Canandaigua National Bank & Trust Co. Trims Holdings in Stryker Co. (NYSE:SYK)

Canandaigua National Bank & Trust Co. lowered its position in Stryker Co. (NYSE:SYK) by 0.3% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 8,603 shares of the medical technology company’s stock after selling 30 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Stryker were worth $3,098,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Parnassus Investments LLC acquired a new stake in shares of Stryker in the third quarter worth $762,798,000. Baltimore Washington Financial Advisors Inc. raised its stake in shares of Stryker by 2.4% during the 3rd quarter. Baltimore Washington Financial Advisors Inc. now owns 66,681 shares of the medical technology company’s stock valued at $24,089,000 after buying an additional 1,554 shares during the last quarter. Sivik Global Healthcare LLC lifted its holdings in shares of Stryker by 8.0% in the 3rd quarter. Sivik Global Healthcare LLC now owns 27,000 shares of the medical technology company’s stock valued at $9,754,000 after buying an additional 2,000 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of Stryker by 2.7% in the second quarter. Envestnet Asset Management Inc. now owns 618,041 shares of the medical technology company’s stock worth $210,289,000 after buying an additional 16,504 shares during the last quarter. Finally, World Investment Advisors LLC grew its stake in shares of Stryker by 126.1% during the 3rd quarter. World Investment Advisors LLC now owns 8,142 shares of the medical technology company’s stock worth $2,941,000 after purchasing an additional 4,541 shares during the period. Institutional investors and hedge funds own 77.09% of the company’s stock.

Stryker Stock Performance

Shares of SYK stock traded down $0.59 during midday trading on Monday, hitting $360.93. The company had a trading volume of 1,264,731 shares, compared to its average volume of 867,727. Stryker Co. has a 52-week low of $294.34 and a 52-week 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. The company’s 50 day simple moving average is $375.23 and its 200 day simple moving average is $357.19. The stock has a market cap of $137.59 billion, a price-to-earnings ratio of 38.68, a PEG ratio of 2.82 and a beta of 0.95.

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

Stryker Increases Dividend

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

Insiders Place Their Bets

In other news, CEO Kevin Lobo sold 57,313 shares of Stryker stock in a transaction 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 completion of the transaction, the chief executive officer now owns 100,027 shares of the company’s stock, valued at $36,879,954.90. The trade was a 36.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 5.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Truist Financial raised their price target on shares of Stryker from $380.00 to $409.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Wells Fargo & Company upped their price target on Stryker from $405.00 to $427.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Canaccord Genuity Group raised their price objective on Stryker from $360.00 to $400.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. UBS Group upped their price objective on shares of Stryker from $366.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, Citigroup raised their target price on Stryker from $411.00 to $450.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. Four research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $405.80.

Stryker Company 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.