Parallel Advisors LLC Sells 6,270 Shares of Stryker Corporation $SYK

Key Points

• Parallel Advisors cut its Stryker stake by 21.4% in the third quarter, selling 6,270 shares and retaining 23,088 shares valued at about $6.36 million.
• Analysts have lowered several price targets, though the consensus remains “Moderate Buy”, with 21 Buy and seven Hold ratings and a consensus target of $343.73.
• Stryker’s latest quarterly results fell short of expectations: earnings were $3.52 per share versus $3.55 expected, and revenue was $6.52 billion versus $6.62 billion expected. Revenue still grew 7.6% year over year.

Parallel Advisors LLC decreased its holdings in shares of Stryker Corporation (NYSE:SYK - Free Report) by 21.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,088 shares of the medical technology company's stock after selling 6,270 shares during the period. Parallel Advisors LLC's holdings in Stryker were worth $6,358,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Gables Capital Management Inc. acquired a new stake in shares of Stryker in the 2nd quarter worth about $25,000. Kilter Group LLC bought a new stake in Stryker during the 2nd quarter worth approximately $25,000. Cornerstone Financial Management LLC increased its holdings in Stryker by 66.0% during the 2nd quarter. Cornerstone Financial Management LLC now owns 78 shares of the medical technology company's stock worth $25,000 after purchasing an additional 31 shares in the last quarter. Highland Investment Advisors LLC bought a new stake in Stryker during the 2nd quarter worth approximately $25,000. Finally, Compass Financial Management LLC purchased a new stake in shares of Stryker in the second quarter worth approximately $27,000. 77.09% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SYK shares. Jefferies Financial Group dropped their target price on Stryker from $440.00 to $405.00 and set a "buy" rating on the stock in a report on Tuesday, September 22nd. Robert W. Baird decreased their price target on Stryker from $385.00 to $334.00 in a report on Friday, October 30th. Deutsche Bank Aktiengesellschaft lowered their price target on Stryker from $315.00 to $275.00 and set a "hold" rating for the company in a research report on Friday, October 30th. Wells Fargo & Company dropped their price objective on Stryker from $418.00 to $348.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 9th. Finally, Royal Bank Of Canada cut their price objective on shares of Stryker from $420.00 to $375.00 and set an "outperform" rating on the stock in a report on Friday, October 30th. Twenty-one investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $343.73.

Stryker Price Performance

Stryker stock opened at $325.26 on Friday. Stryker Corporation has a 52 week low of $267.00 and a 52 week high of $389.33. The company's 50 day moving average price is $292.37 and its two-hundred day moving average price is $323.59. The company has a quick ratio of 1.30, a current ratio of 2.18 and a debt-to-equity ratio of 0.60. The stock has a market cap of $123.83 billion, a P/E ratio of 34.64, a P/E/G ratio of 2.24 and a beta of 0.78.

Stryker (NYSE:SYK - Get Free Report) last announced its earnings results on Thursday, October 29th. The medical technology company reported $3.52 earnings per share for the quarter, missing analysts' consensus estimates of $3.55 by ($0.03). The business had revenue of $6.52 billion during the quarter, compared to analysts' expectations of $6.62 billion. Stryker had a return on equity of 23.74% and a net margin of 13.78%. Stryker's quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.19 EPS. On average, equities analysts predict that Stryker Corporation will post 14.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Debra King sold 826 shares of the firm's stock in a transaction 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 completion of the sale, the insider directly owned 6,210 shares of the company's stock, valued at $2,088,423. This trade represents a 11.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Dylan Crotty sold 441 shares of Stryker stock in a transaction on Friday, August 21st. The stock was sold at an average price of $328.61, for a total value of $144,917.01. Following the sale, the insider owned 6,102 shares in the company, valued at $2,005,178.22. The trade was a 6.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 351,267 shares of company stock valued at $118,197,701. Insiders own 4.60% of the company's stock.

Stryker Company Profile

Stryker is a medical technology company that develops and sells products and services for healthcare providers. Its offerings include orthopedic implants and surgical equipment, neurotechnology and spine products, and medical and surgical equipment used in hospitals and other care settings.

The company's products also include patient-handling and emergency medical equipment, as well as instruments and technologies that support surgical procedures. Stryker serves healthcare customers in the United States and internationally.

Founded in 1941 by orthopedic surgeon Dr.

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