Pinnacle Associates Ltd. Sells 2,920 Shares of Stryker Co. (NYSE:SYK)

Pinnacle Associates Ltd. reduced its stake in Stryker Co. (NYSE:SYK) by 26.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,061 shares of the medical technology company’s stock after selling 2,920 shares during the period. Pinnacle Associates Ltd.’s holdings in Stryker were worth $2,912,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Koshinski Asset Management Inc. bought a new stake in shares of Stryker in the 1st quarter valued at approximately $795,000. Envestnet Portfolio Solutions Inc. grew its position in Stryker by 43.1% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 18,491 shares of the medical technology company’s stock worth $6,617,000 after acquiring an additional 5,565 shares during the last quarter. Norden Group LLC bought a new stake in Stryker during the 1st quarter worth approximately $4,027,000. BI Asset Management Fondsmaeglerselskab A S grew its position in Stryker by 38.5% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 19,796 shares of the medical technology company’s stock worth $7,084,000 after acquiring an additional 5,502 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in Stryker by 78.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 133,020 shares of the medical technology company’s stock worth $45,260,000 after acquiring an additional 58,673 shares during the last quarter. 77.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on SYK. Robert W. Baird increased their price target on Stryker from $378.00 to $405.00 and gave the stock an “outperform” rating in a research report on Wednesday. Royal Bank of Canada increased their price target on Stryker from $386.00 to $400.00 and gave the stock an “outperform” rating in a research report on Wednesday. Morgan Stanley increased their price target on Stryker from $345.00 to $350.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Evercore ISI increased their price target on Stryker from $380.00 to $384.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Barclays upped their price objective on Stryker from $402.00 to $418.00 and gave the stock an “overweight” rating in a report on Thursday. Four equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $393.65.

Stryker Stock Performance

SYK stock opened at $356.28 on Friday. The business’s fifty day moving average is $359.90 and its 200-day moving average is $344.06. The company has a quick ratio of 0.95, a current ratio of 1.91 and a debt-to-equity ratio of 0.66. The company has a market cap of $135.77 billion, a P/E ratio of 38.19, a price-to-earnings-growth ratio of 2.79 and a beta of 0.91. Stryker Co. has a twelve month low of $264.85 and a twelve month high of $374.63.

Stryker (NYSE:SYK) last issued its quarterly earnings data on Tuesday, October 29th. The medical technology company reported $2.87 EPS for the quarter, topping the consensus estimate of $2.78 by $0.09. The business had revenue of $5.49 billion for the quarter, compared to the consensus estimate of $5.37 billion. Stryker had a return on equity of 23.07% and a net margin of 16.34%. The firm’s revenue was up 11.9% compared to the same quarter last year. During the same quarter last year, the business posted $2.46 EPS. Equities research analysts forecast that Stryker Co. will post 12.05 EPS for the current year.

Stryker Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 30th were paid a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 0.90%. The ex-dividend date of this dividend was Monday, September 30th. Stryker’s payout ratio is presently 34.30%.

Insider Buying and Selling

In related news, insider Viju Menon sold 600 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $355.00, for a total transaction of $213,000.00. Following the sale, the insider now owns 9,069 shares of the company’s stock, valued at approximately $3,219,495. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Stryker news, insider Viju Menon sold 600 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $355.00, for a total transaction of $213,000.00. Following the completion of the transaction, the insider now owns 9,069 shares in the company, valued at approximately $3,219,495. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ronda E. Stryker sold 190,000 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $323.46, for a total value of $61,457,400.00. Following the transaction, the director now owns 3,316,608 shares of the company’s stock, valued at approximately $1,072,790,023.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 200,068 shares of company stock valued at $65,151,372. 5.90% of the stock is owned by company insiders.

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.