Montag & Caldwell LLC Sells 13,346 Shares of Stryker Co. (NYSE:SYK)

Montag & Caldwell LLC trimmed its position in shares of Stryker Co. (NYSE:SYK) by 23.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 44,509 shares of the medical technology company’s stock after selling 13,346 shares during the quarter. Stryker accounts for approximately 3.1% of Montag & Caldwell LLC’s portfolio, making the stock its 13th largest holding. Montag & Caldwell LLC’s holdings in Stryker were worth $15,144,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in SYK. Citizens Financial Group Inc. RI lifted its holdings in Stryker by 1,893.7% during the second quarter. Citizens Financial Group Inc. RI now owns 50,640 shares of the medical technology company’s stock worth $17,230,000 after acquiring an additional 48,100 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Stryker by 14.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 786,832 shares of the medical technology company’s stock worth $267,725,000 after purchasing an additional 97,160 shares during the period. Angeles Investment Advisors LLC boosted its holdings in shares of Stryker by 46.9% in the 2nd quarter. Angeles Investment Advisors LLC now owns 1,149 shares of the medical technology company’s stock worth $391,000 after buying an additional 367 shares during the last quarter. Marble Harbor Investment Counsel LLC grew its position in Stryker by 1.4% during the second quarter. Marble Harbor Investment Counsel LLC now owns 27,860 shares of the medical technology company’s stock valued at $9,479,000 after buying an additional 375 shares during the period. Finally, Brown Brothers Harriman & Co. raised its position in Stryker by 1.2% in the second quarter. Brown Brothers Harriman & Co. now owns 5,521 shares of the medical technology company’s stock worth $1,879,000 after acquiring an additional 66 shares during the period. Institutional investors own 77.09% of the company’s stock.

Insider Buying and Selling

In other Stryker news, Director Ronda E. Stryker sold 190,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $323.46, for a total value of $61,457,400.00. Following the sale, the director now owns 3,316,608 shares of the company’s stock, valued at approximately $1,072,790,023.68. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CFO Glenn S. Boehnlein sold 20,000 shares of Stryker stock in a transaction that occurred 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 in the company, valued at approximately $949,716. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Ronda E. Stryker sold 190,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $1,072,790,023.68. The disclosure for this sale can be found here. Insiders have sold a total of 210,600 shares of company stock valued at $68,330,400 over the last three months. 5.90% of the stock is owned by company insiders.

Stryker Price Performance

SYK stock opened at $370.25 on Monday. 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 firm’s fifty day moving average is $342.26 and its 200 day moving average is $342.37. Stryker Co. has a 52 week low of $249.98 and a 52 week high of $374.24. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.95 and a current ratio of 1.68.

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

Stryker Announces Dividend

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Wolfe Research initiated coverage on shares of Stryker in a research note on Tuesday, September 10th. They set an “outperform” rating and a $405.00 price target for the company. Barclays lifted their price objective on Stryker from $374.00 to $402.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Royal Bank of Canada reiterated an “outperform” rating and issued a $386.00 target price on shares of Stryker in a research note on Wednesday, July 31st. BTIG Research upped their price target 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. Finally, Piper Sandler reiterated an “overweight” rating and issued a $380.00 price objective on shares of Stryker in a research note on Tuesday, September 10th. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, Stryker presently has a consensus rating of “Moderate Buy” and a consensus target price of $378.58.

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.