Investors Buy Stryker Corp. (SYK) on Weakness on Insider Selling
Investors bought shares of Stryker Corp. (NYSE:SYK) on weakness during trading on Thursday after an insider sold shares in the company. $120.26 million flowed into the stock on the tick-up and $92.40 million flowed out of the stock on the tick-down, for a money net flow of $27.86 million into the stock. Of all equities tracked, Stryker Corp. had the 16th highest net in-flow for the day. Stryker Corp. traded down ($2.21) for the day and closed at $114.03Specifically, Director Ronda E. Stryker sold 12,000 shares of the business’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $114.86, for a total transaction of $1,378,320.00. Following the completion of the sale, the director now directly owns 193,142 shares of the company’s stock, valued at approximately $22,184,290.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ronda E. Stryker sold 6,000 shares of the business’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $115.67, for a total value of $694,020.00. Following the sale, the director now directly owns 193,142 shares of the company’s stock, valued at $22,340,735.14. The disclosure for this sale can be found here. Corporate insiders own 7.80% of the company’s stock.
Several analysts have weighed in on SYK shares. Canaccord Genuity set a $127.00 price objective on Stryker Corp. and gave the stock a “buy” rating in a report on Sunday, October 30th. SunTrust Banks Inc. started coverage on Stryker Corp. in a report on Thursday, October 13th. They set a “buy” rating and a $140.00 price objective for the company. Brean Capital reissued a “buy” rating and set a $125.00 price objective (up from $121.00) on shares of Stryker Corp. in a report on Monday, July 25th. Jefferies Group reissued a “hold” rating and set a $120.00 price objective (up from $113.00) on shares of Stryker Corp. in a report on Monday, July 25th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Stryker Corp. in a report on Sunday, July 24th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $121.27.
The firm has a 50-day moving average price of $115.24 and a 200-day moving average price of $114.92. The stock has a market capitalization of $41.32 billion, a PE ratio of 25.12 and a beta of 0.86.
Stryker Corp. (NYSE:SYK) last issued its quarterly earnings data on Thursday, October 27th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.37 by $0.02. Stryker Corp. had a return on equity of 23.61% and a net margin of 15.24%. The company earned $2.83 billion during the quarter, compared to the consensus estimate of $2.81 billion. During the same period last year, the company earned $1.25 earnings per share. The firm’s revenue was up 17.1% compared to the same quarter last year. On average, analysts expect that Stryker Corp. will post $5.78 earnings per share for the current year.
Institutional investors have recently modified their holdings of the company. Nuveen Asset Management LLC increased its position in shares of Stryker Corp. by 0.9% in the first quarter. Nuveen Asset Management LLC now owns 25,177 shares of the medical technology company’s stock worth $2,701,000 after buying an additional 217 shares during the period. Bayesian Capital Management LP bought a new position in shares of Stryker Corp. during the first quarter worth about $264,000. Zurich Insurance Group Ltd FI increased its position in shares of Stryker Corp. by 47.6% in the first quarter. Zurich Insurance Group Ltd FI now owns 48,105 shares of the medical technology company’s stock worth $5,161,000 after buying an additional 15,510 shares during the period. Mitra Capital LLC bought a new position in shares of Stryker Corp. during the first quarter worth about $3,723,000. Finally, Arizona State Retirement System increased its position in shares of Stryker Corp. by 0.7% in the first quarter. Arizona State Retirement System now owns 129,341 shares of the medical technology company’s stock worth $13,877,000 after buying an additional 900 shares during the period. Institutional investors own 75.29% of the company’s stock.
About Stryker Corp.
Stryker Corporation (Stryker) is a medical technology company. The Company operates through three segments: Orthopaedics, MedSurg, and Neurotechnology and Spine. The Company’s Orthopaedics segment products consist of implants used in hip and knee joint replacements and trauma and surgeries. The Company’s MedSurg segment products consist of surgical equipment and surgical navigation systems (Instruments); endoscopic and communications systems (Endoscopy); patient handling and emergency medical equipment (Medical), and reprocessed and remanufactured medical devices (Sustainability), as well as other medical device products used in a range of medical specialties.
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