Professional Advisory Services Inc. Reduces Stake in Stryker Co. (SYK)

Professional Advisory Services Inc. has decreased its position in Stryker Co. by 4.6% in the second quarter, according to recent filings with the SEC. The institutional investor sold 3,153 shares of the medical technology company’s stock, leaving it with 66,096 shares. Stryker accounts for about 3.1% of Professional Advisory Services’ portfolio, making it the firm’s 14th largest holding. As of the end of the most recent reporting period, the value of Professional Advisory Services’ holdings in Stryker was $20,165,000.

Several other institutional investors have also made changes to their positions in the company. Vinva Investment Management Ltd purchased a new stake in Stryker in the first quarter, while Stifel Financial Corp increased its holdings in the company by 0.7% in the same quarter. Coastal Investment Advisors Inc. and Maryland State Retirement & Pension System bought stakes in the fourth quarter and first quarter respectively. Meiji Yasuda Asset Management Co Ltd. increased its holdings in the company in the first quarter by 28.6%. Around 76.24% of Stryker’s stock is owned by hedge funds and other institutional investors.

In other news, insider Viju Menon sold 5,000 shares of Stryker stock in September. The average price per share was $289.00, resulting in a total transaction value of $1,445,000. Following the sale, the insider now owns 6,994 shares of the company’s stock, valued at $2,021,266. Corporate insiders currently hold 5.90% of Stryker’s stock.

Stryker’s stock performance has been strong, with shares recently trading at $292.77. The company has a market capitalization of $111.19 billion and a PE ratio of 41.37. Its 50-day moving average is $286.93, while its 200-day moving average is $285.36. The stock’s 52-week range is $200.80 to $306.93.

Stryker recently reported its quarterly earnings, surpassing analyst estimates. The company’s revenue for the quarter was $5 billion, compared to the consensus estimate of $4.83 billion. Stryker had a return on equity of 22.31% and a net margin of 13.92%. Research analysts predict that Stryker will post earnings per share of $10.37 for the current fiscal year.

The company has also declared a quarterly dividend of $0.75 per share, with a dividend yield of 1.02%. The dividend will be paid on October 31st to investors of record on September 29th. Stryker’s dividend payout ratio currently stands at 42.37%.

Wall Street analysts have offered positive ratings for Stryker, with target prices being raised by various firms. Royal Bank of Canada reaffirmed its “outperform” rating and set a target price of $325.00. Truist Financial boosted its target price from $300.00 to $310.00. Bank of America upgraded their rating from “neutral” to “buy” and raised their target price from $310.00 to $315.00. Stryker currently has a consensus rating of “Moderate Buy” and a consensus target price of $309.59.

Stryker Corporation operates as a medical technology company, with two segments: MedSurg and Neurotechnology, and Orthopaedics and Spine. The Orthopaedics and Spine segment provides implants for hip and knee joint replacements, as well as trauma and extremities surgeries. Additionally, it offers spinal implant products for spinal injury, deformity, and degenerative therapies.