Fayez Sarofim & Co Lowers Holdings in Stryker Co. (NYSE:SYK)

Posted by Defense World Staff on Mar 15th, 2023

Fayez Sarofim & Co trimmed its holdings in Stryker Co. (NYSE:SYK – Get Rating) by 56.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 1,124 shares of the medical technology company’s stock after selling 1,471 shares during the period. Fayez Sarofim & Co’s holdings in Stryker were worth $228,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in SYK. AMG National Trust Bank lifted its stake in Stryker by 18.0% during the third quarter. AMG National Trust Bank now owns 18,650 shares of the medical technology company’s stock worth $3,778,000 after purchasing an additional 2,851 shares in the last quarter. J.W. Cole Advisors Inc. lifted its stake in Stryker by 5.0% during the third quarter. J.W. Cole Advisors Inc. now owns 2,757 shares of the medical technology company’s stock worth $558,000 after purchasing an additional 132 shares in the last quarter. Asset Dedication LLC acquired a new position in Stryker during the third quarter worth $184,000. First Merchants Corp lifted its stake in Stryker by 4.3% during the third quarter. First Merchants Corp now owns 59,837 shares of the medical technology company’s stock worth $12,119,000 after purchasing an additional 2,486 shares in the last quarter. Finally, Orion Portfolio Solutions LLC lifted its stake in Stryker by 26.9% during the third quarter. Orion Portfolio Solutions LLC now owns 1,956 shares of the medical technology company’s stock worth $396,000 after purchasing an additional 415 shares in the last quarter. 77.10% of the stock is currently owned by hedge funds and other institutional investors.

Stryker Stock Performance

Shares of SYK stock opened at $275.69 on Wednesday. The stock’s 50-day moving average is $262.50 and its two-hundred day moving average is $237.32. The firm has a market cap of $104.44 billion, a price-to-earnings ratio of 44.68, a PEG ratio of 2.72 and a beta of 0.93. Stryker Co. has a 1 year low of $188.84 and a 1 year high of $284.00. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.00 and a current ratio of 1.63.

Stryker (NYSE:SYK – Get Rating) last issued its quarterly earnings data on Tuesday, January 31st. The medical technology company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.84 by $0.16. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $4.97 billion. Stryker had a return on equity of 22.39% and a net margin of 12.78%. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the company posted $2.71 earnings per share. Analysts predict that Stryker Co. will post 10.02 earnings per share for the current year.

Stryker Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 28th. Investors of record on Friday, March 31st will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend is Thursday, March 30th. Stryker’s dividend payout ratio is currently 48.62%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Robert W. Baird upped their price target on Stryker from $240.00 to $287.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 1st. Truist Financial increased their price objective on Stryker from $257.00 to $275.00 and gave the company a “hold” rating in a research note on Wednesday, February 1st. Cowen increased their price objective on Stryker from $233.00 to $283.00 in a research note on Wednesday, December 14th. Piper Sandler increased their price objective on Stryker from $250.00 to $280.00 and gave the company an “overweight” rating in a research note on Wednesday, February 1st. Finally, Loop Capital increased their price objective on Stryker from $245.00 to $290.00 and gave the company a “buy” rating in a research note on Wednesday, February 1st. Seven investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Stryker currently has a consensus rating of “Moderate Buy” and a consensus target price of $272.00.

Insider Buying and Selling

In related news, Director Allan C. Golston sold 5,459 shares of the firm’s stock in a transaction dated Tuesday, February 28th. The stock was sold at an average price of $263.27, for a total transaction of $1,437,190.93. Following the transaction, the director now owns 13,537 shares of the company’s stock, valued at $3,563,885.99. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CAO William E. Berry, Jr. sold 4,058 shares of the firm’s stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $279.79, for a total transaction of $1,135,387.82. Following the transaction, the chief accounting officer now owns 2,886 shares of the company’s stock, valued at $807,473.94. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Allan C. Golston sold 5,459 shares of the firm’s stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $263.27, for a total transaction of $1,437,190.93. Following the completion of the sale, the director now owns 13,537 shares of the company’s stock, valued at approximately $3,563,885.99. The disclosure for this sale can be found here. Insiders have sold a total of 357,410 shares of company stock valued at $97,831,003 over the last quarter. 6.50% of the stock is currently owned by insiders.

About Stryker

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Stryker Corp. is a medical technology company, which engages in the provision of innovative products and services that help improve patient and healthcare outcomes. It operates under the MedSurg and Neurotechnology, and Orthopaedics and Spine segments. The MedSurg and Neurotechnology segment includes surgical equipment and navigation systems, endoscopic and communications systems, patient handling, emergency medical equipment, intensive care disposable products, clinical communication, workflow solutions, products for the treatment of acute ischemic and hemorrhagic stroke, traditional brain, and open skull based surgical procedures, orthobiologic, and biosurgery.