Stryker Corporation $SYK Stock: AIA Group Ltd Increases Holdings

Key Points

• AIA Group increased its Stryker stake 230.4% in the third quarter, ending the period with 46,593 shares valued at about $12.8 million. Institutional investors overall own 77.09% of the company.
• Analysts have trimmed several price targets, though the consensus remains “Moderate Buy” with a $355.04 target. Truist and TD Cowen maintained “Hold” ratings, while JPMorgan kept its “Overweight” rating.
• Stryker’s latest quarterly results fell short of estimates: EPS was $3.52 versus $3.55 expected, and revenue was $6.52 billion versus $6.62 billion expected. Revenue still grew 7.6% year over year.

AIA Group Ltd increased its position in shares of Stryker Corporation (NYSE:SYK - Free Report) by 230.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 46,593 shares of the medical technology company's stock after buying an additional 32,493 shares during the quarter. AIA Group Ltd's holdings in Stryker were worth $12,831,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. State Street Corp boosted its position in shares of Stryker by 1.2% during the 2nd 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 period. Wellington Management Group LLP raised its position in 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 purchasing an additional 45,478 shares during the period. Bank of America Corp DE purchased a new stake in Stryker in the second quarter valued at approximately $1,404,284,000. Royal Bank of Canada lifted its stake 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 purchasing an additional 199,863 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Stryker by 21.8% during the second 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. Hedge funds and other institutional investors own 77.09% of the company's stock.

Insider Transactions at Stryker

In related news, Director Ronda Stryker sold 300,000 shares of the company's stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $335.90, for a total transaction of $100,770,000.00. Following the sale, the director directly owned 2,301,375 shares in the company, valued at approximately $773,031,862.50. This represents a 11.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Debra King sold 826 shares of the firm's stock in a transaction that occurred on 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 sale, the insider directly owned 6,210 shares in the company, valued at approximately $2,088,423. This trade represents a 11.74% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 351,267 shares of company stock valued at $118,197,701. 4.60% of the stock is currently owned by corporate insiders.

Key Stryker News

Here are the key news stories impacting Stryker this week:

• Positive Sentiment: JPMorgan Chase & Co. maintained an “overweight” rating and sees potential upside to its $340 price target, though it cut that target from $350. JPMorgan analyst update
• Neutral Sentiment: A Stryker stock forecast and price-target page was published, but the supplied entry contains no specific forecast or rating change. Stryker stock forecast
• Negative Sentiment: Truist reaffirmed its “hold” rating and lowered its target to $305 from $310, below the cited share price of $310.67. Truist rating update
• Negative Sentiment: Other firms also cut their price targets: Citizens JMP, Citigroup, TD Cowen, and Barclays. Canaccord Genuity moved its rating to “hold.” The supplied headlines do not provide the revised targets, but the cluster of reductions and downgrade signals more cautious analyst sentiment. Citizens JMP target cut Citigroup target trim TD Cowen target cut Barclays target cut Canaccord rating change

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SYK. Barclays dropped their price objective on Stryker from $375.00 to $365.00 and set an "overweight" rating for the company in a research note on Friday, October 30th. Truist Financial reissued a "hold" rating and set a $305.00 target price (down from $310.00) on shares of Stryker in a research note on Monday. TD Cowen lowered their target price on Stryker from $298.00 to $290.00 and set a "hold" rating for the company in a report on Friday, October 30th. Citizens Jmp dropped their target price on Stryker from $400.00 to $390.00 and set a "market outperform" rating for the company in a research report on Friday, October 30th. Finally, Wells Fargo & Company dropped their target price on Stryker from $418.00 to $348.00 and set an "overweight" rating for the company in a research report on Wednesday, September 9th. Sixteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $355.04.

Stryker Stock Performance

Shares of SYK stock opened at $310.67 on Wednesday. The firm has a 50 day moving average of $292.03 and a two-hundred day moving average of $324.02. The stock has a market capitalization of $118.27 billion, a PE ratio of 33.08, a P/E/G ratio of 2.11 and a beta of 0.78. The company has a quick ratio of 1.30, a current ratio of 2.18 and a debt-to-equity ratio of 0.60. Stryker Corporation has a 52 week low of $267.00 and a 52 week 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 earnings per share for the quarter, missing analysts' consensus estimates of $3.55 by ($0.03). The company had revenue of $6.52 billion for 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%. The firm's revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the company posted $3.19 EPS. On average, research analysts predict that Stryker Corporation will post 14.85 EPS for the current fiscal year.

About Stryker

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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