in the company, valued at approximately $1,072,790,023.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 210,600 shares of company stock valued at $68,330,400. Insiders own 5.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on SYK shares. Piper Sandler reissued an “overweight” rating and issued a $380.00 price objective on shares of Stryker in a research report on Tuesday, September 10th. Needham & Company LLC upped their price target on Stryker from $392.00 to $393.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. BTIG Research lifted their price objective on shares of Stryker from $360.00 to $374.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Morgan Stanley upped their target price on shares of Stryker from $345.00 to $350.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Finally, Evercore ISI dropped their price target on shares of Stryker from $370.00 to $365.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 2nd. Four equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Stryker currently has a consensus rating of “Moderate Buy” and a consensus price target of $378.58.

Stryker Stock Performance

SYK stock opened at $370.25 on Friday. The firm has a market cap of $141.09 billion, a P/E ratio of 42.27, a P/E/G ratio of 2.84 and a beta of 0.91. The stock’s 50 day simple moving average is $342.26 and its 200 day simple moving average is $342.44. The company has a current ratio of 1.68, a quick ratio of 0.95 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 $374.24.

Stryker (NYSE:SYK) last posted its quarterly earnings results on Tuesday, July 30th. The medical technology company reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $5.40 billion. During the same period last year, the firm posted $2.54 EPS. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. As a group, equities research analysts predict that Stryker Co. will post 12 EPS for the current year.

Stryker Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date is Monday, September 30th. Stryker’s payout ratio is 36.53%.

Stryker 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.