Intech Investment Management LLC Reduces Holdings in Stryker Co. (NYSE:SYK)

Intech Investment Management LLC reduced its stake in Stryker Co. (NYSE:SYK) by 17.9% during the third quarter, Holdings Channel.com reports. The firm owned 3,868 shares of the medical technology company’s stock after selling 841 shares during the period. Intech Investment Management LLC’s holdings in Stryker were worth $1,397,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Centennial Bank AR increased its stake in shares of Stryker by 106.7% in the second quarter. Centennial Bank AR now owns 93 shares of the medical technology company’s stock worth $32,000 after buying an additional 48 shares during the period. Darwin Wealth Management LLC bought a new stake in Stryker in the 3rd quarter worth $36,000. HBW Advisory Services LLC purchased a new position in shares of Stryker in the third quarter valued at about $42,000. Hara Capital LLC purchased a new position in shares of Stryker in the third quarter valued at about $42,000. Finally, Grove Bank & Trust raised its stake in shares of Stryker by 84.8% during the third quarter. Grove Bank & Trust now owns 122 shares of the medical technology company’s stock valued at $44,000 after acquiring an additional 56 shares during the last quarter. Institutional investors own 77.09% of the company’s stock.

Stryker Stock Performance

Shares of Stryker stock opened at $389.71 on Wednesday. Stryker Co. has a 1 year low of $285.79 and a 1 year high of $398.20. The firm’s 50-day moving average is $366.97 and its 200 day moving average is $350.42. The stock has a market cap of $148.56 billion, a price-to-earnings ratio of 41.77, a PEG ratio of 2.90 and a beta of 0.91. 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 issued its earnings results on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.77 by $0.10. The firm had revenue of $5.49 billion for the quarter, compared to the consensus estimate of $5.37 billion. Stryker had a net margin of 16.34% and a return on equity of 23.07%. The business’s revenue was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.46 earnings per share. Sell-side analysts anticipate that Stryker Co. will post 12.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Kevin Lobo sold 57,313 shares of Stryker stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $368.70, for a total value of $21,131,303.10. Following the completion of the sale, the chief executive officer now directly owns 100,027 shares in the company, valued at $36,879,954.90. The trade was a 36.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP M Kathryn Fink sold 2,121 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $370.00, for a total transaction of $784,770.00. Following the transaction, the vice president now directly owns 10,042 shares of the company’s stock, valued at $3,715,540. The trade was a 17.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,781 shares of company stock valued at $24,612,275. Corporate insiders own 5.90% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on SYK. Wells Fargo & Company raised their target price on Stryker from $381.00 to $405.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Barclays lifted their price objective on Stryker from $402.00 to $418.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Needham & Company LLC raised their price target on Stryker from $393.00 to $409.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Piper Sandler reiterated an “overweight” rating and issued a $420.00 price target (up previously from $380.00) on shares of Stryker in a report on Wednesday, October 30th. Finally, 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 report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, Stryker presently has an average rating of “Moderate Buy” and a consensus target price of $393.65.

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.