M&T Bank Corp lessened its stake in shares of Stryker Co. (NYSE:SYK) by 14.6% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 57,422 shares of the medical technology company’s stock after selling 9,802 shares during the quarter. M&T Bank Corp’s holdings in Stryker were worth $10,347,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. Evolution Wealth Advisors LLC lifted its holdings in shares of Stryker by 64.4% in the 2nd quarter. Evolution Wealth Advisors LLC now owns 143 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 56 shares during the last quarter. TFG Advisers LLC increased its holdings in Stryker by 0.4% in the 1st quarter. TFG Advisers LLC now owns 13,141 shares of the medical technology company’s stock valued at $2,187,000 after purchasing an additional 57 shares during the last quarter. AIA Investment Management Private Ltd raised its position in Stryker by 10.1% in the first quarter. AIA Investment Management Private Ltd now owns 624 shares of the medical technology company’s stock valued at $104,000 after purchasing an additional 57 shares during the period. Larson Financial Group LLC lifted its stake in Stryker by 6.6% during the second quarter. Larson Financial Group LLC now owns 922 shares of the medical technology company’s stock worth $166,000 after purchasing an additional 57 shares in the last quarter. Finally, Mattern Wealth Management LLC boosted its position in shares of Stryker by 1.1% during the first quarter. Mattern Wealth Management LLC now owns 5,365 shares of the medical technology company’s stock worth $893,000 after buying an additional 58 shares during the period. Institutional investors and hedge funds own 71.24% of the company’s stock.
In related news, Director Srikant M. Datar sold 200 shares of the company’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $186.01, for a total value of $37,202.00. Following the completion of the sale, the director now owns 17,686 shares in the company, valued at approximately $3,289,772.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Glenn S. Boehnlein sold 10,351 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $185.24, for a total transaction of $1,917,419.24. Following the sale, the chief financial officer now owns 16,321 shares of the company’s stock, valued at approximately $3,023,302.04. The disclosure for this sale can be found here. Insiders sold a total of 30,670 shares of company stock valued at $5,775,251 over the last three months. Company insiders own 6.80% of the company’s stock.
Stryker (NYSE:SYK) last announced its quarterly earnings results on Thursday, July 30th. The medical technology company reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.02. Stryker had a net margin of 11.38% and a return on equity of 20.53%. The firm had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.63 billion. As a group, equities research analysts predict that Stryker Co. will post 6.26 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.575 per share. This represents a $2.30 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend is Tuesday, September 29th. Stryker’s dividend payout ratio (DPR) is currently 27.85%.
Several research firms recently issued reports on SYK. Raymond James decreased their target price on Stryker from $240.00 to $205.00 and set an “outperform” rating on the stock in a research note on Monday, April 13th. Oppenheimer reissued a “hold” rating and set a $215.00 price target on shares of Stryker in a research report on Friday. JPMorgan Chase & Co. dropped their price objective on shares of Stryker from $240.00 to $210.00 and set an “overweight” rating for the company in a report on Wednesday, April 15th. SVB Leerink upped their target price on shares of Stryker from $215.00 to $225.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Zacks Investment Research cut shares of Stryker from a “hold” rating to a “sell” rating and set a $190.00 price target for the company. in a research report on Monday, May 4th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $216.25.
Stryker Company Profile
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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