Stryker (NYSE:SYK) Stock Attracts Investment From Hedge Funds

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Stryker (NYSE:SYK) Stock Attracts Investment From Hedge Funds

TipRanks offers a number of tools to help investors make wise investing choices. The Hedge Fund Trading Activity tool is one such tool that provides information on the opinions of top hedge fund managers based on their most recent stock investments.

The tool shows that during the most recent quarter, hedge funds purchased 1.3 million SYK shares. Six hedge fund managers, including Ken Fisher of Fisher Asset Management and Ric Dillon of Diamond Hill Capital Management, added the stock to their holdings. Overall, Stryker now has a very high hedge fund confidence signal.

Stryker Corporation is one of the healthcare sector stocks that hedge funds are now bullish on (NYSE:SYK). The Michigan-based business offers goods and services related to medical technology.

What Drives Hedge Fund Purchases of SYK Stock?
Stryker’s top line growth is projected to continue to be supported by the high demand for medical devices and the introduction of new products. The global market for medical devices is anticipated to expand at a compound annual growth rate of 5.5% between 2022 and 2029, according to Fortune Business Insights.

The business’ capital deployment initiatives are also impressive. Since 2009, Stryker has increased its quarterly common stock dividend annually; the most recent increase, of 7.9%, was announced earlier this month.

Additionally, despite ongoing supply chain and inflationary pressures, management expressed upbeat about Fiscal 2023 performance in its third-quarter results announcement. The business anticipates that increased pricing and cost-cutting initiatives will drive profitability in the upcoming year.

Ryan Zimmerman, a BTIG analyst, reissued a Buy recommendation on SYK last week and increased the price target from $232 to $268. In the first half of 2023, the analyst predicts that Stryker’s shares would fluctuate as the business “works through persistent supply chain problems.”

Do You Want to Buy SYK Stock?
The outlook for Stryker is cautiously bullish on Wall Street. Ten Buy and five Hold recommendations have been made for the stock, giving it a consensus Moderate Buy rating. The average price forecast, which is $257.92, suggests a 6.7% possible increase.

Closing Statements
Stryker’s performance in the near future may be aided by the market for medical devices’ sound growth prospects and the company’s attempts to introduce new products.

News Summary:

  • Stryker (NYSE:SYK) Stock Attracts Investment From Hedge Funds
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