Stryker (NYSE:SYK) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Stryker (NYSE:SYK) from a hold rating to a buy rating in a report released on Wednesday.

SYK has been the subject of a number of other research reports. Evercore ISI lifted their price objective on Stryker from $380.00 to $384.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Wells Fargo & Company lifted their price objective on Stryker from $405.00 to $427.00 and gave the company an “overweight” rating in a research report on Wednesday. Piper Sandler reiterated an “overweight” rating and issued a $420.00 target price (up previously from $380.00) on shares of Stryker in a report on Wednesday, October 30th. BTIG Research lifted their target price on Stryker from $383.00 to $394.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Robert W. Baird lifted their target price on Stryker from $378.00 to $405.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, Stryker has a consensus rating of “Moderate Buy” and an average price target of $404.35.

Stryker Stock Performance

Stryker stock opened at $374.75 on Wednesday. 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 fifty day moving average of $372.88 and a two-hundred day moving average of $354.65. The company has a market capitalization of $142.86 billion, a price-to-earnings ratio of 40.19, a PEG ratio of 2.84 and a beta of 0.94. Stryker has a fifty-two week low of $285.79 and a fifty-two week high of $398.20.

Stryker (NYSE:SYK) last released its quarterly earnings results on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share for the quarter, topping the consensus estimate of $2.77 by $0.10. The company had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.37 billion. Stryker had a return on equity of 23.07% and a net margin of 16.34%. Stryker’s revenue was up 11.9% compared to the same quarter last year. During the same quarter last year, the business posted $2.46 earnings per share. On average, analysts anticipate 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. Investors of record on Tuesday, December 31st will be paid a $0.84 dividend. This is a boost from Stryker’s previous quarterly dividend of $0.80. The ex-dividend date is Tuesday, December 31st. This represents a $3.36 annualized dividend and a dividend yield of 0.90%. Stryker’s payout ratio is 34.30%.

Insider Buying and Selling

In related news, CEO Kevin Lobo sold 57,313 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $368.70, for a total value of $21,131,303.10. Following the transaction, the chief executive officer now owns 100,027 shares in the company, valued at approximately $36,879,954.90. The trade was 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 link. Also, VP M Kathryn Fink sold 7,347 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $366.98, for a total value of $2,696,202.06. Following the completion of the transaction, the vice president now owns 10,042 shares in the company, valued at approximately $3,685,213.16. This trade represents a 42.25 % decrease in their position. The disclosure for this sale can be found here. Insiders own 5.90% of the company’s stock.

Institutional Trading of Stryker

Hedge funds and other institutional investors have recently bought and sold shares of the company. OFI Invest Asset Management increased its holdings in Stryker by 3,210.9% in the second quarter. OFI Invest Asset Management now owns 3,344 shares of the medical technology company’s stock valued at $1,062,000 after buying an additional 3,243 shares during the last quarter. Parnassus Investments LLC bought a new stake in Stryker in the third quarter valued at about $762,798,000. Baltimore Washington Financial Advisors Inc. increased its holdings in Stryker by 2.4% in the third quarter. Baltimore Washington Financial Advisors Inc. now owns 66,681 shares of the medical technology company’s stock valued at $24,089,000 after buying an additional 1,554 shares during the last quarter. Sivik Global Healthcare LLC increased its holdings in Stryker by 8.0% in the third quarter. Sivik Global Healthcare LLC now owns 27,000 shares of the medical technology company’s stock valued at $9,754,000 after buying an additional 2,000 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in Stryker by 2.7% in the second quarter. Envestnet Asset Management Inc. now owns 618,041 shares of the medical technology company’s stock valued at $210,289,000 after buying an additional 16,504 shares during the last quarter. 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.