Provident Trust Co. Makes New $25.18 Million Investment in Stryker Corporation $SYK

Provident Trust Co. bought a new position in shares of Stryker Corporation (NYSE:SYK) in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 91,417 shares of the medical technology company’s stock, valued at approximately $25,175,000. Stryker makes up approximately 0.8% of Provident Trust Co.’s investment portfolio, making the stock its 13th largest position.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of America Corp DE bought a new stake in shares of Stryker in the second quarter valued at about $1,404,284,000. Legal & General Group Plc acquired a new position in shares of Stryker during the second quarter worth about $707,212,000. Jupiter Topco LLC bought a new position in shares of Stryker during the second quarter worth about $681,581,000. Corient Private Wealth LP bought a new position in shares of Stryker during the second quarter worth about $323,035,000. Finally, Flossbach Von Storch SE bought a new position in shares of Stryker during the second quarter worth about $464,506,000. Institutional investors and hedge funds own 77.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SYK. BMO Capital Markets reissued an “outperform” rating and issued a $309.00 target price on shares of Stryker in a research report on Friday. TD Cowen reduced their price target on Stryker from $298.00 to $290.00 and set a “hold” rating for the company in a research report on Friday. JPMorgan Chase & Co. decreased their price target on shares of Stryker from $400.00 to $350.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. Wolfe Research cut shares of Stryker from an “outperform” rating to a “peer perform” rating in a research note on Thursday, August 13th. Finally, Barclays lowered their price objective on shares of Stryker from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Friday. Sixteen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, Stryker currently has an average rating of “Moderate Buy” and an average price target of $355.84.

Stryker Stock Performance

Shares of NYSE SYK opened at $291.56 on Monday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.30 and a current ratio of 2.18. The stock has a 50 day moving average price of $292.83 and a 200 day moving average price of $324.51. The stock has a market capitalization of $111.83 billion, a PE ratio of 31.05, a price-to-earnings-growth ratio of 1.89 and a beta of 0.78. Stryker Corporation has a 52 week low of $267.00 and a 52 week high of $389.33.

Stryker (NYSE:SYK) last announced its quarterly earnings results on Thursday, October 29th. The medical technology company reported $3.52 EPS for the quarter, missing analysts’ consensus estimates of $3.55 by ($0.03). Stryker had a net margin of 13.78% and a return on equity of 23.74%. The firm had revenue of $6.52 billion during the quarter, compared to analyst estimates of $6.62 billion. During the same quarter in the prior year, the business earned $3.19 EPS. The business’s revenue was up 7.6% compared to the same quarter last year. Analysts predict that Stryker Corporation will post 14.85 earnings per share for the current fiscal year.

Stryker Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Wednesday, September 30th were issued a $0.88 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $3.52 dividend on an annualized basis and a yield of 1.2%. Stryker’s payout ratio is currently 37.49%.

Insider Activity at Stryker

In other news, Director Ronda Stryker sold 50,000 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $340.10, for a total transaction of $17,005,000.00. Following the completion of the sale, the director directly owned 2,251,375 shares in the company, valued at approximately $765,692,637.50. This represents a 2.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Debra King sold 826 shares of Stryker stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $336.30, for a total transaction of $277,783.80. Following the completion of the transaction, the insider directly owned 6,210 shares in the company, valued at $2,088,423. This trade represents a 11.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 351,267 shares of company stock worth $118,197,701. Company insiders own 4.60% of the company’s stock.

About Stryker

Stryker Corporation (NYSE: SYK) is a global medical technology company that develops and manufactures products used by healthcare providers in hospitals, surgical centers and other clinical settings. Its offerings are designed to support orthopaedic procedures, surgery, emergency care, neurovascular treatment and patient handling.

The company’s product portfolio includes orthopaedic implants and instruments, products for trauma and spine procedures, surgical equipment, endoscopy systems, patient beds and stretchers, emergency medical equipment, and neurovascular devices used in the treatment of conditions such as stroke.