Palisade Asset Management LLC Sells 390 Shares of Stryker Corporation (NYSE:SYK)

Palisade Asset Management LLC cut its holdings in shares of Stryker Corporation (NYSE:SYK) by 1.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 37,816 shares of the medical technology company’s stock after selling 390 shares during the period. Stryker accounts for 1.4% of Palisade Asset Management LLC’s holdings, making the stock its 24th biggest holding. Palisade Asset Management LLC’s holdings in Stryker were worth $14,077,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Stryker during the 4th quarter worth $25,000. Capital A Wealth Management LLC bought a new stake in shares of Stryker in the 4th quarter valued at about $26,000. Rakuten Securities Inc. grew its position in shares of Stryker by 618.2% in the 4th quarter. Rakuten Securities Inc. now owns 79 shares of the medical technology company’s stock worth $28,000 after buying an additional 68 shares during the last quarter. BankPlus Trust Department bought a new position in shares of Stryker during the 4th quarter worth approximately $33,000. Finally, City Holding Co. lifted its position in Stryker by 528.6% during the first quarter. City Holding Co. now owns 88 shares of the medical technology company’s stock valued at $33,000 after acquiring an additional 74 shares during the last quarter. 77.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. BTIG Research set a $403.00 price objective on Stryker and gave the company a “buy” rating in a report on Monday, April 14th. Truist Financial increased their price objective 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. Needham & Company LLC reissued a “buy” rating and set a $442.00 target price on shares of Stryker in a research report on Friday, March 21st. The Goldman Sachs Group set a $422.00 price target on shares of Stryker in a report on Tuesday, March 4th. Finally, JMP Securities reissued a “market perform” rating on shares of Stryker in a report on Monday, May 5th. Four equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $427.30.

Stryker Trading Up 0.9%

Shares of NYSE:SYK opened at $379.03 on Tuesday. The firm has a market capitalization of $144.67 billion, a price-to-earnings ratio of 51.22, a price-to-earnings-growth ratio of 2.83 and a beta of 0.91. The business’s 50 day moving average price is $375.47 and its 200-day moving average price is $375.11. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.64 and a quick ratio of 1.00. Stryker Corporation has a 1 year low of $314.93 and a 1 year high of $406.19.

Stryker (NYSE:SYK) last posted its quarterly earnings data on Thursday, May 1st. The medical technology company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.73 by $0.11. The business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.68 billion. Stryker had a net margin of 12.31% and a return on equity of 23.74%. The company’s revenue was up 11.9% compared to the same quarter last year. During the same period last year, the firm posted $2.50 earnings per share. On average, equities research analysts forecast that Stryker Corporation will post 13.47 earnings per share for the current fiscal year.

Stryker Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be given a $0.84 dividend. The ex-dividend date is Monday, June 30th. This represents a $3.36 annualized dividend and a dividend yield of 0.89%. Stryker’s dividend payout ratio (DPR) is presently 45.41%.

Insider Buying and Selling

In other news, Director Ronda E. Stryker sold 200,000 shares of the firm’s stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $376.96, for a total value of $75,392,000.00. Following the transaction, the director now directly owns 3,417,326 shares of the company’s stock, valued at approximately $1,288,195,208.96. This trade represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 5.20% of the stock is owned by company insiders.

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.