Stryker (NYSE:SYK) Price Target Raised to $450.00

Stryker (NYSE:SYK) had its target price raised by Citigroup from $411.00 to $450.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Citigroup currently has a buy rating on the medical technology company’s stock.

Other analysts have also issued reports about the stock. Piper Sandler reiterated an “overweight” rating and set a $420.00 target price (up from $380.00) on shares of Stryker in a research report on Wednesday, October 30th. Robert W. Baird boosted their target price on shares of Stryker from $378.00 to $405.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Barclays boosted their target price on shares of Stryker from $402.00 to $418.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. StockNews.com downgraded shares of Stryker from a “buy” rating to a “hold” rating in a research note on Friday, November 22nd. Finally, Wolfe Research began coverage on shares of Stryker in a research note on Tuesday, September 10th. They set an “outperform” rating and a $405.00 price target for the company. Three investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $404.35.

Stryker Stock Performance

Shares of SYK opened at $374.75 on Wednesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.91 and a quick ratio of 1.22. The company has a market capitalization of $142.86 billion, a PE ratio of 40.19, a price-to-earnings-growth ratio of 2.84 and a beta of 0.94. The company’s fifty day moving average price is $372.88 and its 200 day moving average price is $354.65. Stryker has a one year low of $285.79 and a one year high of $398.20.

Stryker (NYSE:SYK) last posted its quarterly earnings results on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.77 by $0.10. The company had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.37 billion. Stryker had a net margin of 16.34% and a return on equity of 23.07%. The business’s quarterly revenue was up 11.9% on a year-over-year basis. During the same period last year, the business posted $2.46 EPS. As a group, analysts expect that Stryker will post 12.06 earnings per share for the current year.

Stryker Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be issued a dividend of $0.84 per share. This is a boost from Stryker’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.36 annualized dividend and a yield of 0.90%. Stryker’s dividend payout ratio is presently 34.30%.

Insiders Place Their Bets

In related news, CEO Kevin Lobo sold 57,313 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $368.70, for a total transaction of $21,131,303.10. Following the transaction, the chief executive officer now directly owns 100,027 shares of the company’s stock, valued at approximately $36,879,954.90. This trade represents a 36.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP M Kathryn Fink sold 7,347 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $366.98, for a total transaction of $2,696,202.06. Following the transaction, the vice president now directly owns 10,042 shares in the company, valued at approximately $3,685,213.16. This represents a 42.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Stryker

A number of hedge funds have recently bought and sold shares of the business. ORG Partners LLC grew its stake in Stryker by 788.2% during the second quarter. ORG Partners LLC now owns 302 shares of the medical technology company’s stock worth $102,000 after buying an additional 268 shares in the last quarter. Redhawk Wealth Advisors Inc. grew its holdings in Stryker by 9.8% during the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 615 shares of the medical technology company’s stock worth $209,000 after acquiring an additional 55 shares during the last quarter. SteelPeak Wealth LLC grew its holdings in Stryker by 16.9% during the 2nd quarter. SteelPeak Wealth LLC now owns 742 shares of the medical technology company’s stock worth $253,000 after acquiring an additional 107 shares during the last quarter. Swedbank AB boosted its stake in shares of Stryker by 1.5% in the 2nd quarter. Swedbank AB now owns 46,038 shares of the medical technology company’s stock valued at $15,664,000 after purchasing an additional 660 shares during the last quarter. Finally, Silver Lake Advisory LLC bought a new stake in shares of Stryker in the 2nd quarter valued at $296,000. 77.09% of the stock is owned by institutional investors.

About Stryker

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.