Balboa Wealth Partners Makes New $203,000 Investment in Stryker Co. (NYSE:SYK)

Balboa Wealth Partners acquired a new stake in shares of Stryker Co. (NYSE:SYK) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 561 shares of the medical technology company’s stock, valued at approximately $203,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Stryker by 78.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 133,020 shares of the medical technology company’s stock valued at $45,260,000 after buying an additional 58,673 shares during the period. M&G Plc acquired a new position in shares of Stryker during the first quarter worth approximately $11,534,000. OFI Invest Asset Management boosted its holdings in Stryker by 3,210.9% in the 2nd quarter. OFI Invest Asset Management now owns 3,344 shares of the medical technology company’s stock valued at $1,062,000 after purchasing an additional 3,243 shares during the period. Tidal Investments LLC grew its position in Stryker by 14.2% during the first quarter. Tidal Investments LLC now owns 13,558 shares of the medical technology company’s stock worth $4,853,000 after buying an additional 1,681 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its position in shares of Stryker by 2.7% during the second quarter. Envestnet Asset Management Inc. now owns 618,041 shares of the medical technology company’s stock valued at $210,289,000 after purchasing an additional 16,504 shares during the period. Institutional investors and hedge funds own 77.09% of the company’s stock.

Stryker Stock Up 1.8 %

Shares of NYSE SYK opened at $390.08 on Friday. Stryker Co. has a 12-month low of $282.35 and a 12-month high of $392.70. The company has a market cap of $148.71 billion, a price-to-earnings ratio of 41.81, a price-to-earnings-growth ratio of 2.89 and a beta of 0.91. The company has a quick ratio of 1.22, a current ratio of 1.91 and a debt-to-equity ratio of 0.66. The firm’s 50-day simple moving average is $363.45 and its 200 day simple moving average is $346.97.

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

Analyst Ratings Changes

SYK has been the subject of several research reports. Royal Bank of Canada raised their target price on Stryker from $386.00 to $400.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Piper Sandler reaffirmed an “overweight” rating and set a $420.00 price objective (up from $380.00) on shares of Stryker in a report on Wednesday, October 30th. Robert W. Baird upped their target price on shares of Stryker from $378.00 to $405.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. UBS Group increased their price target on shares of Stryker from $366.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, Wells Fargo & Company lifted their price objective on Stryker from $381.00 to $405.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat, Stryker has an average rating of “Moderate Buy” and an average target price of $393.65.

Insider Activity

In related news, VP M Kathryn Fink sold 7,347 shares of the business’s stock in a transaction 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 sale, the vice president now directly owns 10,042 shares of the company’s stock, valued at approximately $3,685,213.16. The trade was a 42.25 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Kevin Lobo sold 57,313 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $368.70, for a total value of $21,131,303.10. Following the transaction, the chief executive officer now directly owns 100,027 shares of the company’s stock, valued at $36,879,954.90. This represents a 36.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 67,381 shares of company stock valued at $24,825,275 in the last 90 days. 5.90% of the stock is owned by company insiders.

Stryker 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.