Stryker’s (SYK) “Outperform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Stryker (NYSE:SYK) in a research note published on Wednesday morning,Benzinga reports. The firm currently has a $425.00 price objective on the medical technology company’s stock, up from their prior price objective of $400.00.

Other research analysts have also recently issued research reports about the company. BTIG Research upped their target price on Stryker from $383.00 to $394.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Wells Fargo & Company increased their price objective on Stryker from $405.00 to $427.00 and gave the stock an “overweight” rating in a research note on Wednesday. JPMorgan Chase & Co. increased their price objective on Stryker from $375.00 to $420.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. UBS Group increased their price objective on Stryker from $366.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, Needham & Company LLC increased their price objective on Stryker from $393.00 to $409.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $404.35.

Stryker Trading Down 0.1 %

SYK opened at $374.75 on Wednesday. The stock has a market cap of $142.86 billion, a price-to-earnings ratio of 40.19, a P/E/G ratio of 2.84 and a beta of 0.94. The stock’s 50 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. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.22 and a current ratio of 1.91.

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

Stryker Increases Dividend

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

Insider Activity

In other news, VP M Kathryn Fink sold 7,347 shares of the stock in a transaction 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 completion of the sale, the vice president now owns 10,042 shares in the company, valued at approximately $3,685,213.16. This represents a 42.25 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Kevin Lobo sold 57,313 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $368.70, for a total value of $21,131,303.10. Following the sale, the chief executive officer now owns 100,027 shares of the company’s stock, valued at approximately $36,879,954.90. This represents a 36.43 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 5.90% of the company’s stock.

Institutional Trading of Stryker

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Retirement Systems of Alabama lifted its position in Stryker by 0.9% during the 3rd quarter. Retirement Systems of Alabama now owns 75,427 shares of the medical technology company’s stock worth $27,249,000 after acquiring an additional 637 shares during the period. Oddo BHF Asset Management Sas acquired a new stake in Stryker during the 3rd quarter worth about $8,907,000. Synovus Financial Corp lifted its position in Stryker by 17.4% during the 3rd quarter. Synovus Financial Corp now owns 14,797 shares of the medical technology company’s stock worth $5,346,000 after acquiring an additional 2,191 shares during the period. Tidal Investments LLC lifted its position in Stryker by 13.9% during the 3rd quarter. Tidal Investments LLC now owns 17,478 shares of the medical technology company’s stock worth $6,314,000 after acquiring an additional 2,139 shares during the period. Finally, Wilmington Savings Fund Society FSB lifted its position in Stryker by 13.6% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 44,795 shares of the medical technology company’s stock worth $16,183,000 after acquiring an additional 5,361 shares during the period. Institutional investors and hedge funds 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.