Waycross Partners LLC Makes New $27.85 Million Investment in Stryker Corporation $SYK

Waycross Partners LLC bought a new position in shares of Stryker Corporation (NYSE:SYK) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 101,131 shares of the medical technology company’s stock, valued at approximately $27,850,000. Stryker comprises approximately 2.2% of Waycross Partners LLC’s investment portfolio, making the stock its 22nd largest holding.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State Street Corp lifted its stake in shares of Stryker by 1.2% in the second quarter. State Street Corp now owns 15,532,565 shares of the medical technology company’s stock worth $4,903,772,000 after acquiring an additional 183,400 shares during the period. Wellington Management Group LLP raised its holdings in Stryker by 0.6% during the 2nd quarter. Wellington Management Group LLP now owns 8,167,185 shares of the medical technology company’s stock worth $2,571,357,000 after purchasing an additional 45,478 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Stryker in the 2nd quarter worth approximately $1,404,284,000. Royal Bank of Canada lifted its position in shares of Stryker by 6.5% in the 1st 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 during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised 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 buying an additional 481,175 shares during the last quarter. 77.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Leerink Partners dropped their target price on shares of Stryker from $403.00 to $353.00 and set an “outperform” rating on the stock in a report on Friday, October 9th. Piper Sandler decreased 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. Royal Bank Of Canada lowered their price objective on Stryker from $420.00 to $375.00 and set an “outperform” rating for the company in a research report on Friday, October 30th. Rothschild & Co Redburn dropped their price objective on Stryker from $360.00 to $336.00 in a research note on Monday, November 2nd. Finally, Johnson Rice downgraded Stryker to a “hold” rating in a research note on Friday, October 30th. Twenty-one investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $343.73.

Insider Activity

In other news, Director Ronda Stryker sold 50,000 shares of the firm’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 completion of the sale, the director directly owned 2,251,375 shares in the company, valued at $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 is available at this link. Also, insider Debra King sold 826 shares of the business’s stock in a transaction dated Tuesday, August 18th. The shares were 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 of the company’s stock, valued at $2,088,423. The trade was a 11.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 351,267 shares of company stock worth $118,197,701 in the last three months. Company insiders own 4.60% of the company’s stock.

Stryker Stock Down 2.9%

Shares of Stryker stock traded down $9.81 during trading on Friday, reaching $325.26. 3,778,566 shares of the company traded hands, compared to its average volume of 2,751,012. The firm has a market capitalization of $123.83 billion, a PE ratio of 34.64, a P/E/G ratio of 2.11 and a beta of 0.78. Stryker Corporation has a 1-year low of $267.00 and a 1-year high of $389.33. The company has a 50 day moving average price of $292.37 and a 200-day moving average price of $323.59. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.18 and a quick ratio of 1.30.

Stryker (NYSE:SYK) last posted its quarterly earnings results on Thursday, October 29th. The medical technology company reported $3.52 EPS for the quarter, missing analysts’ consensus estimates of $3.55 by ($0.03). Stryker had a return on equity of 23.74% and a net margin of 13.78%. The company had revenue of $6.52 billion during the quarter, compared to analyst estimates of $6.62 billion. During the same quarter in the previous year, the business posted $3.19 earnings per share. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, equities research analysts expect that Stryker Corporation will post 14.84 earnings per share for the current fiscal year.

Stryker Company Profile

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.