Stryker (NYSE:SYK) Share Price Crosses Below 200-Day Moving Average – Here’s What Happened

Stryker Corporation (NYSE:SYK) shares passed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $323.05 and traded as low as $315.37. Stryker shares last traded at $318.6710, with a volume of 3,215,322 shares changing hands.

Analysts Set New Price Targets

SYK has been the topic of a number of research analyst reports. Raymond James Financial restated an “outperform” rating and issued a $323.00 target price (down from $370.00) on shares of Stryker in a research report on Friday, October 30th. JPMorgan Chase & Co. decreased their price objective on shares of Stryker from $350.00 to $340.00 and set an “overweight” rating on the stock in a report on Friday, October 30th. Royal Bank Of Canada lowered their price target on Stryker from $420.00 to $375.00 and set an “outperform” rating for the company in a research report on Friday, October 30th. Johnson Rice downgraded Stryker to a “hold” rating in a report on Friday, October 30th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Stryker in a research report on Friday, October 30th. Twenty-one equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Stryker has a consensus rating of “Moderate Buy” and a consensus target price of $342.19.

Stryker Stock Down 1.7%

The firm has a 50 day moving average price of $292.27 and a 200-day moving average price of $323.05. The company has a current ratio of 2.18, a quick ratio of 1.30 and a debt-to-equity ratio of 0.60. The firm has a market cap of $121.31 billion, a PE ratio of 33.94, a PEG ratio of 2.23 and a beta of 0.78.

Stryker (NYSE:SYK) last posted its quarterly earnings results on Thursday, October 29th. The medical technology company reported $3.52 EPS for the quarter, missing the consensus estimate of $3.55 by ($0.03). The firm had revenue of $6.52 billion for the quarter, compared to analyst estimates of $6.62 billion. Stryker had a return on equity of 23.74% and a net margin of 13.78%. The company’s revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the firm earned $3.19 EPS. Research analysts forecast that Stryker Corporation will post 14.85 EPS for the current fiscal year.

Insider Transactions at Stryker

In other news, insider Dylan Crotty sold 441 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $328.61, for a total transaction of $144,917.01. Following the sale, the insider owned 6,102 shares of the company’s stock, valued at approximately $2,005,178.22. This trade represents a 6.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ronda Stryker sold 550,000 shares of the stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $325.32, for a total transaction of $178,926,000.00. Following the completion of the transaction, the director owned 1,701,375 shares in the company, valued at $553,491,315. This represents a 24.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 901,267 shares of company stock valued at $297,123,701. Corporate insiders own 4.60% of the company’s stock.

Institutional Trading of Stryker

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE purchased a new stake in Stryker in the second quarter valued at approximately $1,404,284,000. Legal & General Group Plc acquired a new position in Stryker in the second quarter valued at $707,212,000. Jupiter Topco LLC purchased a new stake in shares of Stryker in the second quarter valued at about $681,581,000. Corient Private Wealth LP acquired a new stake in shares of Stryker during the second quarter worth about $323,035,000. Finally, Flossbach Von Storch SE purchased a new position in shares of Stryker during the second quarter worth about $464,506,000. 77.09% of the stock is owned by hedge funds and other institutional investors.

Stryker Company Profile

Stryker is a medical technology company that develops and sells products and services for healthcare providers. Its offerings include orthopedic implants and surgical equipment, neurotechnology and spine products, and medical and surgical equipment used in hospitals and other care settings. The company’s products also include patient-handling and emergency medical equipment, as well as instruments and technologies that support surgical procedures. Stryker serves healthcare customers in the United States and internationally.