Stryker Co. (NYSE:SYK) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its position in Stryker Co. (NYSE:SYK) by 7.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,985 shares of the medical technology company’s stock after acquiring an additional 4,594 shares during the period. CIBC Asset Management Inc’s holdings in Stryker were worth $22,754,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Centennial Bank AR increased its holdings in shares of Stryker by 106.7% in the second quarter. Centennial Bank AR now owns 93 shares of the medical technology company’s stock valued at $32,000 after purchasing an additional 48 shares during the period. Hara Capital LLC purchased a new stake in Stryker in the third quarter valued at approximately $42,000. HBW Advisory Services LLC acquired a new position in Stryker in the 3rd quarter worth approximately $42,000. Grove Bank & Trust raised its position in Stryker by 84.8% during the 3rd quarter. Grove Bank & Trust now owns 122 shares of the medical technology company’s stock worth $44,000 after buying an additional 56 shares during the last quarter. Finally, DT Investment Partners LLC lifted its stake in Stryker by 114.3% during the 3rd quarter. DT Investment Partners LLC now owns 135 shares of the medical technology company’s stock valued at $49,000 after acquiring an additional 72 shares during the period. 77.09% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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

Analysts Set New Price Targets

SYK has been the subject of several recent research reports. Wells Fargo & Company raised their target price on shares of Stryker from $381.00 to $405.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Canaccord Genuity Group upped their price objective on Stryker from $360.00 to $400.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their target price on shares of Stryker from $375.00 to $420.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. BTIG Research upped their price objective on shares of Stryker from $383.00 to $394.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Piper Sandler restated an “overweight” rating and set a $420.00 target price (up from $380.00) on shares of Stryker in a research 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. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $393.65.

Stryker Price Performance

SYK stock opened at $390.08 on Friday. The stock 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. Stryker Co. has a 52-week low of $282.35 and a 52-week high of $392.70. The business has a fifty day moving average of $363.45 and a two-hundred day moving average of $346.97.

Stryker (NYSE:SYK) last released its quarterly 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 return on equity of 23.07% and a net margin of 16.34%. The company had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the firm earned $2.46 earnings per share. The firm’s revenue was up 11.9% compared to the same quarter last year. As a group, research analysts anticipate that Stryker Co. will post 12.06 earnings per share for the current year.

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.