Peapack Gladstone Financial Corp Has $26.01 Million Stock Position in Stryker Co. (NYSE:SYK)

Peapack Gladstone Financial Corp lowered its stake in Stryker Co. (NYSE:SYK) by 6.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 71,985 shares of the medical technology company’s stock after selling 4,677 shares during the period. Peapack Gladstone Financial Corp’s holdings in Stryker were worth $26,005,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in SYK. Dunhill Financial LLC lifted its holdings in shares of Stryker by 94.9% during the third quarter. Dunhill Financial LLC now owns 76 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 37 shares during the period. Centennial Bank AR lifted its holdings in shares of Stryker by 106.7% during the second quarter. Centennial Bank AR now owns 93 shares of the medical technology company’s stock worth $32,000 after purchasing an additional 48 shares during the period. Darwin Wealth Management LLC acquired a new position in shares of Stryker during the third quarter worth $36,000. Hara Capital LLC acquired a new position in shares of Stryker during the third quarter worth $42,000. Finally, HBW Advisory Services LLC bought a new position in Stryker during the third quarter worth $42,000. Institutional investors and hedge funds own 77.09% of the company’s stock.

Stryker Stock Performance

NYSE SYK opened at $375.01 on Friday. Stryker Co. has a 1 year low of $285.79 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. The stock has a market capitalization of $142.96 billion, a PE ratio of 40.19, a P/E/G ratio of 2.84 and a beta of 0.94. The company’s 50 day simple moving average is $372.88 and its two-hundred day simple moving average is $354.65.

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

Stryker Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.84 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.36 annualized dividend and a dividend yield of 0.90%. This is a boost from Stryker’s previous quarterly dividend of $0.80. Stryker’s dividend payout ratio (DPR) is 34.30%.

Insider Activity

In related news, CEO Kevin Lobo sold 57,313 shares of the stock in a transaction on Thursday, November 7th. The shares were 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 owns 100,027 shares of the company’s stock, valued at approximately $36,879,954.90. This trade represents a 36.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP M Kathryn Fink sold 7,347 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $366.98, for a total transaction of $2,696,202.06. Following the transaction, the vice president now directly owns 10,042 shares in the company, valued at approximately $3,685,213.16. This represents a 42.25 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 5.90% of the company’s stock.

Wall Street Analysts Forecast Growth

SYK has been the subject of several research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $425.00 price target (up from $400.00) on shares of Stryker in a research note on Wednesday. Truist Financial boosted their target price on shares of Stryker from $370.00 to $380.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. Robert W. Baird upped their price objective on shares of Stryker from $378.00 to $405.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Evercore ISI upped their price objective on shares of Stryker from $380.00 to $384.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, Needham & Company LLC increased their target price on shares of Stryker from $409.00 to $442.00 and gave the company a “buy” rating in a research report on Thursday. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Stryker currently has an average rating of “Moderate Buy” and a consensus target price of $404.35.

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.