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

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

Several other research firms have also weighed in on SYK. Morgan Stanley upgraded shares of Stryker from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $370.00 to $445.00 in a research report on Monday, December 2nd. StockNews.com downgraded shares of Stryker from a “buy” rating to a “hold” rating in a report on Friday, November 22nd. UBS Group increased their price target on shares of Stryker from $366.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Barclays increased their price target on shares of Stryker from $402.00 to $418.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. increased their price target on shares of Stryker from $375.00 to $420.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, Stryker presently has an average rating of “Moderate Buy” and a consensus target price of $404.35.

Stryker Stock Performance

SYK opened at $374.75 on Wednesday. Stryker has a 1-year low of $285.79 and a 1-year high of $398.20. The company has a current ratio of 1.91, a quick ratio of 1.22 and a debt-to-equity ratio of 0.66. The company has a market cap of $142.86 billion, a price-to-earnings ratio of 40.19, a PEG ratio of 2.84 and a beta of 0.94. The company’s fifty day moving average price is $372.88 and its two-hundred day moving average price is $354.65.

Stryker (NYSE:SYK) last posted its 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. Stryker had a net margin of 16.34% and a return on equity of 23.07%. The firm had revenue of $5.49 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the business posted $2.46 EPS. The business’s revenue was up 11.9% compared to the same quarter last year. On average, analysts expect that Stryker will post 12.06 EPS for the current fiscal year.

Stryker Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.84 per share. The ex-dividend date is Tuesday, December 31st. This is an increase from Stryker’s previous quarterly dividend of $0.80. This represents a $3.36 annualized dividend and a dividend yield of 0.90%. Stryker’s dividend payout ratio (DPR) is 34.30%.

Insiders Place Their Bets

In other Stryker news, CEO Kevin Lobo sold 57,313 shares of Stryker stock in a transaction that occurred on 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 SEC, which can be accessed through this hyperlink. Also, VP M Kathryn Fink sold 7,347 shares of Stryker stock in a transaction that occurred on 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 $3,685,213.16. This trade 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.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SYK. Parnassus Investments LLC bought a new position in shares of Stryker in the third quarter worth approximately $762,798,000. International Assets Investment Management LLC grew its holdings in shares of Stryker by 66,967.5% in the third quarter. International Assets Investment Management LLC now owns 853,769 shares of the medical technology company’s stock worth $308,433,000 after purchasing an additional 852,496 shares during the last quarter. RTW Investments LP bought a new position in shares of Stryker in the third quarter worth approximately $143,392,000. American Century Companies Inc. grew its holdings in shares of Stryker by 287.6% in the second quarter. American Century Companies Inc. now owns 505,608 shares of the medical technology company’s stock worth $172,033,000 after purchasing an additional 375,166 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Stryker by 2.2% in the third quarter. State Street Corp now owns 14,582,959 shares of the medical technology company’s stock worth $5,279,788,000 after purchasing an additional 316,404 shares during the last quarter. Institutional investors own 77.09% of the company’s stock.

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.