Putnam FL Investment Management Co. Has $11.28 Million Stake in Stryker Co. (SYK)
Putnam FL Investment Management Co. increased its stake in shares of Stryker Co. (NYSE:SYK) by 1.9% during the 4th quarter, Holdings Channel reports. The firm owned 71,945 shares of the medical technology company’s stock after purchasing an additional 1,359 shares during the quarter. Stryker makes up 1.2% of Putnam FL Investment Management Co.’s holdings, making the stock its 25th biggest position. Putnam FL Investment Management Co.’s holdings in Stryker were worth $11,277,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SYK. Oregon Public Employees Retirement Fund grew its position in Stryker by 8,029.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 6,075,473 shares of the medical technology company’s stock valued at $39,000 after acquiring an additional 6,000,739 shares during the last quarter. Capital International Investors bought a new position in Stryker in the 3rd quarter valued at $831,822,000. Capital World Investors grew its position in Stryker by 987.2% in the 3rd quarter. Capital World Investors now owns 1,657,979 shares of the medical technology company’s stock valued at $294,590,000 after acquiring an additional 1,505,479 shares during the last quarter. BlackRock Inc. grew its position in Stryker by 4.1% in the 4th quarter. BlackRock Inc. now owns 24,882,912 shares of the medical technology company’s stock valued at $3,900,399,000 after acquiring an additional 975,678 shares during the last quarter. Finally, HealthCor Management L.P. grew its position in Stryker by 723.2% in the 3rd quarter. HealthCor Management L.P. now owns 875,000 shares of the medical technology company’s stock valued at $155,470,000 after acquiring an additional 768,710 shares during the last quarter. 74.66% of the stock is currently owned by hedge funds and other institutional investors.
Shares of SYK traded down $0.24 during midday trading on Thursday, reaching $195.96. 5,033 shares of the stock were exchanged, compared to its average volume of 1,089,860. Stryker Co. has a 52 week low of $144.75 and a 52 week high of $198.75. The company has a current ratio of 2.02, a quick ratio of 1.41 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $73.20 billion, a price-to-earnings ratio of 26.82, a PEG ratio of 2.41 and a beta of 0.88.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Friday, March 29th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date of this dividend is Thursday, March 28th. Stryker’s payout ratio is 28.45%.
SYK has been the topic of several research analyst reports. Zacks Investment Research downgraded Stryker from a “buy” rating to a “hold” rating in a research report on Monday, December 3rd. Credit Suisse Group initiated coverage on Stryker in a research report on Monday, December 17th. They issued an “outperform” rating and a $195.00 price objective on the stock. Evercore ISI raised Stryker from an “in-line” rating to an “outperform” rating and set a $156.75 price objective on the stock in a research report on Wednesday, January 2nd. Citigroup cut their price objective on Stryker from $174.00 to $169.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 2nd. Finally, Morgan Stanley cut their price objective on Stryker from $212.00 to $197.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 2nd. Seven investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $190.46.
In related news, VP Michael Damon Hutchinson sold 3,936 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $194.10, for a total transaction of $763,977.60. Following the completion of the sale, the vice president now directly owns 12,841 shares in the company, valued at approximately $2,492,438.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Yin C. Becker sold 15,240 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $198.03, for a total value of $3,017,977.20. Following the sale, the vice president now owns 16,577 shares of the company’s stock, valued at $3,282,743.31. The disclosure for this sale can be found here. Insiders have sold a total of 131,071 shares of company stock worth $24,689,161 in the last three months. Corporate insiders own 7.30% of the company’s stock.
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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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