Kentucky Retirement Systems Sells 1,664 Shares of Stryker Co. (NYSE:SYK)

Kentucky Retirement Systems trimmed its holdings in Stryker Co. (NYSE:SYK) by 6.5% during the third quarter, Holdings Channel reports. The institutional investor owned 23,885 shares of the medical technology company’s stock after selling 1,664 shares during the quarter. Kentucky Retirement Systems’ holdings in Stryker were worth $8,629,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. International Assets Investment Management LLC raised its stake in shares of Stryker by 66,967.5% in the third quarter. International Assets Investment Management LLC now owns 853,769 shares of the medical technology company’s stock worth $308,433,000 after purchasing an additional 852,496 shares during the last quarter. 1832 Asset Management L.P. raised its position in Stryker by 146.9% in the 1st quarter. 1832 Asset Management L.P. now owns 878,669 shares of the medical technology company’s stock valued at $314,449,000 after buying an additional 522,817 shares during the last quarter. American Century Companies Inc. lifted its stake in Stryker by 287.6% during the 2nd quarter. American Century Companies Inc. now owns 505,608 shares of the medical technology company’s stock valued at $172,033,000 after acquiring an additional 375,166 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in Stryker by 49.8% during the 2nd quarter. Canada Pension Plan Investment Board now owns 686,416 shares of the medical technology company’s stock worth $233,553,000 after acquiring an additional 228,139 shares during the last quarter. Finally, Sofinnova Investments Inc. purchased a new position in Stryker during the 2nd quarter worth $65,697,000. 77.09% of the stock is currently owned by institutional investors and hedge funds.

Stryker Stock Performance

Shares of NYSE:SYK opened at $390.08 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.22 and a current ratio of 1.91. The firm has a market cap of $148.71 billion, a PE ratio of 41.81, a price-to-earnings-growth ratio of 2.89 and a beta of 0.91. The firm’s 50 day simple moving average is $364.07 and its 200-day simple moving average is $347.33. Stryker Co. has a one year low of $282.35 and a one year high of $392.70.

Stryker (NYSE:SYK) last announced its 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 analysts’ expectations of $5.37 billion. During the same quarter last year, the firm earned $2.46 EPS. The business’s revenue for the quarter was up 11.9% on a year-over-year basis. As a group, equities analysts predict that Stryker Co. will post 12.06 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Stifel Nicolaus cut their target price on Stryker from $375.00 to $365.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Citigroup upped their price objective on Stryker from $406.00 to $411.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Wells Fargo & Company lifted their target price on Stryker from $381.00 to $405.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Piper Sandler restated an “overweight” rating and set a $420.00 price target (up previously from $380.00) on shares of Stryker in a research report on Wednesday, October 30th. Finally, Barclays lifted their price objective on shares of Stryker from $402.00 to $418.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Four analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $393.65.

Insider Activity at Stryker

In other news, 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 sale, the chief executive officer now owns 100,027 shares in the company, valued at $36,879,954.90. This represents a 36.43 % decrease in their ownership of the stock. The sale 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 company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $355.00, for a total value of $213,000.00. Following the completion of the sale, the insider now owns 9,069 shares in the company, valued at approximately $3,219,495. This represents a 6.21 % decrease in their position. 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. 5.90% of the stock is owned by 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.