Novare Capital Management LLC Cuts Position in Stryker Corporation (NYSE:SYK)

Novare Capital Management LLC decreased its holdings in shares of Stryker Corporation (NYSE:SYK) by 0.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 35,559 shares of the medical technology company’s stock after selling 310 shares during the period. Stryker accounts for 1.2% of Novare Capital Management LLC’s portfolio, making the stock its 25th largest position. Novare Capital Management LLC’s holdings in Stryker were worth $13,237,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Concurrent Investment Advisors LLC raised its stake in Stryker by 73.5% during the first quarter. Concurrent Investment Advisors LLC now owns 14,876 shares of the medical technology company’s stock valued at $5,538,000 after buying an additional 6,301 shares during the last quarter. Simmons Bank increased its holdings in shares of Stryker by 129.6% during the first quarter. Simmons Bank now owns 2,477 shares of the medical technology company’s stock valued at $922,000 after acquiring an additional 1,398 shares in the last quarter. World Investment Advisors raised its position in shares of Stryker by 4.7% in the 1st quarter. World Investment Advisors now owns 11,088 shares of the medical technology company’s stock worth $4,128,000 after purchasing an additional 495 shares during the last quarter. Wayfinding Financial LLC bought a new position in Stryker in the 1st quarter worth about $166,000. Finally, Olde Wealth Management LLC purchased a new stake in Stryker during the 1st quarter valued at about $139,000. 77.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Truist Financial lifted their target price on shares of Stryker from $390.00 to $400.00 and gave the stock a “hold” rating in a report on Monday, May 5th. JMP Securities restated a “market perform” rating on shares of Stryker in a report on Monday, May 5th. Roth Mkm upped their price objective on Stryker from $405.00 to $456.00 and gave the company a “buy” rating in a research report on Friday, May 2nd. Citigroup reissued a “buy” rating and issued a $455.00 target price (up previously from $443.00) on shares of Stryker in a report on Thursday, May 22nd. Finally, Evercore ISI decreased their price target on Stryker from $400.00 to $390.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, Stryker presently has an average rating of “Moderate Buy” and an average target price of $427.30.

Insider Transactions at Stryker

In other Stryker news, Director Ronda E. Stryker sold 200,000 shares of Stryker stock in a transaction that occurred 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 transaction, the director owned 3,417,326 shares of the company’s stock, valued at $1,288,195,208.96. The trade was a 5.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.90% of the company’s stock.

Stryker Trading Up 0.0%

Stryker stock opened at $392.00 on Friday. Stryker Corporation has a 52-week low of $314.93 and a 52-week high of $406.19. The company has a market cap of $149.62 billion, a P/E ratio of 52.97, a P/E/G ratio of 2.98 and a beta of 0.91. The company has a quick ratio of 1.00, a current ratio of 1.64 and a debt-to-equity ratio of 0.69. The business has a 50-day simple moving average of $382.92 and a two-hundred day simple moving average of $376.13.

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, topping analysts’ consensus estimates of $2.73 by $0.11. Stryker had a net margin of 12.31% and a return on equity of 23.74%. The company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.68 billion. During the same quarter last year, the firm posted $2.50 earnings per share. The firm’s revenue was up 11.9% compared to the same quarter last year. Analysts predict that Stryker Corporation will post 13.47 EPS for the current year.

Stryker Dividend Announcement

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