94,280 Shares in Stryker Corporation $SYK Bought by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments bought 94,280 Stryker shares worth approximately $26.0 million, while institutional investors collectively own 77.09% of the company.
• Stryker reported quarterly revenue of $6.52 billion and EPS of $3.52, missing analyst estimates of $6.62 billion and $3.55, respectively, although revenue grew 7.6% year over year.
• Analyst sentiment remains a Moderate Buy with a consensus price target of $355.04, but several firms lowered targets or ratings; insiders also sold 351,267 shares worth about $118.2 million during the quarter.

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Stryker Corporation (NYSE:SYK - Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 94,280 shares of the medical technology company's stock, valued at approximately $25,964,000.

Several other institutional investors have also made changes to their positions in SYK. ProShare Advisors LLC increased its position in shares of Stryker by 15.0% in the third quarter. ProShare Advisors LLC now owns 63,119 shares of the medical technology company's stock worth $17,382,000 after purchasing an additional 8,243 shares during the period. Grandfield & Dodd LLC raised its stake in Stryker by 0.8% in the third quarter. Grandfield & Dodd LLC now owns 98,086 shares of the medical technology company's stock valued at $27,012,000 after purchasing an additional 775 shares in the last quarter. Cidel Asset Management Inc. raised its stake in Stryker by 5.9% in the third quarter. Cidel Asset Management Inc. now owns 2,203 shares of the medical technology company's stock valued at $607,000 after purchasing an additional 123 shares in the last quarter. Intrua Financial LLC lifted its position in Stryker by 2.3% during the third quarter. Intrua Financial LLC now owns 1,939 shares of the medical technology company's stock worth $534,000 after purchasing an additional 43 shares during the period. Finally, Blue Fin Capital Inc. lifted its position in Stryker by 1.1% during the third quarter. Blue Fin Capital Inc. now owns 10,901 shares of the medical technology company's stock worth $3,002,000 after purchasing an additional 123 shares during the period. 77.09% of the stock is currently owned by institutional investors.

Stryker Trading Up 5.1%

SYK opened at $306.77 on Tuesday. The company's 50 day moving average is $292.37 and its 200-day 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 current ratio of 2.16, a quick ratio of 1.33 and a debt-to-equity ratio of 0.59. The company has a market cap of $117.67 billion, a P/E 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.55 by ($0.03). The company had revenue of $6.52 billion for the quarter, compared to the consensus estimate of $6.62 billion. Stryker had a net margin of 14.43% and a return on equity of 23.63%. The company's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the firm posted $3.19 earnings per share. Equities research analysts predict that Stryker Corporation will post 14.85 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SYK. Sanford C. Bernstein reiterated a "market perform" rating on shares of Stryker in a research note on Wednesday, October 7th. Johnson Rice lowered shares of Stryker to a "hold" rating in a report on Friday. Piper Sandler dropped their target price on shares of Stryker from $420.00 to $390.00 and set an "overweight" rating for the company in a research report on Friday, July 31st. Royal Bank Of Canada cut their price target on shares of Stryker from $420.00 to $375.00 and set an "outperform" rating for the company in a report on Friday. Finally, TD Cowen reduced their price target on shares of Stryker from $298.00 to $290.00 and set a "hold" rating on the stock 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 MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $355.04.

Insider Buying and Selling at Stryker

In related news, Director Ronda E. Stryker sold 50,000 shares of the firm's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $340.10, for a total transaction of $17,005,000.00. Following the sale, the director owned 2,251,375 shares of the company's stock, valued at $765,692,637.50. This trade represents a 2.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Dylan Crotty sold 441 shares of the firm's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $328.61, for a total value of $144,917.01. Following the sale, the insider directly owned 6,102 shares in the company, valued at approximately $2,005,178.22. This trade represents a 6.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 351,267 shares of company stock worth $118,197,701 over the last quarter. Corporate insiders own 4.60% of the company's stock.

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

Stryker 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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