Stryker (NYSE:SYK) Raised to Buy at Needham & Company LLC

Needham & Company LLC upgraded shares of Stryker (NYSE:SYK) from a hold rating to a buy rating in a report released on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has $392.00 target price on the medical technology company’s stock.

Several other equities analysts have also recently issued reports on SYK. Royal Bank of Canada boosted their target price on Stryker from $360.00 to $386.00 and gave the company an outperform rating in a research note on Monday, April 15th. BTIG Research upped their price objective on shares of Stryker from $366.00 to $369.00 and gave the stock a buy rating in a report on Wednesday, May 1st. Wells Fargo & Company lifted their target price on shares of Stryker from $364.00 to $381.00 and gave the company an overweight rating in a research note on Wednesday, May 1st. Piper Sandler increased their price target on shares of Stryker from $375.00 to $380.00 and gave the stock an overweight rating in a research note on Wednesday, May 1st. Finally, Roth Mkm lifted their price objective on Stryker from $348.00 to $405.00 and gave the company a buy rating in a research report on Wednesday, May 1st. Three investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $370.50.

Stryker Trading Up 1.6 %

NYSE:SYK opened at $335.54 on Wednesday. The firm has a market capitalization of $127.82 billion, a P/E ratio of 38.30, a P/E/G ratio of 2.60 and a beta of 0.91. The company has a quick ratio of 0.99, a current ratio of 1.71 and a debt-to-equity ratio of 0.56. The company has a fifty day moving average of $339.85 and a 200 day moving average of $324.18. Stryker has a 52 week low of $249.98 and a 52 week high of $361.41.

Stryker (NYSE:SYK) last issued its quarterly earnings data on Tuesday, April 30th. The medical technology company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.36 by $0.14. The firm had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.10 billion. Stryker had a net margin of 16.03% and a return on equity of 23.05%. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.14 earnings per share. On average, research analysts predict that Stryker will post 11.95 earnings per share for the current year.

Stryker Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, June 28th will be issued a dividend of $0.80 per share. The ex-dividend date is Friday, June 28th. This represents a $3.20 annualized dividend and a dividend yield of 0.95%. Stryker’s payout ratio is presently 36.53%.

Insider Transactions at Stryker

In other Stryker news, CAO William E. Berry, Jr. sold 7,690 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $358.48, for a total transaction of $2,756,711.20. Following the completion of the sale, the chief accounting officer now directly owns 3,675 shares in the company, valued at approximately $1,317,414. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in Stryker by 6.0% during the 3rd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 757 shares of the medical technology company’s stock valued at $207,000 after acquiring an additional 43 shares during the period. Main Street Financial Solutions LLC purchased a new stake in Stryker in the third quarter worth approximately $201,000. Private Advisor Group LLC boosted its holdings in Stryker by 1.7% in the third quarter. Private Advisor Group LLC now owns 13,434 shares of the medical technology company’s stock worth $3,670,000 after purchasing an additional 229 shares during the last quarter. SageView Advisory Group LLC grew its position in Stryker by 4.1% in the 3rd quarter. SageView Advisory Group LLC now owns 1,390 shares of the medical technology company’s stock worth $380,000 after purchasing an additional 55 shares during the period. Finally, MGO One Seven LLC raised its stake in Stryker by 29.8% during the 3rd quarter. MGO One Seven LLC now owns 2,915 shares of the medical technology company’s stock valued at $796,000 after buying an additional 669 shares during 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.