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

Piper Sandler reiterated their overweight rating on shares of Stryker (NYSE:SYK) in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a $420.00 price target on the medical technology company’s stock, up from their previous price target of $380.00.

A number of other equities research analysts have also recently weighed in on SYK. BTIG Research lifted their price objective on Stryker from $374.00 to $383.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Wells Fargo & Company lifted their target price on Stryker from $381.00 to $405.00 and gave the company an “overweight” rating in a research report on Wednesday. Royal Bank of Canada boosted their price target on shares of Stryker from $386.00 to $400.00 and gave the stock an “outperform” rating in a research note on Wednesday. StockNews.com raised shares of Stryker from a “hold” rating to a “buy” rating in a research note on Tuesday, October 1st. Finally, Evercore ISI upped their target price on shares of Stryker from $380.00 to $384.00 and gave the stock an “outperform” rating in a research note 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 data from MarketBeat, Stryker presently has an average rating of “Moderate Buy” and an average target price of $393.65.

Stryker Stock Up 3.1 %

Shares of NYSE:SYK opened at $367.15 on Wednesday. The company has a market capitalization of $139.96 billion, a price-to-earnings ratio of 39.35, a PEG ratio of 2.69 and a beta of 0.91. Stryker has a 12-month low of $266.93 and a 12-month high of $374.63. The business has a 50-day moving average price of $360.18 and a 200 day moving average price of $344.26. The company has a current ratio of 1.91, a quick ratio of 0.95 and a debt-to-equity ratio of 0.66.

Stryker (NYSE:SYK) last issued its quarterly earnings data on Tuesday, October 29th. The medical technology company reported $2.87 EPS for the quarter, topping the consensus estimate of $2.77 by $0.10. Stryker had a net margin of 16.34% and a return on equity of 23.07%. The firm had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the prior year, the business posted $2.46 EPS. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. Sell-side analysts expect that Stryker will post 12.06 EPS for the current year.

Stryker Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 30th were issued a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend was Monday, September 30th. Stryker’s payout ratio is 34.30%.

Insider Buying and Selling

In other Stryker news, VP M Kathryn Fink sold 7,347 shares of the business’s stock in a transaction that occurred 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 transaction, the vice president now owns 10,042 shares in the company, valued at approximately $3,685,213.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Ronda E. Stryker sold 190,000 shares of the business’s stock in a transaction dated 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 sale, the director now owns 3,316,608 shares of the company’s stock, valued at approximately $1,072,790,023.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP M Kathryn Fink sold 7,347 shares of the company’s stock in a transaction dated 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 transaction, the vice president now owns 10,042 shares in the company, valued at $3,685,213.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 200,068 shares of company stock valued at $65,151,372 over the last ninety days. Corporate insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Stryker

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Stryker by 1.0% during the first quarter. Vanguard Group Inc. now owns 31,459,393 shares of the medical technology company’s stock worth $11,258,373,000 after purchasing an additional 309,592 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Stryker by 10.4% in the 1st quarter. JPMorgan Chase & Co. now owns 8,651,403 shares of the medical technology company’s stock worth $3,096,078,000 after buying an additional 813,311 shares in the last quarter. Clearbridge Investments LLC grew its stake in Stryker by 2.9% in the 2nd quarter. Clearbridge Investments LLC now owns 2,323,452 shares of the medical technology company’s stock valued at $790,554,000 after acquiring an additional 66,482 shares during the last quarter. TD Asset Management Inc raised its position in Stryker by 2.9% during the first quarter. TD Asset Management Inc now owns 1,601,380 shares of the medical technology company’s stock worth $573,086,000 after acquiring an additional 44,765 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Stryker by 4.0% in the second quarter. The Manufacturers Life Insurance Company now owns 1,209,769 shares of the medical technology company’s stock valued at $411,624,000 after purchasing an additional 46,375 shares in the last quarter. Hedge funds and other 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.