Stryker Corporation $SYK Stock: Commonwealth Equity Services LLC Trims Position

Key Points

• Commonwealth Equity Services reduced its Stryker stake by 5.6% in the third quarter, selling 6,085 shares; it retained 102,804 shares valued at about $28.3 million.
• Analysts’ consensus rating was “Moderate Buy”, with an average price target of $343.73; 21 analysts rated the stock Buy and seven Hold.
• Stryker’s latest quarterly results missed analyst estimates: 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.

Commonwealth Equity Services LLC cut its position in shares of Stryker Corporation (NYSE:SYK - Free Report) by 5.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 102,804 shares of the medical technology company's stock after selling 6,085 shares during the period. Commonwealth Equity Services LLC's holdings in Stryker were worth $28,311,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Schmidt P J Investment Management Inc. raised its position in Stryker by 1.7% during the third quarter. Schmidt P J Investment Management Inc. now owns 23,222 shares of the medical technology company's stock valued at $6,395,000 after acquiring an additional 390 shares in the last quarter. Capital Investment Services of America Inc. lifted its holdings in Stryker by 0.7% in the third quarter. Capital Investment Services of America Inc. now owns 77,122 shares of the medical technology company's stock valued at $21,239,000 after acquiring an additional 535 shares during the period. Kestra Private Wealth Services LLC boosted its position in Stryker by 3.1% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 28,721 shares of the medical technology company's stock worth $7,910,000 after purchasing an additional 868 shares in the last quarter. Bfsg LLC boosted its position in Stryker by 1.0% in the 3rd quarter. Bfsg LLC now owns 12,558 shares of the medical technology company's stock worth $3,458,000 after purchasing an additional 122 shares in the last quarter. Finally, Focused Wealth Management Inc boosted its position in Stryker by 28.5% in the 3rd quarter. Focused Wealth Management Inc now owns 1,191 shares of the medical technology company's stock worth $328,000 after purchasing an additional 264 shares in the last quarter. 77.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Stryker

In related news, Director Ronda E. Stryker sold 50,000 shares of the firm's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $340.10, for a total value of $17,005,000.00. Following the transaction, the director directly owned 2,251,375 shares of the company's stock, valued at approximately $765,692,637.50. This trade represents a 2.17% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Debra King sold 826 shares of Stryker stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $336.30, for a total value of $277,783.80. Following the completion of the sale, the insider owned 6,210 shares in the company, valued at approximately $2,088,423. The trade was a 11.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 351,267 shares of company stock valued at $118,197,701 over the last 90 days. Corporate insiders own 4.60% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on SYK shares. Evercore raised their price objective on shares of Stryker from $335.00 to $355.00 in a research note on Wednesday, October 28th. Sanford C. Bernstein reiterated a "market perform" rating on shares of Stryker in a research note on Wednesday, October 7th. BTIG Research lowered their price target on shares of Stryker from $316.00 to $304.00 and set a "buy" rating on the stock in a report on Friday, October 30th. Canaccord Genuity Group lowered shares of Stryker from a "buy" rating to a "hold" rating and dropped their price target for the company from $385.00 to $300.00 in a research report on Friday, October 30th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Stryker from $350.00 to $340.00 and set an "overweight" rating on the stock in a research report on Friday, October 30th. Twenty-one equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $343.73.

Stryker Price Performance

Shares of NYSE SYK opened at $325.26 on Monday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.30 and a current ratio of 2.18. The firm has a fifty day moving average of $292.37 and a 200 day moving average of $323.59. The firm has a market cap of $123.83 billion, a PE ratio of 34.64, a PEG ratio of 2.24 and a beta of 0.78. Stryker Corporation has a one year low of $267.00 and a one 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.55 by ($0.03). Stryker had a net margin of 13.78% and a return on equity of 23.74%. The company had revenue of $6.52 billion for the quarter, compared to analysts' expectations of $6.62 billion. During the same period in the previous year, the business earned $3.19 earnings per share. The business's revenue for the quarter was up 7.6% on a year-over-year basis. As a group, research analysts predict that Stryker Corporation will post 14.84 EPS for the current fiscal year.

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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