Confluence Investment Management LLC Has $86.82 Million Stock Holdings in Stryker Co. (NYSE:SYK)

Confluence Investment Management LLC reduced its holdings in Stryker Co. (NYSE:SYK) by 1.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 284,562 shares of the medical technology company’s stock after selling 5,508 shares during the quarter. Stryker makes up about 1.3% of Confluence Investment Management LLC’s portfolio, making the stock its 29th largest holding. Confluence Investment Management LLC owned about 0.08% of Stryker worth $86,817,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of SYK. Quarry LP acquired a new stake in Stryker in the first quarter valued at $27,000. Freedom Wealth Alliance LLC acquired a new stake in shares of Stryker in the fourth quarter valued at about $26,000. Altshuler Shaham Ltd bought a new position in shares of Stryker during the first quarter worth about $33,000. Elequin Securities LLC acquired a new position in shares of Stryker in the fourth quarter worth approximately $29,000. Finally, Cascade Investment Advisors Inc. bought a new stake in Stryker in the first quarter valued at approximately $34,000. Institutional investors own 76.24% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on SYK shares. Bank of America upgraded shares of Stryker from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $310.00 to $315.00 in a research report on Tuesday, September 5th. Argus increased their price target on Stryker from $285.00 to $310.00 in a report on Thursday, May 25th. Truist Financial boosted their price objective on Stryker from $300.00 to $310.00 in a research note on Wednesday, July 19th. Royal Bank of Canada reiterated an “outperform” rating and issued a $325.00 target price on shares of Stryker in a report on Thursday, August 17th. Finally, Morgan Stanley upped their price objective on shares of Stryker from $295.00 to $300.00 and gave the company an “equal weight” rating in a report on Monday, August 7th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $309.59.

Stryker Stock Up 0.9 %

SYK opened at $297.32 on Thursday. Stryker Co. has a fifty-two week low of $200.80 and a fifty-two week high of $306.93. 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 company’s 50-day moving average is $286.94 and its 200 day moving average is $285.29. The firm has a market capitalization of $112.92 billion, a P/E ratio of 41.99, a PEG ratio of 2.79 and a beta of 0.95.

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

Stryker Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be issued 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 yield of 1.01%. Stryker’s dividend payout ratio (DPR) is presently 42.37%.

Insider Transactions at Stryker

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

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 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.