Parnassus Investments LLC Takes Position in Stryker Co. (NYSE:SYK)

Parnassus Investments LLC acquired a new position in Stryker Co. (NYSE:SYK - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,111,493 shares of the medical technology company's stock, valued at approximately $762,798,000. Stryker comprises about 1.6% of Parnassus Investments LLC's investment portfolio, making the stock its 25th biggest position. Parnassus Investments LLC owned approximately 0.55% of Stryker at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Clearbridge Investments LLC lifted its holdings in Stryker by 2.9% in the second quarter. Clearbridge Investments LLC now owns 2,323,452 shares of the medical technology company's stock valued at $790,554,000 after buying an additional 66,482 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Stryker by 4.0% during the second quarter. The Manufacturers Life Insurance Company now owns 1,209,769 shares of the medical technology company's stock valued at $411,624,000 after purchasing an additional 46,375 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Stryker by 2.9% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,143,573 shares of the medical technology company's stock valued at $413,127,000 after purchasing an additional 32,491 shares during the period. Swiss National Bank raised its holdings in shares of Stryker by 0.4% during the third quarter. Swiss National Bank now owns 1,017,600 shares of the medical technology company's stock valued at $367,618,000 after purchasing an additional 4,300 shares during the period. Finally, 1832 Asset Management L.P. raised its holdings in shares of Stryker by 146.9% during the first quarter. 1832 Asset Management L.P. now owns 878,669 shares of the medical technology company's stock valued at $314,449,000 after purchasing an additional 522,817 shares during the period. Institutional investors and hedge funds own 77.09% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on SYK. JPMorgan Chase & Co. boosted their target price on shares of Stryker from $375.00 to $420.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 30th. Canaccord Genuity Group boosted their target price on shares of Stryker from $360.00 to $400.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Barclays boosted 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. Robert W. Baird upped their price objective on shares of Stryker from $378.00 to $405.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 30th. Finally, StockNews.com raised shares of Stryker from a "hold" rating to a "buy" rating in a research report on Thursday, November 14th. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, Stryker presently has an average rating of "Moderate Buy" and an average target price of $393.65.

Stryker Trading Down 0.2 %

Shares of SYK stock traded down $0.74 on Tuesday, hitting $388.66. 1,524,168 shares of the stock traded hands, compared to its average volume of 1,271,352. The firm's 50-day moving average price is $364.61 and its two-hundred day moving average price is $347.98. Stryker Co. has a twelve month low of $285.79 and a twelve month high of $398.20. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.22 and a current ratio of 1.91. The stock has a market capitalization of $148.16 billion, a PE ratio of 41.74, a PEG ratio of 2.94 and a beta of 0.91.

Stryker (NYSE:SYK - Get Free Report) last released its earnings results on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share 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 analyst estimates of $5.37 billion. During the same period in the prior year, the firm earned $2.46 earnings per share. The business's quarterly revenue was up 11.9% compared to the same quarter last year. As a group, analysts anticipate that Stryker Co. will post 12.06 EPS for the current year.

Insider Activity at Stryker

In related news, CEO Kevin Lobo sold 57,313 shares of the 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 completion of the sale, the chief executive officer now directly owns 100,027 shares of the company's stock, valued at $36,879,954.90. This trade represents a 36.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Viju Menon sold 600 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $355.00, for a total value of $213,000.00. Following the completion of the transaction, the insider now owns 9,069 shares of the company's stock, valued at $3,219,495. The trade was a 6.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,381 shares of company stock valued at $24,825,275 over the last three months. 5.50% 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.