Congress Asset Management Co. Trims Stake in Stryker Co. (NYSE:SYK)

Congress Asset Management Co. reduced its holdings in shares of Stryker Co. (NYSE:SYK) by 2.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 63,374 shares of the medical technology company’s stock after selling 1,797 shares during the period. Congress Asset Management Co.’s holdings in Stryker were worth $22,818,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SYK. Stratos Wealth Advisors LLC increased its stake in shares of Stryker by 3.4% in the third quarter. Stratos Wealth Advisors LLC now owns 4,177 shares of the medical technology company’s stock worth $1,509,000 after purchasing an additional 139 shares in the last quarter. Net Worth Advisory Group purchased a new stake in shares of Stryker in the third quarter worth $571,000. Moss Adams Wealth Advisors LLC increased its stake in shares of Stryker by 8.4% in the third quarter. Moss Adams Wealth Advisors LLC now owns 751 shares of the medical technology company’s stock worth $272,000 after purchasing an additional 58 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Stryker by 23.8% in the third quarter. Blue Trust Inc. now owns 7,792 shares of the medical technology company’s stock worth $2,651,000 after purchasing an additional 1,498 shares in the last quarter. Finally, Capital Investment Advisors LLC increased its stake in shares of Stryker by 102.5% in the third quarter. Capital Investment Advisors LLC now owns 1,855 shares of the medical technology company’s stock worth $670,000 after purchasing an additional 939 shares in the last quarter. 77.09% of the stock is owned by hedge funds and other institutional investors.

Stryker Price Performance

Stryker stock opened at $385.05 on Monday. The firm has a 50-day moving average price of $377.31 and a 200-day moving average price of $366.92. The firm has a market capitalization of $146.79 billion, a PE ratio of 49.62, a price-to-earnings-growth ratio of 2.98 and a beta of 0.96. The company has a current ratio of 1.95, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59. Stryker Co. has a 12-month low of $314.93 and a 12-month high of $406.19.

Stryker (NYSE:SYK) last released its earnings results on Tuesday, January 28th. The medical technology company reported $4.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.87 by $0.14. Stryker had a net margin of 13.25% and a return on equity of 23.58%. During the same period last year, the firm posted $3.46 earnings per share. As a group, equities research analysts forecast that Stryker Co. will post 13.49 EPS for the current year.

Stryker Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 0.87%. The ex-dividend date is Monday, March 31st. Stryker’s dividend payout ratio is presently 43.30%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SYK. Evercore ISI increased their price objective on shares of Stryker from $380.00 to $384.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Wells Fargo & Company upped their target price on shares of Stryker from $427.00 to $435.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Truist Financial upped their target price on shares of Stryker from $409.00 to $413.00 and gave the stock a “hold” rating in a research report on Thursday, January 30th. Robert W. Baird upped their target price on shares of Stryker from $378.00 to $405.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, Morgan Stanley upgraded shares of Stryker from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $370.00 to $445.00 in a research report on Monday, December 2nd. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, Stryker currently has an average rating of “Moderate Buy” and a consensus target price of $420.68.

Insider Buying and Selling

In related news, Director Ronda E. Stryker sold 201,392 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $392.24, for a total value of $78,993,998.08. Following the transaction, the director now owns 3,642,075 shares of the company’s stock, valued at $1,428,567,498. This trade represents a 5.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.90% of the stock is currently owned by insiders.

Stryker Company 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.