Wedbush Securities Inc. Has $2.82 Million Holdings in Stryker Co. (NYSE:SYK)

Wedbush Securities Inc. grew its holdings in Stryker Co. (NYSE:SYK) by 2.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,299 shares of the medical technology company’s stock after purchasing an additional 177 shares during the period. Wedbush Securities Inc.’s holdings in Stryker were worth $2,824,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in SYK. Atlantic Edge Private Wealth Management LLC purchased a new stake in Stryker in the 4th quarter worth approximately $1,561,000. Koshinski Asset Management Inc. purchased a new stake in shares of Stryker during the first quarter worth $795,000. Envestnet Portfolio Solutions Inc. boosted its position in Stryker by 43.1% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 18,491 shares of the medical technology company’s stock valued at $6,617,000 after purchasing an additional 5,565 shares during the last quarter. Norden Group LLC purchased a new position in Stryker in the first quarter valued at about $4,027,000. Finally, International Assets Investment Management LLC acquired a new position in Stryker in the 1st quarter worth about $21,970,000. 77.09% of the stock is owned by hedge funds and other institutional investors.

Stryker Stock Up 1.1 %

Shares of SYK opened at $362.78 on Tuesday. Stryker Co. has a 12 month low of $249.98 and a 12 month high of $365.61. The stock has a market cap of $138.25 billion, a price-to-earnings ratio of 41.41, a P/E/G ratio of 2.77 and a beta of 0.91. The company has a 50-day moving average price of $339.59 and a two-hundred day moving average price of $341.97. The company has a quick ratio of 0.95, a current ratio of 1.68 and a debt-to-equity ratio of 0.51.

Stryker (NYSE:SYK) last posted its earnings results on Tuesday, July 30th. The medical technology company reported $2.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.79 by $0.02. The company had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $5.40 billion. Stryker had a net margin of 16.12% and a return on equity of 22.89%. Stryker’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.54 earnings per share. Equities analysts predict that Stryker Co. will post 12 EPS for the current fiscal year.

Stryker Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be given a dividend of $0.80 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 0.88%. Stryker’s payout ratio is 36.53%.

Insider Activity

In other Stryker news, insider Viju Menon sold 600 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $355.00, for a total transaction of $213,000.00. Following the transaction, the insider now owns 9,069 shares of the company’s stock, valued at approximately $3,219,495. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Stryker news, insider Viju Menon sold 600 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $355.00, for a total transaction of $213,000.00. Following the transaction, the insider now directly owns 9,069 shares in the company, valued at approximately $3,219,495. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Glenn S. Boehnlein sold 20,000 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $333.00, for a total transaction of $6,660,000.00. Following the completion of the transaction, the chief financial officer now owns 2,852 shares in the company, valued at $949,716. The disclosure for this sale can be found here. Insiders have sold 210,600 shares of company stock valued at $68,330,400 over the last three months. 5.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

SYK has been the subject of several recent research reports. Royal Bank of Canada reissued an “outperform” rating and issued a $386.00 target price on shares of Stryker in a research report on Wednesday, July 31st. Truist Financial cut their target price on shares of Stryker from $364.00 to $345.00 and set a “hold” rating for the company in a research report on Thursday, August 1st. StockNews.com upgraded shares of Stryker from a “hold” rating to a “buy” rating in a report on Thursday, July 11th. The Goldman Sachs Group began coverage on Stryker in a research note on Thursday, May 30th. They issued a “neutral” rating and a $372.00 price objective on the stock. Finally, BTIG Research increased their target price on Stryker from $360.00 to $374.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Four analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, Stryker has a consensus rating of “Moderate Buy” and a consensus target price of $377.11.

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.