Connable Office Inc. Reduces Stock Holdings in Stryker Co. (NYSE:SYK)

Connable Office Inc. trimmed its holdings in shares of Stryker Co. (NYSE:SYK) by 5.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 122,406 shares of the medical technology company’s stock after selling 7,081 shares during the quarter. Stryker accounts for about 4.5% of Connable Office Inc.’s holdings, making the stock its 4th largest position. Connable Office Inc.’s holdings in Stryker were worth $44,220,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Lord Abbett & CO. LLC grew its holdings in Stryker by 5.0% during the first quarter. Lord Abbett & CO. LLC now owns 821 shares of the medical technology company’s stock valued at $294,000 after purchasing an additional 39 shares during the period. Orion Portfolio Solutions LLC increased its holdings in Stryker by 10.7% in the 1st quarter. Orion Portfolio Solutions LLC now owns 14,202 shares of the medical technology company’s stock worth $5,082,000 after acquiring an additional 1,372 shares during the last quarter. Nwam LLC raised its stake in Stryker by 2.1% in the 1st quarter. Nwam LLC now owns 2,214 shares of the medical technology company’s stock valued at $740,000 after acquiring an additional 46 shares during the period. Motco lifted its holdings in Stryker by 120.4% during the first quarter. Motco now owns 1,827 shares of the medical technology company’s stock valued at $654,000 after purchasing an additional 998 shares during the last quarter. Finally, Tocqueville Asset Management L.P. boosted its position in Stryker by 6.2% during the first quarter. Tocqueville Asset Management L.P. now owns 2,222 shares of the medical technology company’s stock worth $795,000 after purchasing an additional 130 shares during the period. 77.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on SYK. Stifel Nicolaus lowered their target price on shares of Stryker from $375.00 to $365.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Needham & Company LLC increased their price objective on Stryker from $393.00 to $409.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. UBS Group lifted their target price on Stryker from $366.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Wells Fargo & Company increased their price target on shares of Stryker from $381.00 to $405.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Finally, Truist Financial boosted their price objective on shares of Stryker from $370.00 to $380.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, Stryker currently has an average rating of “Moderate Buy” and a consensus target price of $393.65.

Insider Buying and Selling

In other news, CEO Kevin Lobo sold 57,313 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $368.70, for a total value of $21,131,303.10. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Viju Menon sold 600 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $355.00, for a total value of $213,000.00. Following the transaction, the insider now owns 9,069 shares of the company’s stock, valued at $3,219,495. The trade was a 6.21 % 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 worth $24,825,275 in the last ninety days. 5.90% of the stock is owned by insiders.

Stryker Stock Down 1.3 %

Shares of NYSE SYK opened at $383.28 on Friday. The stock has a market capitalization of $146.11 billion, a P/E ratio of 41.08, a PEG ratio of 2.93 and a beta of 0.91. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.91 and a quick ratio of 1.22. Stryker Co. has a one year low of $282.35 and a one year high of $392.70. The firm’s 50 day simple moving average is $362.94 and its two-hundred day simple moving average is $346.72.

Stryker (NYSE:SYK) last issued its earnings results on Tuesday, October 29th. The medical technology company reported $2.87 EPS for the quarter, topping analysts’ consensus estimates of $2.77 by $0.10. Stryker had a net margin of 16.34% and a return on equity of 23.07%. The company had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter last year, the company earned $2.46 EPS. The firm’s revenue was up 11.9% compared to the same quarter last year. As a group, analysts expect that Stryker Co. will post 12.06 EPS for the current fiscal year.

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.