ProShare Advisors LLC Purchases 8,243 Shares of Stryker Corporation $SYK

ProShare Advisors LLC grew its position in shares of Stryker Corporation (NYSE:SYK) by 15.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 63,119 shares of the medical technology company’s stock after buying an additional 8,243 shares during the quarter. ProShare Advisors LLC’s holdings in Stryker were worth $17,382,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of SYK. Grandfield & Dodd LLC raised its position in Stryker by 0.8% in the 3rd quarter. Grandfield & Dodd LLC now owns 98,086 shares of the medical technology company’s stock valued at $27,012,000 after purchasing an additional 775 shares during the last quarter. Cidel Asset Management Inc. grew its holdings in shares of Stryker by 5.9% during the third quarter. Cidel Asset Management Inc. now owns 2,203 shares of the medical technology company’s stock worth $607,000 after purchasing an additional 123 shares during the last quarter. Intrua Financial LLC grew its holdings in shares of Stryker by 2.3% during the third quarter. Intrua Financial LLC now owns 1,939 shares of the medical technology company’s stock worth $534,000 after purchasing an additional 43 shares during the last quarter. Blue Fin Capital Inc. increased its stake in shares of Stryker by 1.1% in the third quarter. Blue Fin Capital Inc. now owns 10,901 shares of the medical technology company’s stock valued at $3,002,000 after buying an additional 123 shares in the last quarter. Finally, Invera Wealth Advisors LLC increased its stake in shares of Stryker by 72.2% in the third quarter. Invera Wealth Advisors LLC now owns 2,087 shares of the medical technology company’s stock valued at $575,000 after buying an additional 875 shares in the last quarter. Institutional investors and hedge funds own 77.09% of the company’s stock.

Key Stories Impacting Stryker

Here are the key news stories impacting Stryker this week:

• Positive Sentiment: JPMorgan lowered its price target from $350 to $340 but maintained an Overweight rating, implying roughly 11% potential upside from the referenced share price.
• Positive Sentiment: Barclays reaffirmed its Buy rating, signaling continued confidence in Stryker’s medical-device portfolio despite near-term estimate revisions. Barclays Reaffirms Their Buy Rating on Stryker
• Neutral Sentiment: Truist reaffirmed its Hold rating and reduced its target from $310 to $305, indicating limited near-term upside at the referenced price. Truist Reaffirms Hold Rating on Stryker
• Neutral Sentiment: Price-target reductions from Citizens JMP, Citigroup, TD Cowen and Barclays reflect analysts resetting expectations after Stryker’s third-quarter results and guidance. Barclays nevertheless retained its Buy view. Stryker Fair Value Falls After Analysts Reset Expectations
• Negative Sentiment: Canaccord Genuity Group downgraded Stryker to Hold, adding to concern about valuation and the company’s near-term earnings outlook.
• Negative Sentiment: The stock recently fell below its 50-day moving average after Stryker slightly missed quarterly earnings and revenue expectations, an indication that disappointing results remain an overhang for investors. Stryker Stock Breaks Below 50-Day Moving Average

Insider Buying and Selling

In related news, 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 directly 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ronda Stryker sold 50,000 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $340.10, for a total value of $17,005,000.00. Following the sale, the director directly owned 2,251,375 shares of the company’s stock, valued at $765,692,637.50. This represents a 2.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 351,267 shares of company stock worth $118,197,701 over the last three months. 4.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on SYK. Piper Sandler cut their price target on Stryker from $420.00 to $390.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Truist Financial reissued a “hold” rating and set a $305.00 price objective (down from $310.00) on shares of Stryker in a report on Monday. Citigroup restated a “market outperform” rating on shares of Stryker in a research report on Friday. Argus set a $370.00 price objective on shares of Stryker in a research report on Thursday, July 9th. Finally, Wolfe Research downgraded shares of Stryker from an “outperform” rating to a “peer perform” rating in a research note on Thursday, August 13th. 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 data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $355.04.

Stryker Stock Up 5.1%

NYSE SYK opened at $306.77 on Tuesday. The stock has a fifty day moving average of $292.37 and a 200-day moving average of $324.26. The stock has a market capitalization of $117.67 billion, a P/E ratio of 32.67, a price-to-earnings-growth ratio of 1.96 and a beta of 0.78. Stryker Corporation has a 52 week low of $267.00 and a 52 week high of $389.33. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.33 and a current ratio of 2.16.

Stryker (NYSE:SYK) last released 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). Stryker had a return on equity of 23.63% and a net margin of 14.43%. The firm had revenue of $6.52 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same quarter in the previous year, the firm earned $3.19 EPS. The company’s revenue was up 7.6% compared to the same quarter last year. On average, equities research analysts forecast that Stryker Corporation will post 14.85 EPS for the current year.

Stryker Profile

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.