Suncoast Equity Management boosted its stake in shares of Stryker Co. (NYSE:SYK) by 2.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 87,550 shares of the medical technology company’s stock after purchasing an additional 2,178 shares during the quarter. Stryker comprises 3.7% of Suncoast Equity Management’s portfolio, making the stock its 16th largest holding. Suncoast Equity Management’s holdings in Stryker were worth $17,999,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently made changes to their positions in the business. Farmers National Bank bought a new position in Stryker in the first quarter worth $25,000. Cable Hill Partners LLC bought a new position in Stryker in the first quarter worth $30,000. RPG Investment Advisory LLC lifted its position in Stryker by 160.0% in the first quarter. RPG Investment Advisory LLC now owns 156 shares of the medical technology company’s stock worth $31,000 after purchasing an additional 96 shares during the period. Horan Capital Advisors LLC. bought a new position in Stryker in the first quarter worth $40,000. Finally, Webster Bank N. A. lifted its position in Stryker by 300.0% in the second quarter. Webster Bank N. A. now owns 200 shares of the medical technology company’s stock worth $41,000 after purchasing an additional 150 shares during the period. 73.26% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Timothy J. Scannell sold 4,666 shares of Stryker stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $197.68, for a total transaction of $922,374.88. Following the transaction, the insider now owns 155,347 shares in the company, valued at approximately $30,708,994.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Glenn S. Boehnlein sold 2,700 shares of Stryker stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $214.16, for a total value of $578,232.00. Following the transaction, the chief financial officer now owns 20,633 shares in the company, valued at approximately $4,418,763.28. The disclosure for this sale can be found here. Insiders have sold a total of 16,698 shares of company stock worth $3,332,432 in the last quarter. 7.20% of the stock is currently owned by company insiders.
Stryker (NYSE:SYK) last issued its earnings results on Thursday, July 25th. The medical technology company reported $1.98 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.93 by $0.05. Stryker had a return on equity of 25.98% and a net margin of 24.99%. The firm had revenue of $3.65 billion for the quarter, compared to analysts’ expectations of $3.60 billion. During the same quarter last year, the business earned $1.76 earnings per share. The company’s revenue was up 9.9% compared to the same quarter last year. Equities analysts expect that Stryker Co. will post 8.2 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 0.99%. The ex-dividend date is Friday, September 27th. Stryker’s dividend payout ratio (DPR) is presently 28.45%.
SYK has been the subject of several recent analyst reports. Raymond James set a $240.00 price objective on Stryker and gave the stock a “buy” rating in a research note on Friday, July 26th. Svb Leerink reiterated an “outperform” rating on shares of Stryker in a research note on Wednesday, July 10th. BTIG Research reiterated a “buy” rating and set a $228.00 price objective on shares of Stryker in a research note on Monday, July 29th. BMO Capital Markets set a $216.00 price objective on Stryker and gave the stock a “hold” rating in a research note on Friday, July 26th. Finally, Barclays set a $226.00 target price on Stryker and gave the company a “buy” rating in a research note on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Stryker currently has an average rating of “Buy” and a consensus target price of $214.89.
Stryker Corporation operates as a medical technology company. The company operates through three segments: Orthopaedics, MedSurg, and Neurotechnology and Spine. The Orthopaedics segment provides implants for use in hip and knee joint replacements, and trauma and extremities surgeries. The MedSurg segment offers surgical equipment and surgical navigation systems, endoscopic and communications systems, patient handling, emergency medical equipment and intensive care disposable products, reprocessed and remanufactured medical devices, and other medical devices for use in various medical specialties.
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