Canaccord Genuity Group Boosts Stryker (NYSE:SYK) Price Target to $435.00

Stryker (NYSE:SYK) had its target price upped by research analysts at Canaccord Genuity Group from $420.00 to $435.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the medical technology company’s stock. Canaccord Genuity Group’s price target indicates a potential upside of 11.40% from the stock’s current price.

A number of other brokerages have also recently commented on SYK. Wells Fargo & Company lifted their target price on Stryker from $405.00 to $427.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Evercore ISI boosted their price objective on Stryker from $380.00 to $384.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Morgan Stanley upgraded Stryker from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $370.00 to $445.00 in a report on Monday, December 2nd. Piper Sandler restated an “overweight” rating and set a $420.00 price objective (up previously from $380.00) on shares of Stryker in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. boosted their price objective on Stryker from $375.00 to $420.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $416.40.

Stryker Price Performance

Shares of Stryker stock opened at $390.48 on Wednesday. The stock has a market cap of $148.86 billion, a price-to-earnings ratio of 41.85, a price-to-earnings-growth ratio of 2.68 and a beta of 0.95. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.22 and a current ratio of 1.91. The stock has a 50 day moving average price of $376.55 and a 200-day moving average price of $362.18. Stryker has a one year low of $314.93 and a one year high of $406.19.

Stryker (NYSE:SYK) last announced its earnings results on Tuesday, January 28th. The medical technology company reported $4.01 EPS for the quarter, topping analysts’ consensus estimates of $3.87 by $0.14. Stryker had a return on equity of 23.07% and a net margin of 16.34%. During the same period in the previous year, the business posted $3.46 earnings per share. Equities analysts expect that Stryker will post 12.06 EPS for the current year.

Insider Transactions at Stryker

In related news, CEO Kevin Lobo sold 57,313 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was 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 $36,879,954.90. This represents a 36.43 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Opal Wealth Advisors LLC increased its position in Stryker by 1.6% during the 4th quarter. Opal Wealth Advisors LLC now owns 1,816 shares of the medical technology company’s stock valued at $654,000 after buying an additional 28 shares in the last quarter. Capital Planning LLC increased its position in Stryker by 3.6% during the 4th quarter. Capital Planning LLC now owns 841 shares of the medical technology company’s stock valued at $304,000 after buying an additional 29 shares in the last quarter. Alhambra Investment Management LLC increased its position in Stryker by 1.5% during the 4th quarter. Alhambra Investment Management LLC now owns 1,997 shares of the medical technology company’s stock valued at $719,000 after buying an additional 29 shares in the last quarter. Concord Wealth Partners increased its position in Stryker by 2.2% during the 4th quarter. Concord Wealth Partners now owns 1,396 shares of the medical technology company’s stock valued at $503,000 after buying an additional 30 shares in the last quarter. Finally, Avestar Capital LLC increased its position in Stryker by 1.1% during the 3rd quarter. Avestar Capital LLC now owns 2,948 shares of the medical technology company’s stock valued at $1,065,000 after buying an additional 31 shares in the last quarter. 77.09% of the stock is owned by institutional investors and hedge funds.

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.