State of Michigan Retirement System Decreases Stock Position in Stryker Corporation $SYK

State of Michigan Retirement System decreased its holdings in shares of Stryker Corporation (NYSE:SYK) by 3.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 90,099 shares of the medical technology company’s stock after selling 3,000 shares during the period. State of Michigan Retirement System’s holdings in Stryker were worth $31,667,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. United Financial Planning Group LLC purchased a new position in shares of Stryker in the 3rd quarter valued at approximately $27,000. Strive Asset Management LLC purchased a new stake in Stryker during the 3rd quarter worth approximately $30,000. ANTIPODES PARTNERS Ltd acquired a new position in Stryker during the 3rd quarter valued at approximately $34,000. Copia Wealth Management increased its stake in Stryker by 181.6% during the 3rd quarter. Copia Wealth Management now owns 107 shares of the medical technology company’s stock valued at $40,000 after purchasing an additional 69 shares in the last quarter. Finally, WPG Advisers LLC raised its holdings in shares of Stryker by 156.8% in the third quarter. WPG Advisers LLC now owns 113 shares of the medical technology company’s stock worth $42,000 after buying an additional 69 shares during the last quarter. Institutional investors and hedge funds own 77.09% of the company’s stock.

Insider Activity

In other news, Director Ronda E. Stryker sold 250,000 shares of the company’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $362.92, for a total value of $90,730,000.00. Following the sale, the director owned 2,457,331 shares in the company, valued at $891,814,566.52. This represents a 9.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SYK. Citigroup dropped their price objective on shares of Stryker from $420.00 to $385.00 and set a “buy” rating on the stock in a report on Tuesday, April 7th. Leerink Partners assumed coverage on Stryker in a research note on Monday, April 13th. They issued an “outperform” rating and a $410.00 target price for the company. Evercore set a $390.00 price target on Stryker in a research report on Monday, January 5th. TD Cowen downgraded Stryker from a “buy” rating to a “hold” rating and set a $387.00 price target on the stock. in a research note on Monday, January 26th. Finally, The Goldman Sachs Group cut their price objective on Stryker from $403.00 to $357.00 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Fifteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $421.11.

Stryker Stock Up 0.1%

SYK stock opened at $327.84 on Monday. The company has a market capitalization of $125.56 billion, a P/E ratio of 39.03, a price-to-earnings-growth ratio of 1.92 and a beta of 0.92. Stryker Corporation has a 12 month low of $319.32 and a 12 month high of $404.87. The firm’s fifty day simple moving average is $349.77 and its 200-day simple moving average is $358.14. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.89 and a quick ratio of 1.21.

Stryker (NYSE:SYK) last issued its earnings results on Thursday, January 29th. The medical technology company reported $4.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.40 by $0.07. The firm had revenue of $7.17 billion during the quarter, compared to analysts’ expectations of $7.12 billion. Stryker had a net margin of 12.92% and a return on equity of 24.41%. The firm’s revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the company posted $4.01 earnings per share. As a group, equities research analysts forecast that Stryker Corporation will post 14.91 earnings per share for the current year.

Stryker Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.88 per share. The ex-dividend date is Tuesday, March 31st. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.1%. Stryker’s dividend payout ratio (DPR) is presently 41.90%.

Stryker Profile

Stryker Corporation is a global medical technology company that designs, manufactures and markets a broad range of products and services for use in hospitals, surgeons’ offices and other healthcare facilities. Its primary business activities span orthopedics (including joint replacement implants, trauma and extremities products), surgical equipment and operating room technologies (such as visualization, navigation and powered instruments), neurotechnology and spine solutions, and patient-handling and emergency medical equipment.