Tortoise Investment Management LLC Increases Stake in Stryker Co. (NYSE:SYK)

Tortoise Investment Management LLC increased its holdings in Stryker Co. (NYSE:SYK – Get Rating) by 264.0% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,416 shares of the medical technology company’s stock after purchasing an additional 1,027 shares during the period. Tortoise Investment Management LLC’s holdings in Stryker were worth $287,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. AMG National Trust Bank boosted its stake in shares of Stryker by 18.0% in the 3rd quarter. AMG National Trust Bank now owns 18,650 shares of the medical technology company’s stock valued at $3,778,000 after purchasing an additional 2,851 shares in the last quarter. J.W. Cole Advisors Inc. boosted its stake in shares of Stryker by 5.0% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 2,757 shares of the medical technology company’s stock valued at $558,000 after purchasing an additional 132 shares in the last quarter. Lincoln National Corp boosted its stake in shares of Stryker by 8.0% in the 2nd quarter. Lincoln National Corp now owns 5,668 shares of the medical technology company’s stock valued at $1,128,000 after purchasing an additional 421 shares in the last quarter. Asset Dedication LLC purchased a new stake in Stryker during the 3rd quarter valued at $184,000. Finally, SG Americas Securities LLC boosted its position in Stryker by 117.7% during the 2nd quarter. SG Americas Securities LLC now owns 18,095 shares of the medical technology company’s stock valued at $3,600,000 after buying an additional 9,782 shares during the period. Hedge funds and other institutional investors own 77.10% of the company’s stock.

Insiders Place Their Bets

In other news, VP M Kathryn Fink sold 3,536 shares of Stryker stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $260.00, for a total transaction of $919,360.00. Following the sale, the vice president now owns 9,264 shares in the company, valued at $2,408,640. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Srikant M. Datar sold 1,000 shares of the company’s stock in a transaction dated Wednesday, December 7th. The shares were sold at an average price of $240.25, for a total value of $240,250.00. Following the completion of the sale, the director now directly owns 6,262 shares of the company’s stock, valued at $1,504,445.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP M Kathryn Fink sold 3,536 shares of the company’s stock in a transaction dated Monday, January 9th. The stock was sold at an average price of $260.00, for a total transaction of $919,360.00. Following the completion of the sale, the vice president now directly owns 9,264 shares of the company’s stock, valued at $2,408,640. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 80,079 shares of company stock worth $19,354,832. Company insiders own 6.50% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Evercore ISI increased their price target on shares of Stryker to $265.00 in a research report on Tuesday, January 3rd. Cowen increased their price target on shares of Stryker from $233.00 to $283.00 in a research note on Wednesday, December 14th. Truist Financial increased their price target on shares of Stryker from $230.00 to $252.00 and gave the stock a “hold” rating in a research note on Tuesday, December 20th. Wells Fargo & Company increased their price target on shares of Stryker from $248.00 to $281.00 and gave the stock an “overweight” rating in a research note on Monday, December 12th. Finally, StockNews.com upgraded shares of Stryker from a “hold” rating to a “buy” rating in a research note on Friday, November 4th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Stryker has a consensus rating of “Moderate Buy” and a consensus target price of $260.68.

Stryker Stock Performance

SYK opened at $255.75 on Wednesday. Stryker Co. has a 12-month low of $188.84 and a 12-month high of $279.28. The company has a market cap of $96.78 billion, a price-to-earnings ratio of 39.77, a PEG ratio of 2.87 and a beta of 0.94. The company’s 50 day moving average is $243.85 and its 200 day moving average is $223.70. The company has a current ratio of 2.04, a quick ratio of 1.19 and a debt-to-equity ratio of 0.77.

Stryker (NYSE:SYK – Get Rating) last released its earnings results on Monday, October 31st. The medical technology company reported $2.12 EPS for the quarter, missing analysts’ consensus estimates of $2.24 by ($0.12). Stryker had a return on equity of 22.27% and a net margin of 13.69%. The firm had revenue of $4.48 billion for the quarter, compared to the consensus estimate of $4.46 billion. During the same quarter in the previous year, the business posted $2.20 EPS. Stryker’s revenue was up 7.7% on a year-over-year basis. On average, equities research analysts predict that Stryker Co. will post 9.17 EPS for the current year.

Stryker Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 31st. Shareholders of record on Friday, December 30th will be paid a dividend of $0.75 per share. This is a boost from Stryker’s previous quarterly dividend of $0.70. The ex-dividend date is Thursday, December 29th. This represents a $3.00 dividend on an annualized basis and a yield of 1.17%. Stryker’s dividend payout ratio (DPR) is presently 46.66%.

Stryker Profile

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Stryker Corp. operates as a medical technology company. It operates through the following segments: Orthopaedics & Spine and MedSurg & Neurotechnology. The Orthopaedics & Spine segment provides implants for use in total joint replacements, such as hip, knee, and shoulder, and trauma and extremities surgeries.