6,536 Shares in Stryker Corporation $SYK Bought by Summit Wealth Group LLC Co.

Key Points

• Summit Wealth Group acquired 6,536 Stryker shares worth approximately $1.8 million, while institutional investors and hedge funds collectively own 77.09% of the company.
• Stryker’s latest quarterly results fell slightly short of expectations, with EPS of $3.52 versus $3.55 estimated and revenue of $6.52 billion versus $6.62 billion; revenue nevertheless grew 7.6% year over year.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and average price target of $355.04, although several firms have lowered targets and Canaccord downgraded the stock to Hold. Insiders have sold about $118.2 million of shares over the past 90 days.

Summit Wealth Group LLC Co. purchased a new position in shares of Stryker Corporation (NYSE:SYK - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 6,536 shares of the medical technology company's stock, valued at approximately $1,800,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SYK. State Street Corp boosted its holdings in Stryker by 1.2% during the second quarter. State Street Corp now owns 15,532,565 shares of the medical technology company's stock worth $4,903,772,000 after purchasing an additional 183,400 shares during the last quarter. Wellington Management Group LLP increased its stake in Stryker by 0.6% in the 2nd quarter. Wellington Management Group LLP now owns 8,167,185 shares of the medical technology company's stock valued at $2,571,357,000 after buying an additional 45,478 shares during the last quarter. Bank of America Corp DE acquired a new stake in Stryker in the 2nd quarter valued at $1,404,284,000. Royal Bank of Canada increased its stake in Stryker by 6.5% in the 1st quarter. Royal Bank of Canada now owns 3,273,232 shares of the medical technology company's stock valued at $1,075,552,000 after buying an additional 199,863 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Stryker by 21.8% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,689,376 shares of the medical technology company's stock worth $846,723,000 after buying an additional 481,175 shares in the last quarter. 77.09% of the stock is currently owned by institutional investors and hedge funds.

Stryker Price Performance

Shares of SYK opened at $306.77 on Tuesday. The company has a current ratio of 2.16, a quick ratio of 1.33 and a debt-to-equity ratio of 0.59. The company's fifty day simple moving average is $292.37 and its 200 day simple moving average is $324.26. Stryker Corporation has a 1-year low of $267.00 and a 1-year high of $389.33. The company has a market cap of $117.67 billion, a price-to-earnings ratio of 32.67, a PEG ratio of 1.96 and a beta of 0.78.

Stryker (NYSE:SYK - Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The medical technology company reported $3.52 EPS for the quarter, missing analysts' consensus estimates of $3.55 by ($0.03). Stryker had a net margin of 14.43% and a return on equity of 23.63%. The firm had revenue of $6.52 billion during the quarter, compared to analyst estimates of $6.62 billion. During the same quarter in the prior year, the business earned $3.19 EPS. The business's revenue was up 7.6% compared to the same quarter last year. On average, research analysts forecast that Stryker Corporation will post 14.85 earnings per share for the current fiscal year.

Insider Activity

In other Stryker news, insider Debra King sold 826 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $336.30, for a total transaction of $277,783.80. Following the transaction, the insider owned 6,210 shares of the company's stock, valued at $2,088,423. The trade was a 11.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ronda E. Stryker sold 50,000 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $340.10, for a total value of $17,005,000.00. Following the transaction, the director directly owned 2,251,375 shares in the company, valued at approximately $765,692,637.50. This trade represents a 2.17% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 351,267 shares of company stock valued at $118,197,701. 4.60% of the stock is owned by company insiders.

Stryker News Roundup

Here are the key news stories impacting Stryker this week:

• Positive Sentiment: JPMorgan lowered its price target from $350 to $340 but maintained an Overweight rating, implying roughly 11% potential upside from the referenced share price.
• Positive Sentiment: Barclays reaffirmed its Buy rating, signaling continued confidence in Stryker’s medical-device portfolio despite near-term estimate revisions. Barclays Reaffirms Their Buy Rating on Stryker
• Neutral Sentiment: Truist reaffirmed its Hold rating and reduced its target from $310 to $305, indicating limited near-term upside at the referenced price. Truist Reaffirms Hold Rating on Stryker
• Neutral Sentiment: Price-target reductions from Citizens JMP, Citigroup, TD Cowen and Barclays reflect analysts resetting expectations after Stryker’s third-quarter results and guidance. Barclays nevertheless retained its Buy view. Stryker Fair Value Falls After Analysts Reset Expectations
• Negative Sentiment: Canaccord Genuity Group downgraded Stryker to Hold, adding to concern about valuation and the company’s near-term earnings outlook.
• Negative Sentiment: The stock recently fell below its 50-day moving average after Stryker slightly missed quarterly earnings and revenue expectations, an indication that disappointing results remain an overhang for investors. Stryker Stock Breaks Below 50-Day Moving Average

Wall Street Analyst Weigh In

SYK has been the subject of a number of recent research reports. UBS Group began coverage on shares of Stryker in a research note on Tuesday, July 28th. They set a "buy" rating and a $400.00 price objective for the company. Johnson Rice downgraded Stryker to a "hold" rating in a research report on Friday. Wells Fargo & Company lowered their target price on Stryker from $418.00 to $348.00 and set an "overweight" rating on the stock in a research report on Wednesday, September 9th. TD Cowen dropped their target price on Stryker from $298.00 to $290.00 and set a "hold" rating on the stock in a report on Friday. Finally, Barclays reduced their price target on Stryker from $375.00 to $365.00 and set an "overweight" rating for the company in a research report on Friday. Sixteen analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, Stryker currently has an average rating of "Moderate Buy" and an average target price of $355.04.

Stryker Company Profile

Stryker Corporation NYSE: SYK is a global medical technology company that develops and manufactures products used by healthcare providers in hospitals, surgical centers and other clinical settings. Its offerings are designed to support orthopaedic procedures, surgery, emergency care, neurovascular treatment and patient handling.

The company's product portfolio includes orthopaedic implants and instruments, products for trauma and spine procedures, surgical equipment, endoscopy systems, patient beds and stretchers, emergency medical equipment, and neurovascular devices used in the treatment of conditions such as stroke.

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