Confluence Investment Management LLC Sells 6,438 Shares of Stryker Co. (NYSE:SYK)

Confluence Investment Management LLC lowered its stake in shares of Stryker Co. (NYSE:SYK) by 2.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 245,423 shares of the medical technology company’s stock after selling 6,438 shares during the period. Confluence Investment Management LLC’s holdings in Stryker were worth $88,365,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Parnassus Investments LLC acquired a new stake in Stryker in the 3rd quarter valued at about $762,798,000. Baltimore Washington Financial Advisors Inc. boosted its stake in shares of Stryker by 2.4% during the 3rd quarter. Baltimore Washington Financial Advisors Inc. now owns 66,681 shares of the medical technology company’s stock worth $24,089,000 after acquiring an additional 1,554 shares during the period. Sivik Global Healthcare LLC increased its holdings in shares of Stryker by 8.0% during the 3rd quarter. Sivik Global Healthcare LLC now owns 27,000 shares of the medical technology company’s stock worth $9,754,000 after acquiring an additional 2,000 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in Stryker by 2.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 618,041 shares of the medical technology company’s stock valued at $210,289,000 after acquiring an additional 16,504 shares during the period. Finally, Fiera Capital Corp lifted its holdings in Stryker by 42.1% during the 2nd quarter. Fiera Capital Corp now owns 16,713 shares of the medical technology company’s stock valued at $5,687,000 after purchasing an additional 4,948 shares during the last quarter. Institutional investors and hedge funds own 77.09% of the company’s stock.

Insider Buying and Selling

In other Stryker news, CEO Kevin Lobo sold 57,313 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $368.70, for a total value of $21,131,303.10. Following the completion of the transaction, the chief executive officer now directly owns 100,027 shares in the company, valued at approximately $36,879,954.90. This trade represents a 36.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.90% of the stock is owned by corporate insiders.

Stryker Price Performance

NYSE SYK traded down $1.83 on Thursday, hitting $358.22. 147,714 shares of the company’s stock were exchanged, compared to its average volume of 1,259,607. The stock has a 50-day moving average of $375.08 and a 200-day moving average of $356.95. The stock has a market cap of $136.56 billion, a price-to-earnings ratio of 38.39, a P/E/G ratio of 2.82 and a beta of 0.94. Stryker Co. has a 52 week low of $292.43 and a 52 week high of $398.20. The company has a current ratio of 1.91, a quick ratio of 1.22 and a debt-to-equity ratio of 0.66.

Stryker (NYSE:SYK) last announced its quarterly earnings data on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share for the quarter, topping the consensus estimate of $2.77 by $0.10. Stryker had a return on equity of 23.07% and a net margin of 16.34%. The business had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the prior year, the company earned $2.46 EPS. Stryker’s revenue for the quarter was up 11.9% on a year-over-year basis. Analysts expect that Stryker Co. will post 12.06 earnings per share for the current year.

Stryker Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be issued a dividend of $0.84 per share. The ex-dividend date is Tuesday, December 31st. This is a positive change from Stryker’s previous quarterly dividend of $0.80. This represents a $3.36 annualized dividend and a dividend yield of 0.94%. Stryker’s payout ratio is 36.01%.

Analyst Ratings Changes

Several equities analysts have commented on SYK shares. Barclays upped their price objective on shares of Stryker from $402.00 to $418.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Royal Bank of Canada restated an “outperform” rating and set a $425.00 price objective (up previously from $400.00) on shares of Stryker in a report on Wednesday, December 11th. Evercore ISI increased their target price on Stryker from $380.00 to $384.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Citigroup boosted their price target on Stryker from $411.00 to $450.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Finally, Piper Sandler reiterated an “overweight” rating and set a $420.00 price objective (up previously from $380.00) on shares of Stryker in a research report on Wednesday, October 30th. Four analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, Stryker currently has a consensus rating of “Moderate Buy” and an average target price of $405.80.

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.