Westpac Banking Corp Sells 7,679 Shares of Stryker Corporation (NYSE:SYK)

Westpac Banking Corp reduced its position in shares of Stryker Corporation (NYSE:SYK) by 29.2% in the first quarter, Holdings Channel reports. The firm owned 18,631 shares of the medical technology company’s stock after selling 7,679 shares during the quarter. Westpac Banking Corp’s holdings in Stryker were worth $6,935,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of SYK. GAMMA Investing LLC increased its stake in Stryker by 43,226.8% during the 1st quarter. GAMMA Investing LLC now owns 2,074,922 shares of the medical technology company’s stock valued at $772,390,000 after purchasing an additional 2,070,133 shares in the last quarter. Nuveen LLC bought a new stake in Stryker during the 1st quarter valued at about $558,075,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Stryker during the 4th quarter valued at about $154,140,000. Northern Trust Corp increased its stake in Stryker by 13.2% during the 4th quarter. Northern Trust Corp now owns 3,606,237 shares of the medical technology company’s stock valued at $1,298,426,000 after purchasing an additional 420,153 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Stryker by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 33,059,964 shares of the medical technology company’s stock valued at $12,306,572,000 after purchasing an additional 361,136 shares in the last quarter. 77.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SYK shares. JMP Securities reiterated a “market perform” rating on shares of Stryker in a research note on Monday, May 5th. Needham & Company LLC lifted their price target on shares of Stryker from $442.00 to $448.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Evercore ISI lifted their price target on shares of Stryker from $390.00 to $415.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 8th. Wells Fargo & Company lifted their price target on shares of Stryker from $435.00 to $445.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Finally, Truist Financial set a $415.00 price target on shares of Stryker and gave the stock a “hold” rating in a research note on Monday, August 4th. Four equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, Stryker currently has an average rating of “Moderate Buy” and an average price target of $430.10.

Insider Buying and Selling at Stryker

In other Stryker news, Director Ronda E. Stryker sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $376.45, for a total value of $75,290,000.00. Following the completion of the transaction, the director directly owned 3,222,108 shares in the company, valued at $1,212,962,556.60. This represents a 5.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.20% of the stock is currently owned by insiders.

Stryker Stock Performance

Shares of NYSE SYK opened at $376.75 on Tuesday. The firm has a 50 day moving average of $387.08 and a 200 day moving average of $379.86. The company has a current ratio of 1.78, a quick ratio of 1.06 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $144.04 billion, a price-to-earnings ratio of 49.90, a price-to-earnings-growth ratio of 2.74 and a beta of 0.91. Stryker Corporation has a 12-month low of $323.73 and a 12-month high of $406.19.

Stryker (NYSE:SYK) last announced its earnings results on Thursday, July 31st. The medical technology company reported $3.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.07 by $0.06. The company had revenue of $6.02 billion during the quarter, compared to analyst estimates of $5.92 billion. Stryker had a net margin of 12.25% and a return on equity of 23.94%. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business posted $2.81 earnings per share. On average, research analysts anticipate that Stryker Corporation will post 13.47 earnings per share for the current year.

Stryker Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Tuesday, September 30th will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Tuesday, September 30th. Stryker’s dividend payout ratio is presently 44.50%.

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