Stryker (NYSE:SYK) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Stryker (NYSE:SYK) in a report released on Tuesday,Benzinga reports. The firm currently has a $442.00 price objective on the medical technology company’s stock.

Several other brokerages have also recently weighed in on SYK. Robert W. Baird increased their price objective on shares of Stryker from $378.00 to $405.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Royal Bank of Canada restated an “outperform” rating and set a $425.00 price objective (up previously from $400.00) on shares of Stryker in a research report on Wednesday, December 11th. Canaccord Genuity Group increased their price objective on shares of Stryker from $360.00 to $400.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. BTIG Research lifted their target price on Stryker from $383.00 to $394.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Truist Financial upped their price target on shares of Stryker from $380.00 to $409.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Five research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $405.80.

Stryker Trading Down 1.7 %

Shares of NYSE SYK opened at $355.17 on Tuesday. The stock has a market cap of $135.40 billion, a P/E ratio of 38.07, a price-to-earnings-growth ratio of 2.82 and a beta of 0.95. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.91 and a quick ratio of 1.22. Stryker has a 1 year low of $294.34 and a 1 year high of $398.20. The firm has a 50-day moving average of $375.25 and a 200 day moving average of $357.42.

Stryker (NYSE:SYK) last announced its quarterly earnings data on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.77 by $0.10. The business had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Stryker had a return on equity of 23.07% and a net margin of 16.34%. The firm’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.46 earnings per share. As a group, sell-side analysts expect that Stryker will post 12.06 EPS for the current fiscal year.

Stryker Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 0.95%. The ex-dividend date is Tuesday, December 31st. This is a positive change from Stryker’s previous quarterly dividend of $0.80. Stryker’s payout ratio is currently 36.01%.

Insider Activity

In related news, CEO Kevin Lobo sold 57,313 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $368.70, for a total value of $21,131,303.10. Following the transaction, the chief executive officer now directly owns 100,027 shares in the company, valued at approximately $36,879,954.90. This represents a 36.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On Stryker

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

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.