Mechanics Bank Trust Department Has $1.89 Million Stake in Stryker Co. (NYSE:SYK)

Mechanics Bank Trust Department lifted its position in shares of Stryker Co. (NYSE:SYK) by 560.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,209 shares of the medical technology company’s stock after acquiring an additional 5,269 shares during the period. Mechanics Bank Trust Department’s holdings in Stryker were worth $1,894,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in SYK. Quarry LP bought a new stake in Stryker during the first quarter worth $27,000. Freedom Wealth Alliance LLC bought a new stake in Stryker during the fourth quarter worth $26,000. Altshuler Shaham Ltd bought a new stake in Stryker during the first quarter worth $33,000. HBW Advisory Services LLC bought a new stake in Stryker during the second quarter worth $35,000. Finally, Cascade Investment Advisors Inc. bought a new stake in Stryker during the first quarter worth $34,000. Institutional investors own 76.24% of the company’s stock.

Insider Activity

In other news, insider Viju Menon sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $289.00, for a total value of $1,445,000.00. Following the completion of the sale, the insider now directly owns 6,994 shares in the company, valued at approximately $2,021,266. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 5.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. BTIG Research upped their target price on Stryker from $313.00 to $331.00 in a research note on Monday, July 17th. Morgan Stanley upped their target price on Stryker from $295.00 to $300.00 and gave the stock an “equal weight” rating in a research note on Monday, August 7th. Bank of America upgraded Stryker from a “neutral” rating to a “buy” rating and increased their price target for the company from $310.00 to $315.00 in a research note on Tuesday, September 5th. Barclays increased their price target on Stryker from $321.00 to $335.00 and gave the company an “overweight” rating in a research note on Monday, August 7th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $325.00 price target on shares of Stryker in a research note on Thursday, August 17th. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $309.59.

Stryker Stock Performance

Shares of Stryker stock opened at $292.77 on Friday. The company has a current ratio of 1.54, a quick ratio of 0.84 and a debt-to-equity ratio of 0.64. The business has a 50-day moving average price of $286.90 and a two-hundred day moving average price of $285.73. Stryker Co. has a 1-year low of $200.80 and a 1-year high of $306.93. The company has a market cap of $111.19 billion, a P/E ratio of 41.35, a PEG ratio of 2.85 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 for the quarter, topping analysts’ consensus estimates of $2.38 by $0.16. Stryker had a return on equity of 22.31% and a net margin of 13.92%. The firm had revenue of $5 billion during the quarter, compared to the consensus estimate of $4.83 billion. During the same period last year, the business posted $2.25 EPS. The business’s revenue was up 11.2% compared to the same quarter last year. As a group, analysts anticipate 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 dividend of $0.75 per share. The ex-dividend date is Thursday, September 28th. This represents a $3.00 dividend on an annualized basis and a yield of 1.02%. Stryker’s payout ratio is currently 42.37%.

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.