Renaissance Investment Group LLC Cuts Stake in Stryker Corporation (NYSE:SYK)

Renaissance Investment Group LLC reduced its holdings in shares of Stryker Corporation (NYSE:SYK) by 9.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,030 shares of the medical technology company’s stock after selling 107 shares during the period. Renaissance Investment Group LLC’s holdings in Stryker were worth $383,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. N.E.W. Advisory Services LLC purchased a new stake in Stryker during the 1st quarter worth approximately $188,000. Canopy Partners LLC increased its stake in Stryker by 33.1% during the 1st quarter. Canopy Partners LLC now owns 1,437 shares of the medical technology company’s stock worth $535,000 after buying an additional 357 shares during the period. Kirtland Hills Capital Management LLC increased its stake in Stryker by 1.5% during the 1st quarter. Kirtland Hills Capital Management LLC now owns 3,417 shares of the medical technology company’s stock worth $1,184,000 after buying an additional 49 shares during the period. Meeder Advisory Services Inc. increased its stake in Stryker by 3.2% during the 1st quarter. Meeder Advisory Services Inc. now owns 9,168 shares of the medical technology company’s stock worth $3,413,000 after buying an additional 285 shares during the period. Finally, Fiera Capital Corp increased its stake in Stryker by 17.2% during the 1st quarter. Fiera Capital Corp now owns 26,233 shares of the medical technology company’s stock worth $9,765,000 after buying an additional 3,846 shares during the period. 77.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SYK has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Stryker from a “hold” rating to a “buy” rating in a research report on Friday, July 18th. Truist Financial increased their price objective on shares of Stryker from $390.00 to $400.00 and gave the company a “hold” rating in a research report on Monday, May 5th. Evercore ISI increased their price objective on shares of Stryker from $390.00 to $415.00 and gave the company an “outperform” rating in a research report on Tuesday, July 8th. Sanford C. Bernstein set a $450.00 price objective on shares of Stryker in a research report on Monday, May 5th. Finally, Citigroup reissued a “buy” rating and issued a $455.00 price objective (up from $443.00) on shares of Stryker in a research report on Thursday, May 22nd. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $428.55.

Insider Activity

In other news, Director Ronda E. Stryker sold 200,000 shares of the stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $376.96, for a total transaction of $75,392,000.00. Following the completion of the transaction, the director directly owned 3,417,326 shares of the company’s stock, valued at approximately $1,288,195,208.96. This represents a 5.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 5.20% of the company’s stock.

Stryker Trading Down 0.8%

Shares of Stryker stock opened at $400.43 on Tuesday. Stryker Corporation has a 1 year low of $314.93 and a 1 year high of $406.19. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.00 and a current ratio of 1.64. The company has a market capitalization of $152.84 billion, a P/E ratio of 54.11, a PEG ratio of 2.99 and a beta of 0.91. The company’s fifty day moving average is $386.49 and its two-hundred day moving average is $379.68.

Stryker (NYSE:SYK) last issued its quarterly earnings data on Thursday, May 1st. The medical technology company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.73 by $0.11. The company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.68 billion. Stryker had a net margin of 12.31% and a return on equity of 23.74%. Stryker’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same period last year, the firm posted $2.50 EPS. Analysts forecast that Stryker Corporation will post 13.47 earnings per share for the current year.

Stryker Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date of this dividend is Monday, June 30th. Stryker’s dividend payout ratio (DPR) is 45.41%.

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 total joint replacements, such as hip, knee and shoulder, and trauma and extremities surgeries.