Connable Office Inc. Sells 7,081 Shares of Stryker Co. (NYSE:SYK)

Connable Office Inc. reduced its position in shares of Stryker Co. (NYSE:SYK) by 5.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 122,406 shares of the medical technology company’s stock after selling 7,081 shares during the period. Stryker makes up about 4.5% of Connable Office Inc.’s portfolio, making the stock its 4th biggest holding. Connable Office Inc.’s holdings in Stryker were worth $44,220,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Patrick M Sweeney & Associates Inc. raised its position in shares of Stryker by 1.5% in the third quarter. Patrick M Sweeney & Associates Inc. now owns 2,194 shares of the medical technology company’s stock valued at $793,000 after buying an additional 32 shares in the last quarter. Versant Capital Management Inc raised its holdings in Stryker by 4.0% in the 2nd quarter. Versant Capital Management Inc now owns 864 shares of the medical technology company’s stock valued at $294,000 after acquiring an additional 33 shares in the last quarter. Stanley Laman Group Ltd. lifted its position in shares of Stryker by 4.6% during the 2nd quarter. Stanley Laman Group Ltd. now owns 752 shares of the medical technology company’s stock valued at $256,000 after acquiring an additional 33 shares during the period. Plimoth Trust Co. LLC grew its holdings in shares of Stryker by 0.3% during the 2nd quarter. Plimoth Trust Co. LLC now owns 9,476 shares of the medical technology company’s stock worth $3,224,000 after purchasing an additional 33 shares in the last quarter. Finally, Grimes & Company Inc. increased its position in shares of Stryker by 0.4% in the third quarter. Grimes & Company Inc. now owns 8,239 shares of the medical technology company’s stock worth $2,977,000 after purchasing an additional 33 shares during the period. 77.09% of the stock is currently owned by institutional investors.

Stryker Price Performance

Stryker stock opened at $383.28 on Friday. The stock’s 50 day moving average is $362.94 and its 200 day moving average is $346.72. Stryker Co. has a one year low of $282.35 and a one year high of $392.70. The firm has a market cap 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. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.91 and a quick ratio of 1.22.

Stryker (NYSE:SYK) last issued its quarterly earnings results on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.49 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the previous year, the company earned $2.46 EPS. The company’s revenue for the quarter was up 11.9% on a year-over-year basis. As a group, research analysts expect that Stryker Co. will post 12.06 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SYK shares. Evercore ISI increased their price objective on shares of Stryker from $380.00 to $384.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Wolfe Research assumed coverage on Stryker in a research note on Tuesday, September 10th. They set an “outperform” rating and a $405.00 target price for the company. Royal Bank of Canada lifted their price target on Stryker from $386.00 to $400.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Citigroup upped their price objective on Stryker from $406.00 to $411.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. lifted their target price on Stryker from $375.00 to $420.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $393.65.

Insiders Place Their Bets

In other news, VP M Kathryn Fink sold 7,347 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $366.98, for a total transaction of $2,696,202.06. Following the completion of the sale, the vice president now owns 10,042 shares in the company, valued at $3,685,213.16. The trade was a 42.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Kevin Lobo sold 57,313 shares of Stryker stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $368.70, for a total transaction of $21,131,303.10. Following the completion of the sale, the chief executive officer now directly owns 100,027 shares of the company’s stock, valued at approximately $36,879,954.90. The trade was a 36.43 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,381 shares of company stock worth $24,825,275. Company insiders own 5.90% of the company’s stock.

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.