Sofinnova Investments Inc. Takes $65.70 Million Position in Stryker Co. (NYSE:SYK)

Sofinnova Investments Inc. acquired a new stake in Stryker Co. (NYSE:SYK) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 193,084 shares of the medical technology company’s stock, valued at approximately $65,697,000. Stryker accounts for about 3.4% of Sofinnova Investments Inc.’s investment portfolio, making the stock its 5th biggest position. Sofinnova Investments Inc. owned approximately 0.05% of Stryker as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in SYK. Edgestream Partners L.P. bought a new stake in Stryker during the 2nd quarter worth $369,000. Primecap Management Co. CA grew its stake in shares of Stryker by 0.3% in the 2nd quarter. Primecap Management Co. CA now owns 447,500 shares of the medical technology company’s stock valued at $152,262,000 after buying an additional 1,400 shares during the period. Luts & Greenleigh Group Inc. bought a new stake in Stryker during the 2nd quarter valued at $565,000. Citizens Financial Group Inc. RI raised its position in Stryker by 1,893.7% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 50,640 shares of the medical technology company’s stock valued at $17,230,000 after buying an additional 48,100 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Stryker by 14.1% in the second quarter. Dimensional Fund Advisors LP now owns 786,832 shares of the medical technology company’s stock worth $267,725,000 after purchasing an additional 97,160 shares during the last quarter. 77.09% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Stryker

In related news, insider Viju Menon sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $355.00, for a total transaction of $213,000.00. Following the completion of the transaction, the insider now owns 9,069 shares in the company, valued at approximately $3,219,495. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Viju Menon sold 600 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $355.00, for a total transaction of $213,000.00. Following the transaction, the insider now directly owns 9,069 shares in the company, valued at approximately $3,219,495. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Glenn S. Boehnlein sold 20,000 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $333.00, for a total value of $6,660,000.00. Following the transaction, the chief financial officer now directly owns 2,852 shares in the company, valued at $949,716. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 210,600 shares of company stock valued at $68,330,400. 5.90% of the stock is currently owned by insiders.

Stryker Stock Up 0.5 %

Shares of Stryker stock opened at $371.97 on Tuesday. Stryker Co. has a 1 year low of $249.98 and a 1 year high of $374.63. 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 stock has a market cap of $141.70 billion, a price-to-earnings ratio of 42.46, a PEG ratio of 2.84 and a beta of 0.91. The firm’s 50-day moving average is $343.03 and its two-hundred day moving average is $342.53.

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

Stryker Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be issued a $0.80 dividend. The ex-dividend date is Monday, September 30th. This represents a $3.20 dividend on an annualized basis and a yield of 0.86%. Stryker’s dividend payout ratio is presently 36.53%.

Wall Street Analysts Forecast Growth

SYK has been the topic of several recent research reports. Barclays increased their target price on Stryker from $374.00 to $402.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Truist Financial dropped their target price on shares of Stryker from $364.00 to $345.00 and set a “hold” rating for the company in a report on Thursday, August 1st. Royal Bank of Canada reiterated an “outperform” rating and set a $386.00 price target on shares of Stryker in a research report on Wednesday, July 31st. Wolfe Research began coverage on Stryker in a report on Tuesday, September 10th. They issued an “outperform” rating and a $405.00 price objective for the company. Finally, StockNews.com cut Stryker from a “buy” rating to a “hold” rating in a research report on Monday. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Stryker currently has a consensus rating of “Moderate Buy” and a consensus target price of $378.58.

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.