First Trust Direct Indexing L.P. Acquires 693 Shares of Stryker Co. (NYSE:SYK)

First Trust Direct Indexing L.P. raised its holdings in Stryker Co. (NYSE:SYK) by 6.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,402 shares of the medical technology company’s stock after buying an additional 693 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Stryker were worth $4,080,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in SYK. Quadrature Capital Ltd purchased a new position in shares of Stryker during the third quarter valued at about $1,467,000. Truist Financial Corp lifted its stake in shares of Stryker by 16.3% in the 3rd quarter. Truist Financial Corp now owns 132,369 shares of the medical technology company’s stock valued at $36,172,000 after purchasing an additional 18,598 shares during the period. Advisors Asset Management Inc. boosted its position in shares of Stryker by 17.5% during the third quarter. Advisors Asset Management Inc. now owns 20,107 shares of the medical technology company’s stock valued at $5,495,000 after purchasing an additional 2,998 shares in the last quarter. Axxcess Wealth Management LLC purchased a new stake in Stryker in the third quarter worth $340,000. Finally, Ameriprise Financial Inc. raised its holdings in Stryker by 14.4% in the third quarter. Ameriprise Financial Inc. now owns 1,547,683 shares of the medical technology company’s stock worth $422,099,000 after purchasing an additional 194,715 shares in the last quarter. 77.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on SYK shares. Stifel Nicolaus boosted their target price on shares of Stryker from $350.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Barclays upped their price objective on shares of Stryker from $372.00 to $376.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. StockNews.com cut Stryker from a “buy” rating to a “hold” rating in a research report on Wednesday. The Goldman Sachs Group initiated coverage on Stryker in a research report on Thursday, May 30th. They set a “neutral” rating and a $372.00 price objective for the company. Finally, Evercore ISI reduced their price target on Stryker from $370.00 to $365.00 and set an “outperform” rating for the company in a report on Tuesday. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $370.32.

Stryker Price Performance

SYK stock traded down $2.28 during trading on Thursday, reaching $332.02. The company’s stock had a trading volume of 522,400 shares, compared to its average volume of 1,002,283. The company’s fifty day moving average is $337.45 and its 200-day moving average is $334.48. Stryker Co. has a 1 year low of $249.98 and a 1 year high of $361.41. The company has a market capitalization of $126.48 billion, a P/E ratio of 37.90, a price-to-earnings-growth ratio of 2.63 and a beta of 0.89. The company has a quick ratio of 0.99, a current ratio of 1.71 and a debt-to-equity ratio of 0.56.

Stryker (NYSE:SYK) last posted its quarterly earnings results on Tuesday, April 30th. The medical technology company reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. The company had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.10 billion. Stryker had a return on equity of 23.05% and a net margin of 16.03%. The firm’s revenue was up 9.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.14 EPS. On average, research analysts expect that Stryker Co. will post 11.95 earnings per share for the current fiscal year.

Stryker Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 0.96%. The ex-dividend date is Friday, June 28th. Stryker’s dividend payout ratio (DPR) is presently 36.53%.

Stryker 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.