Punch & Associates Investment Management Inc. raised its stake in shares of Stryker Co. (NYSE:SYK) by 8.1% during the first quarter, Holdings Channel reports. The firm owned 1,334 shares of the medical technology company’s stock after buying an additional 100 shares during the period. Punch & Associates Investment Management Inc.’s holdings in Stryker were worth $325,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Curi Capital acquired a new position in shares of Stryker in the 4th quarter worth approximately $29,000. Albion Financial Group UT acquired a new position in shares of Stryker in the 4th quarter worth approximately $34,000. Magellan Asset Management Ltd acquired a new position in shares of Stryker in the 1st quarter worth approximately $35,000. Grant Street Asset Management Inc. acquired a new position in shares of Stryker in the 4th quarter worth approximately $48,000. Finally, Fort Pitt Capital Group LLC acquired a new position in shares of Stryker in the 4th quarter worth approximately $48,000. 72.26% of the stock is currently owned by institutional investors.
Several research analysts have recently commented on the company. Canaccord Genuity boosted their target price on Stryker from $275.00 to $285.00 and gave the stock a “buy” rating in a report on Wednesday, April 28th. Morgan Stanley upped their price objective on Stryker from $265.00 to $280.00 and gave the stock an “overweight” rating in a report on Wednesday, April 28th. Cowen upped their price objective on Stryker from $255.00 to $279.00 and gave the stock an “outperform” rating in a report on Wednesday, April 28th. Oppenheimer upped their price objective on Stryker from $240.00 to $273.00 in a report on Wednesday, April 28th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Stryker from $251.00 to $285.00 and gave the stock a “buy” rating in a report on Wednesday, April 28th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $269.00.
Stryker (NYSE:SYK) last released its quarterly earnings data on Monday, April 26th. The medical technology company reported $1.93 EPS for the quarter, missing the Zacks’ consensus estimate of $1.99 by ($0.06). Stryker had a net margin of 9.57% and a return on equity of 21.90%. The firm had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.94 billion. During the same quarter in the prior year, the company earned $1.84 EPS. Stryker’s quarterly revenue was up 10.2% on a year-over-year basis. On average, research analysts predict that Stryker Co. will post 9.18 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 30th. Investors of record on Wednesday, June 30th will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date is Tuesday, June 29th. Stryker’s payout ratio is presently 33.92%.
In related news, CEO Kevin Lobo sold 107,795 shares of the company’s stock in a transaction on Tuesday, May 4th. The shares were sold at an average price of $255.79, for a total value of $27,572,883.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.70% of the stock is currently owned by corporate 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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