Penobscot Investment Management Company Inc. Has $15.64 Million Stock Holdings in Stryker Corporation (NYSE:SYK)

Penobscot Investment Management Company Inc. boosted its stake in Stryker Corporation (NYSE:SYK) by 1.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,001 shares of the medical technology company’s stock after purchasing an additional 646 shares during the quarter. Stryker comprises about 1.5% of Penobscot Investment Management Company Inc.’s holdings, making the stock its 16th biggest position. Penobscot Investment Management Company Inc.’s holdings in Stryker were worth $15,635,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Stryker by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 32,698,828 shares of the medical technology company’s stock valued at $11,773,213,000 after buying an additional 252,188 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Stryker by 0.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,109,722 shares of the medical technology company’s stock valued at $4,000,056,000 after buying an additional 54,693 shares during the last quarter. FMR LLC grew its holdings in shares of Stryker by 10.0% during the fourth quarter. FMR LLC now owns 8,034,844 shares of the medical technology company’s stock valued at $2,892,946,000 after buying an additional 727,850 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Stryker by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 7,073,562 shares of the medical technology company’s stock valued at $2,539,033,000 after buying an additional 168,436 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Stryker during the fourth quarter valued at about $1,710,744,000. 77.09% of the stock is currently owned by institutional investors and hedge funds.

Stryker Stock Up 1.5%

Stryker stock opened at $392.36 on Thursday. Stryker Corporation has a 1-year low of $314.93 and a 1-year high of $406.19. The firm has a market capitalization of $149.76 billion, a price-to-earnings ratio of 53.02, a P/E/G ratio of 2.91 and a beta of 0.91. The company has a current ratio of 1.64, a quick ratio of 1.00 and a debt-to-equity ratio of 0.69. The firm has a 50 day simple moving average of $377.18 and a 200 day simple moving average of $375.31.

Stryker (NYSE:SYK) last released its quarterly earnings results on Thursday, May 1st. The medical technology company reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.73 by $0.11. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.68 billion. Stryker had a net margin of 12.31% and a return on equity of 23.74%. The business’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same period in the previous year, the business earned $2.50 EPS. On average, analysts predict that Stryker Corporation will post 13.47 earnings per share for the current year.

Stryker Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date is Monday, June 30th. Stryker’s dividend payout ratio is currently 45.41%.

Wall Street Analyst Weigh In

SYK has been the subject of a number of analyst reports. Citigroup reiterated a “buy” rating and set a $455.00 price objective (up from $443.00) on shares of Stryker in a report on Thursday, May 22nd. JMP Securities reissued a “market perform” rating on shares of Stryker in a research report on Monday, May 5th. Wall Street Zen raised shares of Stryker from a “hold” rating to a “buy” rating in a research report on Saturday, June 14th. Truist Financial raised their price target 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. Finally, Sanford C. Bernstein set a $450.00 price target on shares of Stryker in a research report on Monday, May 5th. Four analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $427.30.

Insider Transactions at Stryker

In other news, Director Ronda E. Stryker sold 200,000 shares of Stryker stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $376.96, for a total transaction of $75,392,000.00. Following the completion of the sale, the director now directly owns 3,417,326 shares of the company’s stock, valued at approximately $1,288,195,208.96. The trade was a 5.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 5.90% of the stock is currently owned by insiders.

About Stryker

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.