Is Stryker Corporation (NYSE:SYK) the right investment to pursue these days? The best stock pickers are betting on the stock. The number of long hedge fund positions improved by 5 in recent months .SYK was in 32 hedge funds’ portfolio at the end of September. There were 27 hedge funds in hedge fund experts Insider Monkey’s database with SYK positions at the end of the previous quarter.
Stryker Corp. agreed to acquire Patient Safety Technologies Inc. for about $86 million, a deal that will boost the medical device maker’s offerings of operating room equipment, according to 4-traders.
With these “truths” under our belt, we’re going to take a gander at the latest action encompassing Stryker Corporation (NYSE:SYK).
Hedge fund activity in Stryker Corporation (NYSE:SYK)
In preparation for this quarter, a total of 32 of the hedge funds Insider Monkey tracks were bullish in this stock, a change of 19 percent from the previous quarter. With the smart money’s capital changing hands, there exists an “upper tier” of noteworthy hedge fund managers who were increasing their stakes meaningfully.
Of the funds we track, Donald Yacktman’s Yacktman Asset Management had the largest position in Stryker Corporation (NYSE:SYK), worth close to $810.1 million, accounting for 3.6 percent of its total 13F portfolio. The second largest stake is held by Phill Gross and Robert Atchinson of Adage Capital Management, with a $90.7 million position; the fund has 0.3 percent of its 13F portfolio invested in the stock. Some other peers that hold long positions include Cliff Asness’s AQR Capital Management, David Harding’s Winton Capital Management and Paul Marshall and Ian Wace’s Marshall Wace LLP.
With a general bullishness amongst the heavyweights, specific money managers were leading the bulls’ herd. Marshall Wace LLP, managed by Paul Marshall and Ian Wace, created the most outsized position in Stryker Corporation (NYSE:SYK). Marshall Wace LLP had 20 million invested in the company at the end of the quarter. Israel Englander’s Catapult Capital Management also made a $5.1 million investment in the stock during the quarter. The other funds with brand new SYK positions are Peter Muller’s PDT Partners, Thomas Lenox Kempner’s Davidson Kempner, and Israel Englander’s Millennium Management.
How are insiders trading Stryker Corporation (NYSE:SYK)?
Insider trading activity, especially when it’s bullish, is most useful when the company we’re looking at has experienced transactions within the past half-year. Over the latest half-year time period, Stryker Corporation (NYSE:SYK) has experienced zero unique insiders purchasing, and three insider sales (see the details of insider trades here).
Let’s go over hedge fund and insider activity in other stocks similar to Stryker Corporation (NYSE:SYK). These stocks are Abbott Laboratories (NYSE:ABT), St. Jude Medical, Inc. (NYSE:STJ), Medtronic, Inc. (NYSE:MDT), Zimmer Holdings, Inc. (NYSE:ZMH), and Intuitive Surgical, Inc. (NASDAQ:ISRG). This group of stocks belong to the medical appliances & equipment industry and their market caps match SYK’s market cap.
|Company Name||# of Hedge Funds||# of Insiders Buying||# of Insiders Selling|
|Abbott Laboratories (NYSE:ABT)||41||0||4|
|St. Jude Medical, Inc. (NYSE:STJ)||29||0||16|
|Medtronic, Inc. (NYSE:MDT)||39||0||8|
|Zimmer Holdings, Inc. (NYSE:ZMH)||36||0||7|
|Intuitive Surgical, Inc. (NASDAQ:ISRG)||31||0||0|
At the end of the third quarter, Stryker Corporation was the fourth most widely held medical appliances & equipment industry equity among the hedge funds Insider Monkey tracks.