Associated Banc Corp Acquires 19,927 Shares of Stryker Corporation $SYK

Key Points

• Associated Banc Corp opened a new Stryker position, acquiring 19,927 shares worth approximately $5.49 million in the third quarter; institutional investors and hedge funds own 77.09% of the stock.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $343.73, though several firms recently lowered their targets. Twenty-one analysts rate the stock Buy and seven rate it Hold.
• Stryker’s latest quarterly results fell short of expectations: EPS was $3.52 versus $3.55 forecast, and revenue was $6.52 billion versus $6.62 billion expected, despite year-over-year revenue growth of 7.6%.

Associated Banc Corp acquired a new position in shares of Stryker Corporation (NYSE:SYK - Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 19,927 shares of the medical technology company's stock, valued at approximately $5,488,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp increased its position 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 buying an additional 183,400 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Stryker by 0.6% in the second 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 acquiring an additional 45,478 shares during the period. Bank of America Corp DE bought a new stake in Stryker in the 2nd quarter valued at about $1,404,284,000. Royal Bank of Canada grew its position in Stryker by 6.5% during the first quarter. Royal Bank of Canada now owns 3,273,232 shares of the medical technology company's stock worth $1,075,552,000 after buying an additional 199,863 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of 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 purchasing an additional 481,175 shares in the last quarter. 77.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SYK. Stifel Nicolaus lowered their price target on Stryker from $330.00 to $325.00 and set a "buy" rating for the company in a report on Monday. Deutsche Bank Aktiengesellschaft cut their price target on shares of Stryker from $315.00 to $275.00 and set a "hold" rating on the stock in a report on Friday, October 30th. TD Cowen reduced their target price on Stryker from $298.00 to $290.00 and set a "hold" rating on the stock in a report on Friday, October 30th. JPMorgan Chase & Co. decreased their price objective on shares of Stryker from $350.00 to $340.00 and set an "overweight" rating for the company in a research report on Friday, October 30th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $323.00 target price (down from $370.00) on shares of Stryker in a report on Friday, October 30th. Twenty-one research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Stryker currently has a consensus rating of "Moderate Buy" and an average target price of $343.73.

Insider Transactions at Stryker

In other Stryker news, insider Dylan Crotty sold 441 shares of the stock in a transaction that occurred 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 $2,005,178.22. This represents a 6.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ronda Stryker sold 50,000 shares of the firm's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $340.10, for a total transaction of $17,005,000.00. Following the completion of the transaction, the director directly owned 2,251,375 shares of the company's stock, valued at approximately $765,692,637.50. The trade was a 2.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 351,267 shares of company stock valued at $118,197,701. 4.60% of the stock is currently owned by corporate insiders.

Stryker Stock Up 9.6%

SYK stock opened at $340.39 on Thursday. The stock has a market cap of $129.59 billion, a P/E ratio of 36.25, a P/E/G ratio of 2.13 and a beta of 0.78. The stock's fifty day simple moving average is $292.21 and its two-hundred day simple moving average is $323.91. The company has a current ratio of 2.18, a quick ratio of 1.30 and a debt-to-equity ratio of 0.60. Stryker Corporation has a 1-year low of $267.00 and a 1-year high of $389.33.

Stryker (NYSE:SYK - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The medical technology company reported $3.52 EPS for the quarter, missing the consensus estimate of $3.55 by ($0.03). The firm had revenue of $6.52 billion during the quarter, compared to analysts' expectations of $6.62 billion. Stryker had a net margin of 13.78% and a return on equity of 23.74%. Stryker's revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.19 EPS. Analysts expect that Stryker Corporation will post 14.85 EPS for the current year.

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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