Suvretta Capital Management LLC Boosts Stock Holdings in Stryker Co. (NYSE:SYK)

Suvretta Capital Management LLC lifted its stake in Stryker Co. (NYSE:SYK) by 78.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,960 shares of the medical technology company’s stock after buying an additional 1,300 shares during the period. Suvretta Capital Management LLC’s holdings in Stryker were worth $845,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of SYK. Quarry LP bought a new stake in Stryker in the first quarter valued at approximately $27,000. Freedom Wealth Alliance LLC bought a new stake in Stryker during the 4th quarter valued at $26,000. Altshuler Shaham Ltd purchased a new stake in Stryker during the 1st quarter valued at $33,000. Elequin Securities LLC bought a new stake in Stryker in the 4th quarter worth $29,000. Finally, Cascade Investment Advisors Inc. purchased a new position in shares of Stryker in the first quarter valued at about $34,000. Institutional investors own 76.24% of the company’s stock.

Insider Activity at Stryker

In other Stryker news, insider Viju Menon sold 5,000 shares of Stryker stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $289.00, for a total transaction of $1,445,000.00. Following the transaction, the insider now owns 6,994 shares of the company’s stock, valued at $2,021,266. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SYK shares. Barclays increased their target price on shares of Stryker from $321.00 to $335.00 and gave the stock an “overweight” rating in a report on Monday, August 7th. Morgan Stanley lifted their price objective on Stryker from $295.00 to $300.00 and gave the stock an “equal weight” rating in a research report on Monday, August 7th. StockNews.com downgraded Stryker from a “buy” rating to a “hold” rating in a report on Friday. Royal Bank of Canada reiterated an “outperform” rating and issued a $325.00 price target on shares of Stryker in a report on Thursday, August 17th. Finally, Truist Financial boosted their price objective on shares of Stryker from $300.00 to $310.00 in a research report on Wednesday, July 19th. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $309.59.

Stryker Stock Performance

Shares of SYK traded up $7.71 on Monday, reaching $297.25. The company’s stock had a trading volume of 378,491 shares, compared to its average volume of 1,286,076. Stryker Co. has a 12-month low of $200.80 and a 12-month high of $306.93. The stock has a market capitalization of $112.89 billion, a P/E ratio of 40.90, a PEG ratio of 2.79 and a beta of 0.95. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.54 and a quick ratio of 0.84. The stock’s 50 day simple moving average is $286.97 and its two-hundred day simple moving average is $284.72.

Stryker (NYSE:SYK) last posted its quarterly earnings data on Thursday, August 3rd. The medical technology company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.38 by $0.16. The firm had revenue of $5 billion during the quarter, compared to analyst estimates of $4.83 billion. Stryker had a return on equity of 22.31% and a net margin of 13.92%. Stryker’s revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the business posted $2.25 EPS. Research analysts forecast that Stryker Co. will post 10.37 earnings per share for the current fiscal year.

Stryker Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.01%. Stryker’s payout ratio is currently 42.37%.

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 hip and knee joint replacements, and trauma and extremities surgeries. This segment also offers spinal implant products comprising cervical, thoracolumbar, and interbody systems that are used in spinal injury, deformity, and degenerative therapies.