Truist Financial Raises Stryker (NYSE:SYK) Price Target to $370.00

Stryker (NYSE:SYK) had its target price increased by Truist Financial from $345.00 to $370.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have a hold rating on the medical technology company’s stock.

A number of other brokerages have also recently weighed in on SYK. Needham & Company LLC boosted their price target on shares of Stryker from $392.00 to $393.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Morgan Stanley upped their target price on shares of Stryker from $345.00 to $350.00 and gave the company an “equal weight” rating in a report on Monday, July 15th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $386.00 target price on shares of Stryker in a report on Wednesday, July 31st. Stifel Nicolaus reduced their target price on shares of Stryker from $375.00 to $365.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Finally, UBS Group upped their target price on shares of Stryker from $351.00 to $366.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Four analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $381.16.

Stryker Price Performance

Shares of SYK opened at $359.76 on Monday. Stryker has a 1-year low of $255.22 and a 1-year high of $374.63. The stock has a market cap of $137.05 billion, a PE ratio of 41.07, a price-to-earnings-growth ratio of 2.78 and a beta of 0.91. 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 firm has a fifty day moving average price of $354.96 and a 200 day moving average price of $343.20.

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

Stryker Announces Dividend

The business 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 dividend of $0.80 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.20 annualized dividend and a yield of 0.89%. Stryker’s payout ratio is currently 36.53%.

Insiders Place Their Bets

In other news, Director Ronda E. Stryker sold 190,000 shares of the 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 sale, the director now directly owns 3,316,608 shares in the company, valued at $1,072,790,023.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Glenn S. Boehnlein sold 20,000 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $333.00, for a total value of $6,660,000.00. Following the sale, the chief financial officer now directly owns 2,852 shares in the company, valued at $949,716. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ronda E. Stryker sold 190,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $323.46, for a total transaction of $61,457,400.00. Following the completion of the sale, the director now owns 3,316,608 shares in the company, valued at $1,072,790,023.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 220,068 shares of company stock worth $71,811,372. 5.90% of the stock is owned by company insiders.

Institutional Trading of Stryker

Several large investors have recently modified their holdings of the business. Koshinski Asset Management Inc. purchased a new position in shares of Stryker during the first quarter valued at approximately $795,000. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Stryker by 43.1% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 18,491 shares of the medical technology company’s stock valued at $6,617,000 after buying an additional 5,565 shares during the period. Norden Group LLC purchased a new position in shares of Stryker during the first quarter valued at approximately $4,027,000. International Assets Investment Management LLC purchased a new position in shares of Stryker during the first quarter valued at approximately $21,970,000. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its stake in shares of Stryker by 38.5% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 19,796 shares of the medical technology company’s stock valued at $7,084,000 after buying an additional 5,502 shares during the period. 77.09% of the stock is currently owned by institutional investors and hedge funds.

Stryker Company Profile

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.