Fred Alger Management LLC Purchases 19,356 Shares of Stryker Co. (NYSE:SYK)

Fred Alger Management LLC raised its stake in Stryker Co. (NYSE:SYK) by 415.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,011 shares of the medical technology company’s stock after acquiring an additional 19,356 shares during the quarter. Fred Alger Management LLC’s holdings in Stryker were worth $8,664,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. Kohmann Bosshard Financial Services LLC purchased a new position in Stryker in the 4th quarter valued at approximately $25,000. Rakuten Securities Inc. increased its position in shares of Stryker by 618.2% during the fourth quarter. Rakuten Securities Inc. now owns 79 shares of the medical technology company’s stock valued at $28,000 after buying an additional 68 shares during the period. Centricity Wealth Management LLC bought a new position in shares of Stryker in the fourth quarter valued at approximately $30,000. BankPlus Trust Department purchased a new position in Stryker during the fourth quarter valued at approximately $33,000. Finally, Activest Wealth Management purchased a new stake in Stryker in the 4th quarter worth approximately $36,000. Institutional investors own 77.09% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. JMP Securities reissued a “market perform” rating on shares of Stryker in a report on Monday. Truist Financial upped their target price on shares of Stryker from $390.00 to $400.00 and gave the stock a “hold” rating in a research report on Monday. JPMorgan Chase & Co. raised their price target on Stryker from $420.00 to $445.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. StockNews.com lowered Stryker from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Finally, Sanford C. Bernstein set a $450.00 target price on Stryker in a research report on Monday. Five investment analysts have rated the stock with a hold rating and fifteen have given 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 $427.05.

Insider Activity

In other news, Director Allan C. Golston sold 2,458 shares of the business’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $383.07, for a total value of $941,586.06. Following the completion of the sale, the director now owns 14,895 shares in the company, valued at approximately $5,705,827.65. The trade was a 14.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ronda E. Stryker sold 200,000 shares of the company’s stock in a transaction on Tuesday, May 6th. The stock was 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 in the company, valued at approximately $1,288,195,208.96. The trade was a 5.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.90% of the company’s stock.

Stryker Stock Down 0.4 %

Shares of Stryker stock opened at $382.68 on Friday. Stryker Co. has a twelve month low of $314.93 and a twelve month high of $406.19. The company has a quick ratio of 1.32, a current ratio of 1.95 and a debt-to-equity ratio of 0.59. The company’s 50 day moving average is $365.66 and its 200 day moving average is $374.20. The company has a market cap of $146.06 billion, a price-to-earnings ratio of 49.31, a price-to-earnings-growth ratio of 2.93 and a beta of 0.93.

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 the consensus estimate of $2.73 by $0.11. Stryker had a net margin of 13.25% and a return on equity of 23.58%. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.68 billion. During the same quarter in the prior year, the firm earned $2.50 EPS. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. Research analysts anticipate that Stryker Co. will post 13.47 EPS for the current year.

Stryker Announces Dividend

The business 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 dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 0.88%. Stryker’s dividend payout ratio is currently 45.41%.

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.