Hedge Funds Are Buying Stryker Corporation (SYK)

Consequently, some big names were breaking ground themselves. Anand Parekh’s Alyeska Investment Group initiated the biggest position in Stryker Corporation (NYSE:SYK), followed by Israel Englander’s Millennium Management, which initiated a $67.3 million position during the quarter. The other funds with brand new SYK positions are Clint Carlson’s Carlson Capital, Robert Pohly’s Samlyn Capital, and Efrem Kamen’s Pura Vida Investments.

Let’s now take a look at hedge fund activity in other stocks similar to Stryker Corporation (NYSE:SYK). These stocks are Public Storage (NYSE:PSA), Caterpillar Inc. (NYSE:CAT), Paypal Holdings Inc (NASDAQ:PYPL), and General Motors Company (NYSE:GM). This group of stocks’ market caps are similar to SYK’s market cap.

As you can see these stocks had an average of 48 hedge funds with bullish positions and the average amount invested in these stocks was $2.67 billion. That figure was $694 million in SYK’s case. Paypal Holdings Inc (NASDAQ:PYPL) is the most popular stock in this table. On the other hand Public Storage (NYSE:PSA) is the least popular one with only 23 bullish hedge fund positions. Stryker Corporation (NYSE:SYK) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard PYPL might be a better candidate to consider a long position.

Disclosure: none.