Stryker Co. (NYSE:SYK) Shares Sold by Palisade Asset Management LLC

Palisade Asset Management LLC reduced its holdings in shares of Stryker Co. (NYSE:SYK) by 2.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 38,313 shares of the medical technology company’s stock after selling 1,144 shares during the quarter. Stryker makes up 1.4% of Palisade Asset Management LLC’s investment portfolio, making the stock its 23rd biggest holding. Palisade Asset Management LLC’s holdings in Stryker were worth $13,841,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Parnassus Investments LLC purchased a new stake in Stryker in the third quarter valued at $762,798,000. International Assets Investment Management LLC increased its position in shares of Stryker by 66,967.5% during 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 in the last quarter. American Century Companies Inc. lifted its holdings in shares of Stryker by 287.6% in 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 purchasing an additional 375,166 shares during the last quarter. Canada Pension Plan Investment Board grew its stake 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 buying an additional 228,139 shares during the last quarter. Finally, Sofinnova Investments Inc. acquired a new position in Stryker during the second quarter worth approximately $65,697,000. Institutional investors and hedge funds own 77.09% of the company’s stock.

Insider Buying and Selling at Stryker

In related news, CEO Kevin Lobo sold 57,313 shares of Stryker stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 100,027 shares in the company, valued at $36,879,954.90. The trade was a 36.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Viju Menon sold 600 shares of the 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 sale, the insider now owns 9,069 shares in the company, valued at approximately $3,219,495. This trade represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 67,381 shares of company stock valued at $24,825,275. Insiders own 5.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on SYK shares. Barclays raised their target price 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. Citigroup raised their price objective on shares of Stryker from $406.00 to $411.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. UBS Group upped their target price on shares of Stryker from $366.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Robert W. Baird raised their price target on Stryker from $378.00 to $405.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, Wolfe Research initiated coverage on Stryker in a research note on Tuesday, September 10th. They set an “outperform” rating and a $405.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, Stryker currently has an average rating of “Moderate Buy” and a consensus target price of $393.65.

Stryker Stock Performance

NYSE:SYK opened at $384.88 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.91 and a debt-to-equity ratio of 0.66. Stryker Co. has a fifty-two week low of $285.79 and a fifty-two week high of $398.20. The firm’s fifty day simple moving average is $366.20 and its 200-day simple moving average is $349.36. The stock has a market cap of $146.72 billion, a PE ratio of 41.25, a price-to-earnings-growth ratio of 2.94 and a beta of 0.91.

Stryker (NYSE:SYK) last issued its earnings results on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the company posted $2.46 earnings per share. The firm’s quarterly revenue was up 11.9% compared to the same quarter last year. Analysts expect that Stryker Co. will post 12.06 earnings per share 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.