Connable Office Inc. Has $44.06 Million Stake in Stryker Co. (NYSE:SYK)

Connable Office Inc. increased its holdings in shares of Stryker Co. (NYSE:SYK) by 881.0% during the second quarter, Holdings Channel.com reports. The fund owned 129,487 shares of the medical technology company’s stock after purchasing an additional 116,287 shares during the quarter. Stryker accounts for about 4.7% of Connable Office Inc.’s holdings, making the stock its 4th biggest position. Connable Office Inc.’s holdings in Stryker were worth $44,058,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of SYK. Burkett Financial Services LLC acquired a new stake in shares of Stryker during the 4th quarter worth approximately $25,000. DSM Capital Partners LLC bought a new position in shares of Stryker in the 4th quarter valued at $34,000. Central Pacific Bank Trust Division acquired a new position in shares of Stryker during the 1st quarter worth $39,000. Private Wealth Management Group LLC bought a new stake in shares of Stryker during the 4th quarter worth $40,000. Finally, Accent Capital Management LLC acquired a new stake in Stryker in the fourth quarter valued at about $60,000. Institutional investors own 77.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SYK shares. The Goldman Sachs Group started coverage on shares of Stryker in a research note on Thursday, May 30th. They issued a “neutral” rating and a $372.00 price target on the stock. Morgan Stanley raised their target price on shares of Stryker from $345.00 to $350.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. BTIG Research upped their price target on shares of Stryker from $360.00 to $374.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Royal Bank of Canada reissued an “outperform” rating and set a $386.00 price objective on shares of Stryker in a report on Wednesday, July 31st. Finally, Truist Financial lowered their price objective on Stryker from $364.00 to $345.00 and set a “hold” rating for the company in a research note on Thursday, August 1st. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $377.11.

Insider Buying and Selling

In related news, CFO Glenn S. Boehnlein sold 20,000 shares of the stock in a transaction dated 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 transaction was disclosed in a document filed with the SEC, which is available 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 sale, the insider now directly owns 9,069 shares of the company’s stock, valued at $3,219,495. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Glenn S. Boehnlein sold 20,000 shares of the company’s 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 sale, 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. Over the last three months, insiders have sold 210,600 shares of company stock worth $68,330,400. 5.90% of the stock is owned by company insiders.

Stryker Trading Up 0.6 %

NYSE:SYK opened at $361.01 on Monday. Stryker Co. has a one year low of $249.98 and a one year high of $364.36. The company has a market cap of $137.57 billion, a PE ratio of 40.97, a PEG ratio of 2.77 and a beta of 0.91. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.68 and a quick ratio of 0.95. The firm has a 50-day moving average of $339.06 and a 200-day moving average of $341.90.

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

Stryker Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date is Monday, September 30th. Stryker’s payout ratio is 36.53%.

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.