Stryker Corporation (NYSE:SYK) Receives a Downgrade
In a recent report sent to investors on Monday morning, BMO Capital Markets cut Stryker Corporation (NYSE:SYK) shares to a “Underperform” rating from the previous “Market Perform”. BMO Capital Markets now has a $88.00 Estimated Target Price on the stock. This Estimated Target Price could mean a possible downside, according to the firm, of -4.09% from previous close of the stock.
From a total of 21 analysts covering Stryker Corporation (NYSE:SYK) stock, 18 rate it a ”Buy”, 2 a “Sell”, and 8 a ”Hold”. This means that 64% of the ratings are positive. The highest target price is $123 while the lowest target price is $88. The mean of all analyst targets is $107.67 with a 21.16% above today’s ($91.52) stock price. Stryker Corporation was the topic of 14 analyst reports since July 27, 2015 according to the firm StockzIntelligence Inc. Goldman Sachs downgraded shares on November 13 to “Neutral” rating. Stifel Nicolaus maintained shares with “Buy” rating and $123 target share price in a report from an August 12. Sterne Agee CRT initiated SYK stock in a recent report from November 4 with “Neutral” rating. Credit Suisse reinitiated the rating on August 10. Credit Suisse has a “Outperform” rating and a $110 price target on shares. Finally, UBS initiated the stock with “Neutral” rating in a report issued on a September 22.
Approximately 129,732 shares of stock traded hands. Stryker Corporation (NYSE:SYK) has declined 2.29% since May 11, 2015 and is downtrending. It has outperformed by 2.13% the S&P500.
The overall sentiment of institutions has increased to 1.1 in Q2 2015. Its up 0.24, from 0.86 in 2015Q2. The ratio is positive, as 49 institutions have sold all the shares of Stryker Corporation that they owned while 285 funds have taken shares off the table. 65 funds have purchased shares for the first time while 303 added to their positions. These institutions now hold 251.38 million shares or 6.73% less than the 269.50 million shares they owned in 2015Q2.
The Fund Greenleaf Trust currently is holding shares equating to 80.72% of its total portfolio in Stryker Corporation representing a total of 28.74 million shares. Another fund,Fundsmith Llp, is holding a total of 2.92 million shares equating to 8.38% of their holdings. Additionally, Cabot has a 126,290 share stake in Stryker Corporation which represents 7.15% of their total portfolio. The Fund, Tukman Grossman Capital Management Inc, based out of California, has also built up a stake in the stock, which represents a total of 7.09% of their total portfolio. Finally Bonness Enterprises Inc, a fund which is based in the state of reported a total holdings of 78,700 shares.
Insider activity is a very important aspect to track on any stock. Going back to March 9, 2015, shareholders of Stryker Corporation have witnessed 0 buys, and a total of 47 insider sales equating to a net activity of approximately $55.39 million . Stryker Ronda E sold 12,000 shares worth approximately $1.13 million. Cox Howard E Jr sold 10,469 shares worth approximately $1.07 million. Owen Katherine Ann sold 5,000 shares worth approximately $508,369. Berry William E Jr sold 3,400 shares worth approximately $329,596. The company insider Benscoter Steven P sold 1,162 shares worth $109,207.
Stryker Corporation is a medical technology company. The company has a market cap of $34.35 billion.
According to Zacks Investment Research, “Stryker Corporation develops, manufactures, and markets specialty surgical and medical products, including orthopaedic implants, bone cement, trauma systems used in bone repair, powered surgical instruments, endoscopic systems, craniomaxillofacial fixation devices, specialty surgical equipment used in neurosurgery and patient care and handling equipment for the global market and provide outpatient physical and occupational rehabilitation services.”