Fifth Third Bancorp Has $32.65 Million Position in Stryker Co. (SYK)
Fifth Third Bancorp cut its stake in shares of Stryker Co. (NYSE:SYK) by 3.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 183,764 shares of the medical technology company’s stock after selling 7,083 shares during the quarter. Fifth Third Bancorp’s holdings in Stryker were worth $32,651,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. Commonwealth Bank of Australia lifted its holdings in Stryker by 1.8% in the 3rd quarter. Commonwealth Bank of Australia now owns 17,102 shares of the medical technology company’s stock worth $3,032,000 after buying an additional 300 shares during the period. CapWealth Advisors LLC lifted its holdings in Stryker by 0.8% in the 2nd quarter. CapWealth Advisors LLC now owns 40,753 shares of the medical technology company’s stock worth $6,882,000 after buying an additional 310 shares during the period. Associated Banc Corp lifted its holdings in Stryker by 12.2% in the 2nd quarter. Associated Banc Corp now owns 2,994 shares of the medical technology company’s stock worth $506,000 after buying an additional 325 shares during the period. North Star Asset Management Inc. lifted its holdings in Stryker by 0.3% in the 3rd quarter. North Star Asset Management Inc. now owns 96,053 shares of the medical technology company’s stock worth $17,067,000 after buying an additional 328 shares during the period. Finally, GSA Capital Partners LLP lifted its holdings in Stryker by 5.1% in the 3rd quarter. GSA Capital Partners LLP now owns 6,868 shares of the medical technology company’s stock worth $1,220,000 after buying an additional 331 shares during the period. Institutional investors own 74.72% of the company’s stock.
In related news, CFO Glenn S. Boehnlein sold 750 shares of the firm’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $178.17, for a total transaction of $133,627.50. Following the completion of the transaction, the chief financial officer now owns 2,785 shares of the company’s stock, valued at approximately $496,203.45. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP M Kathryn Fink sold 415 shares of the firm’s stock in a transaction that occurred on Monday, November 5th. The shares were sold at an average price of $166.56, for a total value of $69,122.40. The disclosure for this sale can be found here. 7.40% of the stock is owned by company insiders.
Stryker (NYSE:SYK) last posted its quarterly earnings data on Thursday, October 25th. The medical technology company reported $1.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.68 by $0.01. Stryker had a return on equity of 28.00% and a net margin of 9.31%. The company had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.26 billion. Equities research analysts forecast that Stryker Co. will post 7.28 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 31st. Investors of record on Monday, December 31st will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend is Friday, December 28th. This is a positive change from Stryker’s previous quarterly dividend of $0.47. Stryker’s dividend payout ratio (DPR) is 28.97%.
Several equities research analysts have weighed in on the company. Zacks Investment Research upgraded Stryker from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a report on Monday, November 26th. UBS Group assumed coverage on Stryker in a report on Tuesday, November 27th. They issued a “neutral” rating and a $180.00 price objective for the company. Oppenheimer set a $170.00 price objective on Stryker and gave the stock a “hold” rating in a report on Friday, November 9th. Citigroup increased their target price on Stryker from $173.00 to $174.00 and gave the stock a “neutral” rating in a research report on Thursday, November 15th. Finally, BTIG Research began coverage on Stryker in a research report on Thursday, August 16th. They issued a “buy” rating and a $187.00 target price for the company. Eight analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $182.45.
Stryker Corporation operates as a medical technology company. The company operates through three segments: Orthopaedics, MedSurg, and Neurotechnology and Spine. The Orthopaedics segment provides implants for use in hip and knee joint replacements, and trauma and extremities surgeries. The MedSurg segment offers surgical equipment and surgical navigation systems, endoscopic and communications systems, patient handling, emergency medical equipment and intensive care disposable products, reprocessed and remanufactured medical devices, and other medical devices for use in various medical specialties.
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