Parsons Capital Management Inc. RI Acquires 3,160 Shares of Stryker Co. (NYSE:SYK)

Parsons Capital Management Inc. RI increased its stake in Stryker Co. (NYSE:SYK) by 47.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,765 shares of the medical technology company’s stock after acquiring an additional 3,160 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Stryker were worth $3,516,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Parnassus Investments LLC bought a new position in Stryker in the third quarter worth approximately $762,798,000. International Assets Investment Management LLC lifted its holdings in shares of Stryker by 66,967.5% in 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 purchasing an additional 852,496 shares in the last quarter. RTW Investments LP acquired a new stake in Stryker in the 3rd quarter valued at $143,392,000. State Street Corp increased its stake in Stryker by 2.2% during 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 purchasing an additional 316,404 shares in the last quarter. Finally, FMR LLC raised its holdings in Stryker by 3.0% during the third quarter. FMR LLC now owns 7,306,994 shares of the medical technology company’s stock worth $2,639,725,000 after buying an additional 215,782 shares during the last quarter. Institutional investors and hedge funds own 77.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SYK. Citigroup upped their price target on Stryker from $411.00 to $450.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. UBS Group upped their target price on shares of Stryker from $366.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Royal Bank of Canada reiterated an “outperform” rating and set a $425.00 target price on shares of Stryker in a research note on Tuesday, January 7th. Morgan Stanley raised shares of Stryker from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $370.00 to $445.00 in a report on Monday, December 2nd. Finally, Canaccord Genuity Group boosted their price target on shares of Stryker from $360.00 to $400.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat.com, Stryker currently has a consensus rating of “Moderate Buy” and a consensus target price of $405.80.

Insiders Place Their Bets

In other news, CEO Kevin Lobo sold 57,313 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $368.70, for a total transaction of $21,131,303.10. Following the transaction, the chief executive officer now directly owns 100,027 shares of the company’s stock, valued at approximately $36,879,954.90. The trade was a 36.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.90% of the company’s stock.

Stryker Stock Performance

NYSE:SYK opened at $396.39 on Monday. The business has a 50 day moving average of $376.11 and a 200 day moving average of $361.15. The company has a market capitalization of $151.11 billion, a price-to-earnings ratio of 42.63, a PEG ratio of 2.68 and a beta of 0.95. Stryker Co. has a 1-year low of $310.74 and a 1-year high of $398.20. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.91 and a quick ratio of 1.22.

Stryker (NYSE:SYK) last released its earnings results on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $2.77 by $0.10. The company had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.37 billion. Stryker had a return on equity of 23.07% and a net margin of 16.34%. Stryker’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.46 EPS. On average, sell-side analysts predict that Stryker Co. will post 12.06 earnings per share for the current fiscal year.

Stryker Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a $0.84 dividend. This is a boost from Stryker’s previous quarterly dividend of $0.80. This represents a $3.36 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date of this dividend is Tuesday, December 31st. Stryker’s payout ratio is 36.01%.

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.