Stryker's Director Ronda E. Stryker sold 14,000 shares of the company on July 3, according to a WKRB News & Analysis report.
Here are five things to know about Stryker post-transaction:
1. The shares were sold at $85.37 per share for a total transaction value of nearly $1.2 million. Ms. Stryker now directly owns 174,605 shares of the company, valued at around $14.9 million. The company reported first quarter net earnings at $70 million, down from the same period last year. However, the company had a gross profit of $1.53 billion and the company's neurotechnology and spine business saw a net sales increase to $420 million.
2. Just a few days before the transaction, Cantor Fitzgerald analysts raised their price target from $78 to $84 per share in a research note. Argus analysts also updated Stryker shares from "hold" to "buy" on June 11, according to the report. Stryker's average rating is a "buy" with an average price target of $82.89.
3. On July 8, the company opened at $85.47, which was also the daily high. The daily low was $83.85, according to a MarketWatch report. The company's 52-week high is $86.93 and low is $65.48. Stryker has a market cap of $32.44 billion and P/E ratio of 41.14.
4. A few days after the transaction, Stryker sold its bone morphogenetic protein-7 assets to Mariel Therapeutics for an undisclosed amount. The material has a potential use in treating osteoarthritis, chronic kidney disease and other organ fibrosis conditions, but Stryker maintains the right of first negotiation for the commercial rights in the osteoarthritis area.
5. Stryker acquired Small Bone Innovations for $375 million a few days before Ms. Stryker sold her shares. There are also rumors Stryker is a suitor for Smith & Nephew, which would be a blockbuster deal. Other key players in the orthopedic and spine device market have made huge acquisition announcements recently, including Zimmer's intent to acquire Biomet and Medtronic's intent to acquire Covidien.
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