Stryker (NYSE:SYK) Price Target Raised to $400.00 at Royal Bank of Canada

Stryker (NYSE:SYK) had its target price upped by Royal Bank of Canada from $386.00 to $400.00 in a report released on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the medical technology company’s stock.

Other research analysts also recently issued research reports about the company. UBS Group boosted their target price on Stryker from $366.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday. Morgan Stanley lifted their target price on shares of Stryker from $345.00 to $350.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $380.00 price objective on shares of Stryker in a research note on Tuesday, September 10th. Barclays raised their target price on Stryker from $374.00 to $402.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. increased their price objective on Stryker from $375.00 to $420.00 and gave the company an “overweight” rating in a report on Wednesday. Four research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, Stryker currently has a consensus rating of “Moderate Buy” and an average price target of $392.60.

Stryker Stock Up 1.2 %

NYSE:SYK opened at $363.48 on Wednesday. The company has a current ratio of 1.68, a quick ratio of 0.95 and a debt-to-equity ratio of 0.51. Stryker has a 1-year low of $264.85 and a 1-year high of $374.63. The business’s fifty day moving average price is $359.79 and its 200 day moving average price is $343.98. The firm has a market capitalization of $138.47 billion, a price-to-earnings ratio of 41.49, a PEG ratio of 2.73 and a beta of 0.91.

Stryker (NYSE:SYK) last posted its quarterly earnings results on Tuesday, October 29th. The medical technology company reported $2.87 EPS for the quarter, topping the consensus estimate of $2.78 by $0.09. Stryker had a net margin of 16.12% and a return on equity of 22.89%. The business had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the company posted $2.46 earnings per share. The firm’s quarterly revenue was up 11.9% compared to the same quarter last year. On average, sell-side analysts forecast that Stryker will post 12 earnings per share for the current fiscal year.

Stryker Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be given a $0.80 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.20 annualized dividend and a yield of 0.88%. Stryker’s dividend payout ratio (DPR) is currently 36.53%.

Insider Buying and Selling at Stryker

In other news, CFO Glenn S. Boehnlein sold 20,000 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $333.00, for a total transaction of $6,660,000.00. Following the completion of the transaction, the chief financial officer now directly owns 2,852 shares of the company’s stock, valued at approximately $949,716. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Ronda E. Stryker sold 190,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was 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 approximately $1,072,790,023.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Glenn S. Boehnlein sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $333.00, for a total value of $6,660,000.00. Following the transaction, the chief financial officer now owns 2,852 shares of the company’s stock, valued at $949,716. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 220,068 shares of company stock valued at $71,811,372 in the last 90 days. 5.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Centennial Bank AR grew its holdings in shares of Stryker by 106.7% in the 2nd quarter. Centennial Bank AR now owns 93 shares of the medical technology company’s stock worth $32,000 after purchasing an additional 48 shares during the last quarter. Central Pacific Bank Trust Division acquired a new position in Stryker in the first quarter valued at about $39,000. HBW Advisory Services LLC acquired a new position in Stryker in the third quarter valued at about $42,000. Grove Bank & Trust grew its stake in Stryker by 84.8% during the third quarter. Grove Bank & Trust now owns 122 shares of the medical technology company’s stock worth $44,000 after buying an additional 56 shares during the last quarter. Finally, DT Investment Partners LLC increased its holdings in shares of Stryker by 114.3% during the third quarter. DT Investment Partners LLC now owns 135 shares of the medical technology company’s stock worth $49,000 after buying an additional 72 shares in the last quarter. 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.