PNC Financial Services Group Inc. Sells 20,556 Shares of Stryker Corporation $SYK

PNC Financial Services Group Inc. lowered its stake in Stryker Corporation (NYSE:SYK) by 2.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,030,046 shares of the medical technology company’s stock after selling 20,556 shares during the quarter. PNC Financial Services Group Inc. owned 0.27% of Stryker worth $380,777,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new position in Stryker during the second quarter valued at $1,882,173,000. Alliancebernstein L.P. raised its position in Stryker by 307.6% during the second quarter. Alliancebernstein L.P. now owns 5,596,508 shares of the medical technology company’s stock valued at $2,214,146,000 after acquiring an additional 4,223,366 shares in the last quarter. Corient Private Wealth LLC boosted its stake in shares of Stryker by 104.4% during the 2nd quarter. Corient Private Wealth LLC now owns 2,245,841 shares of the medical technology company’s stock worth $887,525,000 after acquiring an additional 1,146,998 shares in the last quarter. ABN AMRO Bank N.V. purchased a new position in shares of Stryker in the second quarter valued at approximately $191,047,000. Finally, Vanguard Group Inc. raised its position in shares of Stryker by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 33,500,571 shares of the medical technology company’s stock valued at $13,253,831,000 after buying an additional 440,607 shares during the period. 77.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on SYK shares. Citizens Jmp raised shares of Stryker from a “market perform” rating to an “outperform” rating and set a $440.00 price objective on the stock in a research report on Friday, December 19th. Royal Bank Of Canada restated an “outperform” rating and issued a $435.00 target price on shares of Stryker in a research report on Friday, November 14th. Wall Street Zen lowered shares of Stryker from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Evercore set a $390.00 price target on shares of Stryker in a research note on Monday, January 5th. Finally, Wells Fargo & Company boosted their target price on Stryker from $452.00 to $456.00 and gave the stock an “overweight” rating in a report on Friday, November 14th. Twelve research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $426.94.

Stryker Stock Performance

NYSE:SYK opened at $366.02 on Friday. The firm has a market capitalization of $140.07 billion, a P/E ratio of 43.57, a P/E/G ratio of 2.14 and a beta of 0.87. The company has a quick ratio of 1.21, a current ratio of 1.89 and a debt-to-equity ratio of 0.66. Stryker Corporation has a twelve month low of $329.16 and a twelve month high of $404.87. The company has a fifty day moving average of $358.00 and a 200-day moving average of $369.35.

Stryker (NYSE:SYK) last issued its quarterly earnings data on Thursday, January 29th. The medical technology company reported $4.47 EPS for the quarter, beating the consensus estimate of $4.40 by $0.07. The company had revenue of $7.17 billion during the quarter, compared to analysts’ expectations of $7.12 billion. Stryker had a net margin of 12.92% and a return on equity of 24.41%. Stryker’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.01 earnings per share. As a group, sell-side analysts anticipate that Stryker Corporation will post 13.47 EPS for the current year.

Stryker Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $0.88 per share. The ex-dividend date is Tuesday, March 31st. This represents a $3.52 annualized dividend and a dividend yield of 1.0%. Stryker’s dividend payout ratio (DPR) is currently 41.90%.

Insider Activity at Stryker

In other Stryker news, CFO Preston Wendell Wells sold 165 shares of Stryker stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $365.88, for a total transaction of $60,370.20. Following the completion of the sale, the chief financial officer owned 6,694 shares of the company’s stock, valued at approximately $2,449,200.72. The trade was a 2.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ronda E. Stryker sold 250,000 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $362.92, for a total transaction of $90,730,000.00. Following the completion of the transaction, the director directly owned 2,457,331 shares in the company, valued at $891,814,566.52. This represents a 9.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 5.90% of the company’s stock.

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.