Stryker (NYSE:SYK) Price Target Raised to $448.00

Stryker (NYSE:SYK) had its price target increased by Needham & Company LLC from $442.00 to $448.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the medical technology company’s stock.

A number of other equities analysts also recently weighed in on SYK. Sanford C. Bernstein set a $450.00 target price on Stryker in a report on Monday, May 5th. Evercore ISI boosted their price target on shares of Stryker from $390.00 to $415.00 and gave the company an “outperform” rating in a report on Tuesday, July 8th. Truist Financial boosted their target price on Stryker from $390.00 to $400.00 and gave the company a “hold” rating in a research note on Monday, May 5th. Wall Street Zen raised Stryker from a “hold” rating to a “buy” rating in a research report on Friday, July 18th. Finally, Citigroup reaffirmed a “buy” rating and issued a $455.00 target price (up from $443.00) on shares of Stryker in a research report on Thursday, May 22nd. Four equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $429.35.

Stryker Stock Performance

Shares of SYK opened at $378.62 on Friday. The firm’s 50 day moving average is $387.46 and its 200-day moving average is $380.38. The stock has a market capitalization of $144.52 billion, a P/E ratio of 50.15, a P/E/G ratio of 2.77 and a beta of 0.91. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.78 and a quick ratio of 1.06. Stryker has a 12-month low of $314.93 and a 12-month high of $406.19.

Stryker (NYSE:SYK) last issued its quarterly earnings results on Thursday, July 31st. The medical technology company reported $3.13 EPS for the quarter, beating the consensus estimate of $3.07 by $0.06. Stryker had a net margin of 12.25% and a return on equity of 23.94%. The business had revenue of $6.02 billion during the quarter, compared to the consensus estimate of $5.92 billion. During the same quarter in the prior year, the firm earned $2.81 EPS. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. Equities research analysts anticipate that Stryker will post 13.47 EPS for the current fiscal year.

Stryker Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Monday, June 30th. Stryker’s dividend payout ratio is presently 44.50%.

Insider Activity at Stryker

In related news, Director Ronda E. Stryker sold 200,000 shares of the company’s stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $376.96, for a total value of $75,392,000.00. Following the completion of the transaction, the director directly owned 3,417,326 shares in the company, valued at approximately $1,288,195,208.96. This represents a 5.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On Stryker

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Stryker by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 33,059,964 shares of the medical technology company’s stock valued at $12,306,572,000 after purchasing an additional 361,136 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Stryker by 9.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,131,218 shares of the medical technology company’s stock valued at $4,515,847,000 after buying an additional 1,021,496 shares during the period. FMR LLC increased its stake in shares of Stryker by 10.0% in the 4th quarter. FMR LLC now owns 8,034,844 shares of the medical technology company’s stock valued at $2,892,946,000 after buying an additional 727,850 shares during the period. Northern Trust Corp increased its stake in shares of Stryker by 13.2% in the 4th quarter. Northern Trust Corp now owns 3,606,237 shares of the medical technology company’s stock valued at $1,298,426,000 after buying an additional 420,153 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of Stryker by 13.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,252,895 shares of the medical technology company’s stock valued at $838,640,000 after buying an additional 261,058 shares during the period. Institutional investors own 77.09% of the company’s stock.

Stryker Company Profile

Stryker Corporation operates as a medical technology company. The company operates through two segments, MedSurg and Neurotechnology, and Orthopaedics and Spine. The Orthopaedics and Spine segment provides implants for use in total joint replacements, such as hip, knee and shoulder, and trauma and extremities surgeries.