Stryker (NYSE:SYK) Price Target Raised to $400.00

02 Nov 2024, 12:02 by Sarita Garza · The Markets Daily

Stryker (NYSE:SYK – Free Report) had its price target increased by Canaccord Genuity Group from $360.00 to $400.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the medical technology company’s stock.

Several other analysts have also issued reports on SYK. Truist Financial increased their price objective on Stryker from $370.00 to $380.00 and gave the stock a “hold” rating in a report on Wednesday. Robert W. Baird boosted their price target on Stryker from $378.00 to $405.00 and gave the company an “outperform” rating in a research note on Wednesday. Wells Fargo & Company raised their price objective on shares of Stryker from $381.00 to $405.00 and gave the company an “overweight” rating in a research report on Wednesday. Barclays boosted their target price on shares of Stryker from $374.00 to $402.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Finally, Wolfe Research began coverage on shares of Stryker in a report on Tuesday, September 10th. They set an “outperform” rating and a $405.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $393.65.

View Our Latest Stock Report on Stryker

Stryker Stock Performance

Shares of SYK stock opened at $367.15 on Wednesday. The stock’s fifty day simple moving average is $360.18 and its 200-day simple moving average is $344.26. The company has a market capitalization of $139.96 billion, a price-to-earnings ratio of 39.35, a P/E/G ratio of 2.69 and a beta of 0.91. 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 has a 1-year low of $266.93 and a 1-year high of $374.63.

Stryker (NYSE:SYK – Get Free Report) last issued its earnings results on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share for the quarter, beating analysts’ consensus estimates of $2.77 by $0.10. The company had revenue of $5.49 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.46 EPS. On average, sell-side analysts predict that Stryker will post 12.06 earnings per share for the current fiscal year.

Stryker Announces Dividend

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

Insider Activity

In related news, Director Ronda E. Stryker sold 190,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $323.46, for a total value of $61,457,400.00. Following the completion of the transaction, the director now owns 3,316,608 shares of the company’s stock, valued at $1,072,790,023.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Viju Menon sold 600 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $355.00, for a total transaction of $213,000.00. Following the completion of the sale, the insider now owns 9,069 shares of the company’s stock, valued at approximately $3,219,495. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ronda E. Stryker sold 190,000 shares of the business’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 completion of the transaction, the director now directly owns 3,316,608 shares in the company, valued at $1,072,790,023.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 200,068 shares of company stock worth $65,151,372. Corporate insiders own 5.90% of the company’s stock.

Institutional Trading of Stryker

Several large investors have recently made changes to their positions in SYK. Mesirow Financial Investment Management Inc. grew its holdings in Stryker by 1.4% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 18,136 shares of the medical technology company’s stock worth $6,554,000 after acquiring an additional 253 shares during the last quarter. XML Financial LLC grew its stake in shares of Stryker by 7.1% during the third quarter. XML Financial LLC now owns 3,100 shares of the medical technology company’s stock valued at $1,120,000 after purchasing an additional 205 shares during the last quarter. Carr Financial Group Corp bought a new position in Stryker in the 3rd quarter worth approximately $219,000. Atria Investments Inc boosted its position in Stryker by 11.2% in the 3rd quarter. Atria Investments Inc now owns 23,722 shares of the medical technology company’s stock valued at $8,570,000 after buying an additional 2,383 shares during the last quarter. Finally, Tompkins Financial Corp boosted its position in Stryker by 1.3% in the 3rd quarter. Tompkins Financial Corp now owns 16,903 shares of the medical technology company’s stock valued at $6,106,000 after buying an additional 216 shares during the last quarter. Institutional investors own 77.09% of the company’s stock.

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