Harvest Portfolios Increases Stake in Stryker Corporation by 2.7%

Harvest Portfolios Group Inc. has raised its holdings in Stryker Corporation, increasing its stake by 2.7% during the third quarter of 2023. According to the latest filing with the Securities and Exchange Commission, the investment firm now owns a total of 148,868 shares of the medical technology company, valued at approximately $55.03 million.

The firm acquired an additional 3,883 shares during the quarter, reflecting ongoing confidence in Stryker’s market position. Other institutional investors have also adjusted their stakes in Stryker. Kovack Advisors Inc. enhanced its holdings by 3.6% in the second quarter, now owning 771 shares valued at $305,000. Meanwhile, Armstrong Advisory Group Inc. increased its stake by 12.3% during the same period, owning 247 shares worth $91,000.

Venturi Wealth Management LLC and Patriot Financial Group Insurance Agency LLC also made notable adjustments, boosting their holdings by 1.4% and 3.9%, respectively. This trend indicates strong institutional interest, with approximately 77.09% of Stryker’s stock owned by institutional investors.

Stock Performance and Dividends

As of February 2, 2024, shares of Stryker Corporation (NYSE:SYK) opened at $387.34. The stock has shown a fifty-day moving average of $363.17 and a 200-day moving average of $369.21. Over the past year, Stryker’s stock has reached a high of $404.87 and a low of $329.16. The company boasts a market capitalization of $148.23 billion and a price-to-earnings ratio of 46.11.

In addition to its stock performance, Stryker recently declared a quarterly dividend of $0.88 per share, payable on April 30, 2024. Investors on record as of March 31, 2024, will receive this dividend, reflecting an annualized payout of $3.52 and a yield of 0.9%. The company’s dividend payout ratio stands at 41.90%.

Insider Activity and Analyst Ratings

In a significant insider transaction, Director Ronda E. Stryker sold 250,000 shares of Stryker stock on February 4, 2024, at an average price of $362.92. The transaction, valued at approximately $90.73 million, reduced her holdings by 9.23%. Following the sale, she retains ownership of 2,457,331 shares, valued at around $891.81 million. Corporate insiders currently hold about 5.90% of Stryker’s stock.

Analysts have varied opinions on Stryker’s future performance. The Goldman Sachs Group has set a price target of $399.00, while BTIG Research raised its target from $410.00 to $412.00, maintaining a “buy” rating. Truist Financial adjusted its target from $400.00 to $392.00, rating the stock as a “hold”. Meanwhile, TD Cowen downgraded Stryker from “buy” to “hold,” setting a target price of $387.00.

Overall, analysts have given Stryker an average rating of “Moderate Buy,” with a consensus price target of $426.47. Thirteen analysts have rated the stock with a “buy” rating, while five have issued a “hold” rating.

Stryker Corporation continues to be a key player in the global medical technology sector, offering a wide range of products and services in areas such as orthopedics, surgical equipment, neurotechnology, and emergency medical equipment. The ongoing investment and interest from institutional investors highlight the company’s enduring appeal and market potential.