Canopy Partners LLC Boosts Stock Holdings in Stryker Co. (NYSE:SYK)

Canopy Partners LLC increased its position in Stryker Co. (NYSE:SYK) by 50.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 922 shares of the medical technology company’s stock after acquiring an additional 308 shares during the period. Canopy Partners LLC’s holdings in Stryker were worth $333,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Kingsview Wealth Management LLC lifted its holdings in shares of Stryker by 0.9% during the third quarter. Kingsview Wealth Management LLC now owns 14,118 shares of the medical technology company’s stock valued at $5,100,000 after purchasing an additional 124 shares in the last quarter. Cerity Partners LLC lifted its stake in Stryker by 9.0% during the 3rd quarter. Cerity Partners LLC now owns 235,383 shares of the medical technology company’s stock valued at $85,042,000 after acquiring an additional 19,501 shares during the period. Nwam LLC purchased a new stake in shares of Stryker during the 3rd quarter valued at about $1,046,000. Meridian Wealth Management LLC bought a new stake in shares of Stryker in the third quarter worth approximately $665,000. Finally, Studio Investment Management LLC purchased a new position in shares of Stryker during the third quarter valued at approximately $52,000. 77.09% of the stock is owned by institutional investors.

Stryker Price Performance

NYSE:SYK opened at $384.88 on Friday. The business’s 50-day moving average is $366.20 and its 200 day moving average is $349.36. Stryker Co. has a 12 month low of $285.79 and a 12 month high of $398.20. The company has a market capitalization of $146.72 billion, a P/E ratio of 41.25, a P/E/G ratio of 2.94 and a beta of 0.91. The company has a current ratio of 1.91, a quick ratio of 1.22 and a debt-to-equity ratio of 0.66.

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

Analysts Set New Price Targets

A number of equities research analysts have commented on SYK shares. JPMorgan Chase & Co. lifted their target price on shares of Stryker from $375.00 to $420.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Needham & Company LLC increased their target price on Stryker from $393.00 to $409.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Robert W. Baird increased their price objective on shares of Stryker from $378.00 to $405.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Wells Fargo & Company boosted their target price on shares of Stryker from $381.00 to $405.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Finally, Wolfe Research began coverage on shares of Stryker in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $405.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $393.65.

Insiders Place Their Bets

In other news, VP M Kathryn Fink sold 2,121 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $370.00, for a total value of $784,770.00. Following the sale, the vice president now owns 10,042 shares of the company’s stock, valued at approximately $3,715,540. This represents a 17.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Kevin Lobo sold 57,313 shares of Stryker stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $368.70, for a total transaction 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 approximately $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 sold 67,381 shares of company stock valued at $24,825,275 in the last three months. Corporate insiders own 5.90% of the company’s stock.

About Stryker

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.