CIBC Asset Management Inc Lowers Position in Stryker Co. (NYSE:SYK)

CIBC Asset Management Inc decreased its stake in shares of Stryker Co. (NYSE:SYK) by 4.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 66,418 shares of the medical technology company’s stock after selling 2,786 shares during the period. CIBC Asset Management Inc’s holdings in Stryker were worth $18,960,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Freedom Wealth Alliance LLC bought a new stake in Stryker in the 4th quarter worth about $26,000. Elequin Securities LLC purchased a new position in shares of Stryker in the 4th quarter worth approximately $29,000. Beirne Wealth Consulting Services LLC bought a new position in shares of Stryker in the fourth quarter valued at approximately $30,000. ST Germain D J Co. Inc. increased its position in shares of Stryker by 6.6% during the fourth quarter. ST Germain D J Co. Inc. now owns 2,065 shares of the medical technology company’s stock valued at $32,000 after acquiring an additional 127 shares during the last quarter. Finally, Altshuler Shaham Ltd bought a new stake in Stryker during the first quarter worth $33,000. Institutional investors own 76.24% of the company’s stock.

Stryker Price Performance

SYK traded up $2.89 during trading on Tuesday, reaching $287.34. 307,200 shares of the company were exchanged, compared to its average volume of 1,287,372. The company has a quick ratio of 0.84, a current ratio of 1.54 and a debt-to-equity ratio of 0.64. The company has a market cap of $109.13 billion, a price-to-earnings ratio of 40.18, a P/E/G ratio of 2.77 and a beta of 0.95. Stryker Co. has a 12-month low of $200.80 and a 12-month high of $306.93. The company’s 50-day moving average is $288.01 and its two-hundred day moving average is $283.98.

Stryker (NYSE:SYK) last announced its quarterly earnings results on Thursday, August 3rd. The medical technology company reported $2.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.38 by $0.16. The firm had revenue of $5 billion for the quarter, compared to the consensus estimate of $4.83 billion. Stryker had a net margin of 13.92% and a return on equity of 22.31%. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the prior year, the firm posted $2.25 earnings per share. Research analysts forecast that Stryker Co. will post 10.37 earnings per share for the current fiscal year.

Stryker Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.04%. Stryker’s dividend payout ratio (DPR) is currently 42.37%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Barclays upped their price objective on Stryker from $321.00 to $335.00 and gave the company an “overweight” rating in a research note on Monday, August 7th. Bank of America upgraded shares of Stryker from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $310.00 to $315.00 in a report on Tuesday. Truist Financial lifted their price objective on shares of Stryker from $300.00 to $310.00 in a research report on Wednesday, July 19th. StockNews.com began coverage on shares of Stryker in a research report on Thursday, August 17th. They set a “buy” rating for the company. Finally, Morgan Stanley lifted their price target on shares of Stryker from $295.00 to $300.00 and gave the stock an “equal weight” rating in a report on Monday, August 7th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Stryker presently has a consensus rating of “Moderate Buy” and an average target price of $309.59.

Stryker 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 hip and knee joint replacements, and trauma and extremities surgeries. This segment also offers spinal implant products comprising cervical, thoracolumbar, and interbody systems that are used in spinal injury, deformity, and degenerative therapies.