Stryker’s (SYK) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Stryker (NYSE:SYK) in a report released on Tuesday morning, Benzinga reports. Piper Sandler currently has a $380.00 price objective on the medical technology company’s stock.

Other analysts have also recently issued reports about the stock. BTIG Research raised their target price on shares of Stryker from $360.00 to $374.00 and gave the stock a buy rating in a report on Wednesday, August 28th. Barclays raised their target price on shares of Stryker from $374.00 to $402.00 and gave the stock an overweight rating in a report on Thursday, August 1st. Morgan Stanley raised their price objective on shares of Stryker from $345.00 to $350.00 and gave the stock an equal weight rating in a research note on Monday, July 15th. Needham & Company LLC boosted their target price on shares of Stryker from $392.00 to $393.00 and gave the company a buy rating in a research note on Thursday, August 1st. Finally, StockNews.com raised Stryker from a hold rating to a buy rating in a research report on Thursday, July 11th. Four analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Stryker currently has an average rating of Moderate Buy and an average target price of $378.58.

Stryker Trading Up 0.4 %

Stryker stock opened at $367.79 on Tuesday. The firm has a 50 day simple moving average of $341.61 and a 200-day simple moving average of $342.38. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.68 and a quick ratio of 0.95. The stock has a market capitalization of $140.11 billion, a PE ratio of 41.99, a price-to-earnings-growth ratio of 2.77 and a beta of 0.91. Stryker has a 12-month low of $249.98 and a 12-month high of $368.89.

Stryker (NYSE:SYK) last issued its earnings results on Tuesday, July 30th. The medical technology company reported $2.81 earnings per share for the quarter, topping analysts’ consensus estimates of $2.79 by $0.02. The firm had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $5.40 billion. Stryker had a net margin of 16.12% and a return on equity of 22.89%. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period last year, the firm posted $2.54 earnings per share. As a group, equities research analysts expect that Stryker will post 12 EPS for the current fiscal year.

Stryker Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be given a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 0.87%. The ex-dividend date of this dividend is Monday, September 30th. Stryker’s dividend payout ratio is 36.53%.

Insider Activity

In other Stryker news, insider Viju Menon sold 600 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $355.00, for a total transaction of $213,000.00. Following the transaction, the insider now directly owns 9,069 shares of the company’s stock, valued at $3,219,495. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Ronda E. Stryker sold 190,000 shares of Stryker stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $323.46, for a total value of $61,457,400.00. Following the transaction, the director now owns 3,316,608 shares of the company’s stock, valued at $1,072,790,023.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Viju Menon sold 600 shares of Stryker stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $355.00, for a total transaction of $213,000.00. Following the completion of the transaction, the insider now directly owns 9,069 shares in the company, valued at approximately $3,219,495. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 210,600 shares of company stock worth $68,330,400. 5.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Stryker

A number of institutional investors have recently modified their holdings of SYK. Burkett Financial Services LLC bought a new position in shares of Stryker in the fourth quarter valued at approximately $25,000. Centennial Bank AR grew its stake in shares of Stryker by 106.7% in the second quarter. Centennial Bank AR now owns 93 shares of the medical technology company’s stock worth $32,000 after acquiring an additional 48 shares during the last quarter. DSM Capital Partners LLC acquired a new stake in shares of Stryker in the fourth quarter worth $34,000. Central Pacific Bank Trust Division acquired a new stake in shares of Stryker in the first quarter worth $39,000. Finally, Private Wealth Management Group LLC acquired a new stake in shares of Stryker in the fourth quarter worth $40,000. 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.