MAI Capital Management Increases Holdings in Stryker Co. (NYSE:SYK)

MAI Capital Management grew its holdings in Stryker Co. (NYSE:SYK) by 16.0% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 90,399 shares of the medical technology company’s stock after acquiring an additional 12,440 shares during the quarter. MAI Capital Management’s holdings in Stryker were worth $32,658,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC boosted its holdings in shares of Stryker by 66,967.5% in the 3rd quarter. International Assets Investment Management LLC now owns 853,769 shares of the medical technology company’s stock valued at $308,433,000 after buying an additional 852,496 shares in the last quarter. 1832 Asset Management L.P. boosted its stake in Stryker by 146.9% in the first quarter. 1832 Asset Management L.P. now owns 878,669 shares of the medical technology company’s stock valued at $314,449,000 after acquiring an additional 522,817 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Stryker by 287.6% during the second quarter. American Century Companies Inc. now owns 505,608 shares of the medical technology company’s stock worth $172,033,000 after purchasing an additional 375,166 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of Stryker by 49.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 686,416 shares of the medical technology company’s stock valued at $233,553,000 after purchasing an additional 228,139 shares during the last quarter. Finally, Sofinnova Investments Inc. purchased a new position in Stryker during the 2nd quarter worth approximately $65,697,000. Hedge funds and other institutional investors own 77.09% of the company’s stock.

Stryker Stock Performance

NYSE SYK opened at $390.08 on Monday. The company has a current ratio of 1.91, a quick ratio of 1.22 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $148.71 billion, a PE ratio of 41.81, a price-to-earnings-growth ratio of 2.94 and a beta of 0.91. The business’s 50-day moving average price is $364.07 and its 200 day moving average price is $347.54. Stryker Co. has a twelve month low of $282.35 and a twelve month high of $392.70.

Stryker (NYSE:SYK) last issued its quarterly earnings results on Tuesday, October 29th. The medical technology company reported $2.87 EPS for the quarter, topping the consensus estimate of $2.77 by $0.10. Stryker had a net margin of 16.34% and a return on equity of 23.07%. The firm had revenue of $5.49 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the business posted $2.46 earnings per share. Stryker’s revenue for the quarter was up 11.9% compared to the same quarter last year. On average, research analysts predict that Stryker Co. will post 12.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SYK. Robert W. Baird lifted their target price on shares of Stryker from $378.00 to $405.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Stifel Nicolaus dropped their price objective on shares of Stryker from $375.00 to $365.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Truist Financial increased their target price on shares of Stryker from $370.00 to $380.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Royal Bank of Canada upped their price objective on Stryker from $386.00 to $400.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $420.00 target price (up from $380.00) on shares of Stryker in a research note on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $393.65.

Insider Transactions at Stryker

In other Stryker news, VP M Kathryn Fink sold 7,347 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $366.98, for a total value of $2,696,202.06. Following the completion of the sale, the vice president now owns 10,042 shares of the company’s stock, valued at $3,685,213.16. This trade represents a 42.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin Lobo sold 57,313 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $368.70, for a total transaction of $21,131,303.10. Following the completion of the transaction, the chief executive officer now owns 100,027 shares of the company’s stock, valued at $36,879,954.90. This trade represents a 36.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,381 shares of company stock valued at $24,825,275 over the last 90 days. Corporate insiders own 5.50% of the company’s stock.

Stryker Company Profile

Stryker Corporation operates as a medical technology company. The company operates through two segments, MedSurg and Neurotechnology, and Orthopaedics and Spine. The Orthopaedics and Spine segment provides implants for use in total joint replacements, such as hip, knee and shoulder, and trauma and extremities surgeries.