Avantax Planning Partners Inc. reduced its holdings in Stryker Co. (NYSE:SYK) by 19.0% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,631 shares of the medical technology company’s stock after selling 382 shares during the quarter. Avantax Planning Partners Inc.’s holdings in Stryker were worth $424,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the stock. Connors Investor Services Inc. acquired a new position in Stryker in the second quarter valued at $14,270,000. Pinnacle Wealth Management Group Inc. acquired a new position in Stryker in the second quarter valued at $531,000. Capital Advisors Ltd. LLC acquired a new position in Stryker in the second quarter valued at $208,000. Empirical Finance LLC grew its position in Stryker by 16.3% during the second quarter. Empirical Finance LLC now owns 3,846 shares of the medical technology company’s stock valued at $999,000 after acquiring an additional 538 shares during the period. Finally, Ethic Inc. grew its position in Stryker by 36.2% during the second quarter. Ethic Inc. now owns 1,166 shares of the medical technology company’s stock valued at $303,000 after acquiring an additional 310 shares during the period. Hedge funds and other institutional investors own 72.58% of the company’s stock.
A number of equities research analysts have issued reports on the company. Needham & Company LLC reissued a “hold” rating on shares of Stryker in a research report on Wednesday, July 28th. Barclays assumed coverage on Stryker in a research report on Monday, May 24th. They set an “underweight” rating and a $280.00 price target for the company. Argus boosted their price target on Stryker from $280.00 to $320.00 and gave the company a “buy” rating in a research report on Thursday, July 29th. SVB Leerink upped their target price on Stryker from $290.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 28th. Finally, Piper Sandler upped their target price on Stryker from $250.00 to $255.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 28th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $287.18.
Stryker (NYSE:SYK) last announced its quarterly earnings results on Monday, July 26th. The medical technology company reported $2.25 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $0.13. The business had revenue of $4.29 billion for the quarter, compared to analysts’ expectations of $4.14 billion. Stryker had a return on equity of 26.08% and a net margin of 12.82%. The business’s quarterly revenue was up 55.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.64 EPS. Sell-side analysts predict that Stryker Co. will post 9.35 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 29th. Investors of record on Thursday, September 30th will be given a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 0.92%. The ex-dividend date is Wednesday, September 29th. Stryker’s dividend payout ratio is currently 33.92%.
In other Stryker news, VP Robert S. Fletcher sold 1,120 shares of the stock in a transaction on Thursday, August 5th. The stock was sold at an average price of $261.10, for a total transaction of $292,432.00. Following the completion of the transaction, the vice president now directly owns 4,533 shares of the company’s stock, valued at approximately $1,183,566.30. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ronda E. Stryker sold 150,000 shares of the firm’s stock in a transaction on Friday, August 6th. The stock was sold at an average price of $262.26, for a total value of $39,339,000.00. The disclosure for this sale can be found here. 6.70% of the stock is owned by company insiders.
Stryker Corp. engages in the provision of medical technology products and services. It operates through the following segments: Orthopaedics, MedSurg, and Neurotechnology & Spine. The Orthopaedics segment provides reconstructive and trauma implant systems. The MedSurg segment deals with surgical equipment and navigation systems, endoscopy, patient handling and reprocessed medical devices.
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