Black Diamond Financial LLC Makes New Investment in Stryker Co. (NYSE:SYK)

Black Diamond Financial LLC bought a new position in shares of Stryker Co. (NYSE:SYK) during the third quarter, Holdings Channel.com reports. The firm bought 1,862 shares of the medical technology company’s stock, valued at approximately $673,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC grew its stake in shares of Stryker by 78.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 133,020 shares of the medical technology company’s stock worth $45,260,000 after buying an additional 58,673 shares during the last quarter. M&G Plc purchased a new stake in shares of Stryker in the 1st quarter worth approximately $11,534,000. OFI Invest Asset Management grew its stake in shares of Stryker by 3,210.9% in the 2nd quarter. OFI Invest Asset Management now owns 3,344 shares of the medical technology company’s stock worth $1,062,000 after buying an additional 3,243 shares during the last quarter. Tidal Investments LLC grew its stake in shares of Stryker by 14.2% in the 1st quarter. Tidal Investments LLC now owns 13,558 shares of the medical technology company’s stock worth $4,853,000 after buying an additional 1,681 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in shares of Stryker by 2.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 618,041 shares of the medical technology company’s stock worth $210,289,000 after buying an additional 16,504 shares during the last quarter. Hedge funds and other institutional investors own 77.09% of the company’s stock.

Wall Street Analysts Forecast Growth

SYK has been the subject of a number of research analyst reports. StockNews.com raised Stryker from a “hold” rating to a “buy” rating in a report on Thursday. Canaccord Genuity Group lifted their target price on Stryker from $360.00 to $400.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Truist Financial lifted their target price on Stryker from $370.00 to $380.00 and gave the company a “hold” rating in a research report on Wednesday, October 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $420.00 target price (up from $380.00) on shares of Stryker in a report on Wednesday, October 30th. Finally, Needham & Company LLC boosted their price objective on Stryker from $393.00 to $409.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Four analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $393.65.

Stryker Price Performance

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

Stryker (NYSE:SYK) last posted its earnings results on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.77 by $0.10. The business had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.37 billion. Stryker had a net margin of 16.34% and a return on equity of 23.07%. The company’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same period in the prior year, the company posted $2.46 EPS. Research analysts predict that Stryker Co. will post 12.06 earnings per share for the current year.

Insider Activity at Stryker

In other Stryker news, insider Viju Menon sold 600 shares of the stock in a transaction dated Tuesday, August 27th. The shares were 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP M Kathryn Fink sold 2,121 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $370.00, for a total transaction of $784,770.00. Following the completion of the sale, the vice president now owns 10,042 shares of the company’s stock, valued at approximately $3,715,540. The trade was a 17.44 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,381 shares of company stock valued at $24,825,275. 5.90% of the stock is owned by corporate 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.