Miracle Mile Advisors LLC Has $2.41 Million Stake in Stryker Co. (NYSE:SYK)

Miracle Mile Advisors LLC raised its position in Stryker Co. (NYSE:SYK) by 12.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,699 shares of the medical technology company’s stock after acquiring an additional 716 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Stryker were worth $2,412,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of SYK. Parnassus Investments LLC bought a new position in Stryker during the third quarter worth about $762,798,000. International Assets Investment Management LLC boosted its stake in shares of Stryker by 66,967.5% during the 3rd quarter. International Assets Investment Management LLC now owns 853,769 shares of the medical technology company’s stock worth $308,433,000 after acquiring an additional 852,496 shares during the period. RTW Investments LP acquired a new position in shares of Stryker during the 3rd quarter worth approximately $143,392,000. State Street Corp raised its stake in Stryker by 2.2% in the 3rd quarter. State Street Corp now owns 14,582,959 shares of the medical technology company’s stock valued at $5,279,788,000 after acquiring an additional 316,404 shares during the period. Finally, Canada Pension Plan Investment Board lifted its holdings in Stryker by 49.8% during the 2nd quarter. Canada Pension Plan Investment Board now owns 686,416 shares of the medical technology company’s stock valued at $233,553,000 after purchasing an additional 228,139 shares during the last quarter. Institutional investors own 77.09% of the company’s stock.

Stryker Stock Performance

Shares of Stryker stock opened at $360.96 on Tuesday. The company has a 50 day moving average of $375.28 and a 200-day moving average of $358.09. The company has a market cap of $137.60 billion, a PE ratio of 38.69, a price-to-earnings-growth ratio of 2.82 and a beta of 0.95. The company has a current ratio of 1.91, a quick ratio of 1.22 and a debt-to-equity ratio of 0.66. Stryker Co. has a 1-year low of $307.23 and a 1-year high of $398.20.

Stryker (NYSE:SYK) last issued its earnings results on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share for the quarter, beating analysts’ consensus estimates of $2.77 by $0.10. Stryker had a return on equity of 23.07% and a net margin of 16.34%. The firm had revenue of $5.49 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter last year, the business posted $2.46 EPS. The company’s revenue was up 11.9% compared to the same quarter last year. As a group, equities research analysts forecast that Stryker Co. will post 12.06 earnings per share for the current fiscal year.

Stryker Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be issued a $0.84 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.93%. This is a boost from Stryker’s previous quarterly dividend of $0.80. Stryker’s dividend payout ratio is 36.01%.

Analyst Upgrades and Downgrades

Several research firms have commented on SYK. Barclays upped their price objective on shares of Stryker from $402.00 to $418.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Piper Sandler reissued an “overweight” rating and issued a $420.00 price target (up from $380.00) on shares of Stryker in a report on Wednesday, October 30th. Needham & Company LLC restated a “buy” rating and set a $442.00 price objective on shares of Stryker in a report on Tuesday, January 7th. StockNews.com upgraded Stryker from a “hold” rating to a “buy” rating in a research note on Thursday, January 9th. Finally, Wells Fargo & Company boosted their price target on Stryker from $405.00 to $427.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Four equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $405.80.

Insider Activity

In other news, CEO Kevin Lobo sold 57,313 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $368.70, for a total value of $21,131,303.10. Following the completion of the transaction, the chief executive officer now directly owns 100,027 shares in the company, valued at approximately $36,879,954.90. This represents a 36.43 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.90% of the stock is currently owned by corporate insiders.

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 total joint replacements, such as hip, knee and shoulder, and trauma and extremities surgeries.