Norges Bank Invests $1.88 Billion in Stryker Corporation $SYK

Norges Bank bought a new position in Stryker Corporation (NYSE:SYK) in the 2nd quarter, HoldingsChannel reports. The fund bought 4,757,408 shares of the medical technology company’s stock, valued at approximately $1,882,173,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Mid American Wealth Advisory Group Inc. bought a new stake in shares of Stryker during the 2nd quarter valued at about $26,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of Stryker during the 2nd quarter worth approximately $28,000. Sachetta LLC lifted its holdings in shares of Stryker by 58.7% in the 2nd quarter. Sachetta LLC now owns 73 shares of the medical technology company’s stock worth $29,000 after purchasing an additional 27 shares during the last quarter. Ridgewood Investments LLC lifted its holdings in shares of Stryker by 48.4% in the 2nd quarter. Ridgewood Investments LLC now owns 92 shares of the medical technology company’s stock worth $36,000 after purchasing an additional 30 shares during the last quarter. Finally, MTM Investment Management LLC acquired a new position in Stryker during the 2nd quarter valued at approximately $38,000. 77.09% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Ronda E. Stryker sold 276,173 shares of Stryker stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $353.28, for a total value of $97,566,397.44. Following the transaction, the director directly owned 2,702,108 shares of the company’s stock, valued at $954,600,714.24. This trade represents a 9.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Preston Wendell Wells sold 165 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $365.88, for a total transaction of $60,370.20. Following the completion of the transaction, the chief financial officer directly owned 6,694 shares of the company’s stock, valued at $2,449,200.72. This represents a 2.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 522,118 shares of company stock valued at $185,381,932. 5.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Evercore ISI dropped their target price on Stryker from $410.00 to $405.00 and set an “outperform” rating on the stock in a research report on Friday, October 31st. Wells Fargo & Company raised their target price on Stryker from $452.00 to $456.00 and gave the company an “overweight” rating in a research report on Friday, November 14th. Rothschild & Co Redburn assumed coverage on Stryker in a research report on Thursday, September 18th. They set a “neutral” rating and a $420.00 price target for the company. Redburn Partners set a $420.00 price target on Stryker in a report on Thursday, September 18th. Finally, UBS Group set a $408.00 price objective on shares of Stryker in a research note on Monday, October 13th. Thirteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $434.37.

Stryker Trading Down 0.8%

Shares of NYSE:SYK opened at $372.04 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.06 and a current ratio of 1.78. The stock has a market capitalization of $142.28 billion, a price-to-earnings ratio of 49.28, a PEG ratio of 2.66 and a beta of 0.94. Stryker Corporation has a 1-year low of $329.16 and a 1-year high of $406.19. The company has a 50 day moving average price of $369.01 and a 200 day moving average price of $380.43.

Stryker (NYSE:SYK) last announced its quarterly earnings data on Thursday, October 30th. The medical technology company reported $3.19 EPS for the quarter, beating analysts’ consensus estimates of $3.13 by $0.06. The company had revenue of $6.06 billion during the quarter, compared to the consensus estimate of $6.04 billion. Stryker had a return on equity of 23.94% and a net margin of 12.25%.The company’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.87 EPS. Stryker has set its FY 2025 guidance at 13.500-13.600 EPS. On average, research analysts anticipate that Stryker Corporation will post 13.47 EPS for the current fiscal 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.