5 Biggest Medical Device Companies in the World

3. Stryker Corporation (NYSE:SYK)

Market Cap as of November 18: $82.87 B
Number of Hedge Fund Holders: 34

Stryker Corporation (NYSE:SYK) is a global medical technology corporation based in the United States. Stryker Corporation (NYSE:SYK)’s shares rallied 1.89% last month, resulting in an $82.87 billion market capitalization.

Due to inflation and currency challenges, Stryker Corporation (NYSE:SYK)’s third-quarter results fell short of expectations. As a result, on November 1, analyst Shagun Singh from RBC Capital decreased his price objective on Stryker Corporation (NYSE:SYK) from $255 to $240 while maintaining a ‘Sector Perform’ rating on the stock.

Among the hedge funds tracked by Insider Monkey, 34 were long Stryker Corporation (NYSE:SYK) at the end of Q3 2022, compared to 46 funds in the last quarter. Terry Smith’s Fundsmith LLP is the leading stakeholder of Stryker Corporation (NYSE:SYK), with 5.63 million shares worth $1.14 billion.

Diamond Hill Capital mentioned Stryker Corporation (NYSE:SYK) in its Q3 2022 investor letter. Here is what the firm has to say:

“Stryker Corporation (NYSE:SYK) was the only new addition to the portfolio in Q3. It is one of the largest medical device manufacturers with a track record of consistently outgrowing its end markets and competitors. Stryker has a highly performance driven culture with a decentralized operating model that results in strong incentive alignment within the company. We believe the management team has executed well, making small but meaningful decisions that have positioned the firm well among competitors. Management operates with a market share gain mentality and strives to be a category leader in the market they are in. Stryker also benefits from its broad portfolio of surgical tools, small and large cap hospital equipment, waste management products, etc., which enables it to address all the needs of a hospital operating room and be a one-stop shop for health care facilities. This is particularly appealing to hospitals, and it positions Stryker to be the supplier of all operating room equipment versus a single product, thus enabling the company to gain market share.”