Is Stryker Corporation (NYSE:SYK) going to take off soon? Prominent investors are becoming less confident. The number of long hedge fund positions went down by 7 in recent months.
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With all of this in mind, let’s take a look at the recent action surrounding Stryker Corporation (NYSE:SYK).
How have hedgies been trading Stryker Corporation (NYSE:SYK)?
Heading into Q2, a total of 27 of the hedge funds we track were long in this stock, a change of -21% from the first quarter. With the smart money’s sentiment swirling, there exists an “upper tier” of noteworthy hedge fund managers who were boosting their holdings meaningfully.
According to our comprehensive database, Yacktman Asset Management, managed by Donald Yacktman, holds the largest position in Stryker Corporation (NYSE:SYK). Yacktman Asset Management has a $787.4 million position in the stock, comprising 4% of its 13F portfolio. Coming in second is Phill Gross and Robert Atchinson of Adage Capital Management, with a $95.7 million position; the fund has 0.3% of its 13F portfolio invested in the stock. Other hedgies that hold long positions include Cliff Asness’s AQR Capital Management, Israel Englander’s Millennium Management and Anand Parekh’s Alyeska Investment Group.
Judging by the fact that Stryker Corporation (NYSE:SYK) has faced falling interest from the smart money, it’s safe to say that there were a few hedgies that slashed their full holdings at the end of the first quarter. It’s worth mentioning that Stephen DuBois’s Camber Capital Management said goodbye to the largest position of the 450+ funds we key on, totaling an estimated $35.6 million in stock.. Jeremy Green’s fund, Redmile Group, also sold off its stock, about $21.8 million worth. These moves are interesting, as aggregate hedge fund interest was cut by 7 funds at the end of the first quarter.
What have insiders been doing with Stryker Corporation (NYSE:SYK)?
Bullish insider trading is most useful when the company in focus has experienced transactions within the past half-year. Over the latest six-month time frame, Stryker Corporation (NYSE:SYK) has seen 1 unique insiders purchasing, and 4 insider sales (see the details of insider trades here).
Let’s check out 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). All of these stocks are in the medical appliances & equipment industry and their market caps are closest to SYK’s market cap.