Prudential Financial Inc. Purchases 76,442 Shares of Stryker Co. (NYSE:SYK)

Prudential Financial Inc. lifted its position in Stryker Co. (NYSE:SYK) by 19.0% in the 1st quarter, Holdings Channel.com reports. The fund owned 478,978 shares of the medical technology company’s stock after acquiring an additional 76,442 shares during the period. Prudential Financial Inc.’s holdings in Stryker were worth $111,577,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Stryker during the fourth quarter valued at approximately $776,333,000. Moneta Group Investment Advisors LLC boosted its holdings in Stryker by 109,726.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,139,948 shares of the medical technology company’s stock valued at $767,686,000 after acquiring an additional 3,137,089 shares during the period. Ontario Teachers Pension Plan Board grew its position in Stryker by 87,902.2% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 2,077,732 shares of the medical technology company’s stock valued at $555,482,000 after acquiring an additional 2,075,371 shares during the last quarter. FMR LLC increased its stake in Stryker by 50.5% in the first quarter. FMR LLC now owns 6,012,525 shares of the medical technology company’s stock worth $1,716,396,000 after purchasing an additional 2,017,006 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its position in shares of Stryker by 106.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,758,239 shares of the medical technology company’s stock worth $670,435,000 after purchasing an additional 1,424,835 shares during the last quarter. 76.24% of the stock is owned by hedge funds and other institutional investors.

Stryker Stock Up 1.0 %

Shares of NYSE SYK traded up $2.89 during trading hours on Tuesday, hitting $287.34. 307,200 shares of the stock were exchanged, compared to its average volume of 1,287,372. Stryker Co. has a 12 month low of $200.80 and a 12 month high of $306.93. The firm has a fifty day moving average price of $288.01 and a 200-day moving average price of $283.98. 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 PE ratio of 40.18, a PEG ratio of 2.77 and a beta of 0.95.

Stryker (NYSE:SYK) last issued 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 business had revenue of $5 billion for the quarter, compared to the consensus estimate of $4.83 billion. Stryker had a return on equity of 22.31% and a net margin of 13.92%. The business’s quarterly revenue 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. On average, sell-side analysts expect that Stryker Co. will post 10.37 EPS for the current year.

Stryker Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.04%. The ex-dividend date of this dividend is Thursday, September 28th. Stryker’s dividend payout ratio is presently 42.37%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SYK. Barclays upped their price target on shares of Stryker from $321.00 to $335.00 and gave the stock an “overweight” rating in a report on Monday, August 7th. BTIG Research upped their target price on shares of Stryker from $313.00 to $331.00 in a research note on Monday, July 17th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $325.00 target price on shares of Stryker in a research report on Thursday, August 17th. Truist Financial boosted their price target on Stryker from $300.00 to $310.00 in a report on Wednesday, July 19th. Finally, Morgan Stanley raised their price objective on 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 given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $309.59.

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 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.