Stryker Corporation $SYK Position Reduced by Carnegie Lake Advisors LLC

Key Points

• Carnegie Lake Advisors cut its Stryker stake by 97% in the third quarter, selling 26,344 shares and retaining 825 shares worth about $227,000.
• Institutional investors and hedge funds own 77.09% of Stryker; several large firms reported new positions, while company insiders collectively sold 351,267 shares worth roughly $118.2 million over the past 90 days.
• Stryker’s quarterly results missed estimates, with EPS of $3.52 versus $3.55 expected and revenue of $6.52 billion versus $6.62 billion expected, although revenue rose 7.6% year over year. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $343.73.

Carnegie Lake Advisors LLC lessened its position in Stryker Corporation (NYSE:SYK - Free Report) by 97.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 825 shares of the medical technology company's stock after selling 26,344 shares during the period. Carnegie Lake Advisors LLC's holdings in Stryker were worth $227,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of SYK. Bank of America Corp DE acquired a new stake in Stryker in the 2nd quarter valued at about $1,404,284,000. Legal & General Group Plc bought a new position in Stryker during the second quarter worth about $707,212,000. Jupiter Topco LLC bought a new position in Stryker during the second quarter worth about $681,581,000. Corient Private Wealth LP acquired a new position in Stryker during the second quarter worth approximately $323,035,000. Finally, Flossbach Von Storch SE acquired a new position in Stryker during the second quarter worth approximately $464,506,000. 77.09% of the stock is currently owned by institutional investors and hedge funds.

Stryker Price Performance

Stryker stock opened at $325.26 on Monday. Stryker Corporation has a 12 month low of $267.00 and a 12 month high of $389.33. The stock's 50 day moving average is $292.37 and its 200-day moving average is $323.59. The company has a current ratio of 2.18, a quick ratio of 1.30 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $123.83 billion, a price-to-earnings ratio of 34.64, a PEG 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 firm had revenue of $6.52 billion for the quarter, compared to the consensus estimate of $6.62 billion. Stryker had a return on equity of 23.74% and a net margin of 13.78%. Stryker's revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the business posted $3.19 EPS. Equities research analysts expect that Stryker Corporation will post 14.84 EPS for the current year.

Analyst Ratings Changes

Several analysts have issued reports on the company. Sanford C. Bernstein restated a "market perform" rating on shares of Stryker in a research note on Wednesday, October 7th. UBS Group reduced their target price on Stryker from $400.00 to $382.00 and set a "buy" rating for the company in a research note on Monday, August 3rd. Citizens Jmp decreased their target price on Stryker from $400.00 to $390.00 and set a "market outperform" rating on the stock in a report on Friday, October 30th. The Goldman Sachs Group dropped their price target on Stryker from $363.00 to $339.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 14th. Finally, Wolfe Research downgraded Stryker from an "outperform" rating to a "peer perform" rating in a report on Thursday, August 13th. Twenty-one analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $343.73.

Insider Buying and Selling at Stryker

In other news, insider Dylan Crotty sold 441 shares of the business's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $328.61, for a total value of $144,917.01. Following the completion of the sale, the insider owned 6,102 shares of the company's stock, valued at approximately $2,005,178.22. The trade was a 6.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Debra King sold 826 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $336.30, for a total transaction of $277,783.80. Following the completion of the transaction, the insider owned 6,210 shares in the company, valued at $2,088,423. This trade represents a 11.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 351,267 shares of company stock valued at $118,197,701 in the last ninety days. 4.60% of the stock is currently owned by corporate insiders.

About Stryker

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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