Parnassus Investments LLC Decreases Stock Position in Stryker Corporation $SYK

Parnassus Investments LLC lessened its stake in shares of Stryker Corporation (NYSE:SYK) by 11.5% in the third quarter, Holdings Channel reports. The institutional investor owned 1,581,516 shares of the medical technology company’s stock after selling 206,472 shares during the quarter. Parnassus Investments LLC’s holdings in Stryker were worth $584,639,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Two Point Capital Management Inc. purchased a new stake in Stryker in the second quarter worth about $7,281,000. Diversified Trust Co lifted its position in Stryker by 45.6% during the third quarter. Diversified Trust Co now owns 12,445 shares of the medical technology company’s stock valued at $4,601,000 after purchasing an additional 3,899 shares during the period. Alecta Tjanstepension Omsesidigt increased its holdings in Stryker by 82.0% in the 2nd quarter. Alecta Tjanstepension Omsesidigt now owns 458,300 shares of the medical technology company’s stock worth $181,235,000 after acquiring an additional 206,500 shares in the last quarter. SVB Wealth LLC bought a new position in shares of Stryker in the second quarter worth approximately $4,785,000. Finally, AXQ Capital LP bought a new position in Stryker in the 2nd quarter worth $567,000. Hedge funds and other institutional investors own 77.09% of the company’s stock.

Insider Activity at Stryker

In other news, CFO Preston Wendell Wells sold 165 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $365.88, for a total value of $60,370.20. Following the completion of the sale, the chief financial officer directly owned 6,694 shares in the company, valued at $2,449,200.72. The trade was a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO William E. Berry, Jr. sold 1,953 shares of the business’s stock in a transaction on Friday, November 14th. The stock was sold at an average price of $365.49, for a total transaction of $713,801.97. Following the completion of the sale, the chief accounting officer directly owned 2,833 shares of the company’s stock, valued at approximately $1,035,433.17. The trade was a 40.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 522,118 shares of company stock worth $185,381,932 in the last three months. Company insiders own 5.90% of the company’s stock.

Analysts Set New Price Targets

SYK has been the topic of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $448.00 price target on shares of Stryker in a research note on Friday, November 14th. Rothschild Redb upgraded Stryker to a “hold” rating in a research report on Thursday, September 18th. Citizens Jmp raised shares of Stryker from a “market perform” rating to an “outperform” rating and set a $440.00 price objective for the company in a research note on Friday, December 19th. Citigroup reduced their price objective on shares of Stryker from $455.00 to $420.00 and set a “buy” rating on the stock in a research report on Thursday, December 11th. Finally, Raymond James Financial upgraded shares of Stryker from a “market perform” rating to an “outperform” rating and set a $418.00 price target on the stock in a report on Tuesday. Fourteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $430.00.

Stryker Trading Up 0.1%

Shares of NYSE:SYK opened at $367.75 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.85 and a quick ratio of 1.13. The firm has a market capitalization of $140.64 billion, a P/E ratio of 48.32, a P/E/G ratio of 2.35 and a beta of 0.89. The business’s 50-day moving average is $359.91 and its 200 day moving average is $375.16. Stryker Corporation has a 1 year low of $329.16 and a 1 year high of $406.19.

Stryker (NYSE:SYK) last posted its quarterly earnings data on Friday, October 31st. The medical technology company reported $3.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.13 by $0.06. Stryker had a net margin of 12.07% and a return on equity of 24.07%. The firm had revenue of $6.06 billion for the quarter, compared to the consensus estimate of $6.04 billion. During the same quarter in the prior year, the company posted $2.87 earnings per share. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, research analysts predict that Stryker Corporation will post 13.47 earnings per share for the current fiscal year.

Stryker Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Wednesday, December 31st will be issued a $0.88 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This is a boost from Stryker’s previous quarterly dividend of $0.84. This represents a $3.52 dividend on an annualized basis and a yield of 1.0%. Stryker’s dividend payout ratio is presently 46.25%.

Stryker Profile

Stryker Corporation is a global medical technology company that designs, manufactures and markets a broad range of products and services for use in hospitals, surgeons’ offices and other healthcare facilities. Its primary business activities span orthopedics (including joint replacement implants, trauma and extremities products), surgical equipment and operating room technologies (such as visualization, navigation and powered instruments), neurotechnology and spine solutions, and patient-handling and emergency medical equipment.