Stryker (NYSE:SYK) Price Target Raised to $405.00 at Robert W. Baird

31 Oct 2024, 06:06 by Scott Moore · The Cerbat Gem

Stryker (NYSE:SYK – Free Report) had its price target lifted by Robert W. Baird from $378.00 to $405.00 in a research report report published on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the medical technology company’s stock.

Several other research analysts have also recently commented on the company. Piper Sandler reiterated an “overweight” rating and issued a $380.00 price target on shares of Stryker in a research note on Tuesday, September 10th. Royal Bank of Canada reiterated an “outperform” rating and issued a $386.00 price target on shares of Stryker in a research note on Wednesday, July 31st. Barclays boosted their price target on Stryker from $374.00 to $402.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. BTIG Research boosted their price target on Stryker from $374.00 to $383.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Finally, StockNews.com upgraded Stryker from a “hold” rating to a “buy” rating in a research note on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $392.60.

Read Our Latest Report on SYK

Stryker Price Performance

Shares of NYSE SYK opened at $363.48 on Wednesday. Stryker has a 1-year low of $264.85 and a 1-year high of $374.63. The business has a 50-day moving average of $359.79 and a 200-day moving average of $343.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.68 and a quick ratio of 0.95. The company has a market capitalization of $138.47 billion, a price-to-earnings ratio of 41.49, a PEG ratio of 2.73 and a beta of 0.91.

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, topping the consensus estimate of $2.78 by $0.09. Stryker had a return on equity of 22.89% and a net margin of 16.12%. The company had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the business earned $2.46 earnings per share. The company’s revenue was up 11.9% compared to the same quarter last year. On average, equities analysts anticipate that Stryker will post 12 EPS for the current fiscal year.

Stryker Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date of this dividend is Monday, September 30th. Stryker’s payout ratio is 36.53%.

Insider Buying and Selling

In related news, CFO Glenn S. Boehnlein sold 20,000 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $333.00, for a total value of $6,660,000.00. Following the completion of the transaction, the chief financial officer now directly owns 2,852 shares of the company’s stock, valued at $949,716. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Stryker news, VP M Kathryn Fink sold 7,347 shares of the stock in a transaction 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 completion of the transaction, the vice president now directly owns 10,042 shares of the company’s stock, valued at approximately $3,685,213.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Glenn S. Boehnlein sold 20,000 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $333.00, for a total value of $6,660,000.00. Following the transaction, the chief financial officer now directly owns 2,852 shares of the company’s stock, valued at approximately $949,716. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 220,068 shares of company stock valued at $71,811,372 in the last three months. 5.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Stryker

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SYK. Norden Group LLC acquired a new stake in shares of Stryker during the 1st quarter valued at $4,027,000. Kovack Advisors Inc. acquired a new stake in shares of Stryker during the 1st quarter valued at $224,000. New Century Financial Group LLC acquired a new stake in shares of Stryker during the 1st quarter valued at $220,000. Maryland State Retirement & Pension System lifted its position in shares of Stryker by 0.9% during the 1st quarter. Maryland State Retirement & Pension System now owns 27,892 shares of the medical technology company’s stock valued at $9,347,000 after acquiring an additional 236 shares during the last quarter. Finally, J.W. Cole Advisors Inc. lifted its position in shares of Stryker by 6.8% during the 1st quarter. J.W. Cole Advisors Inc. now owns 2,606 shares of the medical technology company’s stock valued at $933,000 after acquiring an additional 166 shares during the last quarter. 77.09% of the stock is owned by institutional investors.

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