Royal Bank of Canada Reaffirms “Outperform” Rating for Stryker (NYSE:SYK)

Stryker (NYSE:SYK)‘s stock had its “outperform” rating reissued by investment analysts at Royal Bank of Canada in a research note issued on Tuesday,Benzinga reports. They presently have a $425.00 price objective on the medical technology company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 16.70% from the company’s current price.

A number of other research firms have also recently weighed in on SYK. Truist Financial lifted their price target on Stryker from $380.00 to $409.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. StockNews.com cut Stryker from a “buy” rating to a “hold” rating in a report on Wednesday, January 1st. Piper Sandler reaffirmed an “overweight” rating and set a $420.00 price target (up previously from $380.00) on shares of Stryker in a report on Wednesday, October 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $442.00 price target on shares of Stryker in a report on Tuesday. Finally, Citigroup lifted their price target on Stryker from $411.00 to $450.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Five research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $405.80.

Stryker Stock Performance

Shares of NYSE SYK opened at $364.19 on Tuesday. The company has a quick ratio of 1.22, a current ratio of 1.91 and a debt-to-equity ratio of 0.66. The firm’s 50-day moving average price is $375.26 and its two-hundred day moving average price is $357.47. Stryker has a 52-week low of $298.52 and a 52-week high of $398.20. The stock has a market capitalization of $138.84 billion, a P/E ratio of 39.03, a P/E/G ratio of 2.82 and a beta of 0.95.

Stryker (NYSE:SYK) last issued its earnings results on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $5.37 billion. During the same quarter last year, the company posted $2.46 earnings per share. Stryker’s revenue was up 11.9% on a year-over-year basis. As a group, sell-side analysts forecast that Stryker will post 12.06 earnings per share for the current year.

Insiders Place Their Bets

In other Stryker news, CEO Kevin Lobo sold 57,313 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $368.70, for a total transaction of $21,131,303.10. Following the sale, the chief executive officer now directly owns 100,027 shares of the company’s stock, valued at $36,879,954.90. The trade was a 36.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.50% of the company’s stock.

Institutional Trading of Stryker

Several large investors have recently added to or reduced their stakes in SYK. Private Advisor Group LLC raised its stake in Stryker by 0.9% during the 2nd quarter. Private Advisor Group LLC now owns 15,441 shares of the medical technology company’s stock valued at $5,254,000 after purchasing an additional 131 shares during the period. Norden Group LLC increased its stake in shares of Stryker by 6.1% in the second quarter. Norden Group LLC now owns 831 shares of the medical technology company’s stock worth $283,000 after acquiring an additional 48 shares during the last quarter. Acadian Asset Management LLC increased its stake in shares of Stryker by 15.2% in the second quarter. Acadian Asset Management LLC now owns 64,501 shares of the medical technology company’s stock worth $21,939,000 after acquiring an additional 8,495 shares during the last quarter. Prudential PLC increased its stake in shares of Stryker by 17.0% in the second quarter. Prudential PLC now owns 5,660 shares of the medical technology company’s stock worth $1,926,000 after acquiring an additional 822 shares during the last quarter. Finally, Wedbush Securities Inc. increased its stake in shares of Stryker by 2.2% in the second quarter. Wedbush Securities Inc. now owns 8,299 shares of the medical technology company’s stock worth $2,824,000 after acquiring an additional 177 shares during the last quarter. 77.09% of the stock is owned by institutional investors and hedge funds.

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.