Stryker (NYSE:SYK) Price Target Raised to $350.00

Stryker (NYSE:SYK) had its price objective raised by Piper Sandler from $325.00 to $350.00 in a research note published on Monday morning,Benzinga reports. The firm currently has an overweight rating on the medical technology company’s stock.

Several other equities research analysts have also commented on SYK. BTIG Research dropped their price target on Stryker from $316.00 to $304.00 and set a “buy” rating for the company in a research note on Friday, October 30th. Johnson Rice downgraded Stryker to a “hold” rating in a report on Friday, October 30th. Truist Financial reaffirmed a “hold” rating and issued a $305.00 price objective (down from $310.00) on shares of Stryker in a research note on Monday, November 2nd. Barclays decreased their target price on Stryker from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Friday, October 30th. Finally, TD Cowen dropped their target price on shares of Stryker from $298.00 to $290.00 and set a “hold” rating for the company in a research report on Friday, October 30th. Twenty-one investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, Stryker has an average rating of “Moderate Buy” and a consensus price target of $342.19.

Stryker Stock Performance

Shares of SYK stock opened at $318.67 on Monday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.30 and a current ratio of 2.18. The firm has a market capitalization of $121.31 billion, a price-to-earnings ratio of 33.94, a price-to-earnings-growth ratio of 2.23 and a beta of 0.78. Stryker has a one year low of $267.00 and a one year high of $389.33. The company has a 50 day moving average price of $292.27 and a 200 day moving average price of $323.05.

Stryker (NYSE:SYK) last announced its quarterly earnings results on Thursday, October 29th. The medical technology company reported $3.52 earnings per share for the quarter, missing analysts’ consensus estimates of $3.55 by ($0.03). Stryker had a net margin of 13.78% and a return on equity of 23.74%. The company had revenue of $6.52 billion during the quarter, compared to analyst estimates of $6.62 billion. During the same quarter last year, the business earned $3.19 EPS. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. Sell-side analysts anticipate that Stryker will post 14.85 EPS for the current year.

Insider Transactions at Stryker

In related news, insider Dylan Crotty sold 441 shares of Stryker stock in a transaction on Friday, August 21st. The shares were sold at an average price of $328.61, for a total value of $144,917.01. Following the completion of the sale, the insider owned 6,102 shares in the company, valued at approximately $2,005,178.22. The trade was a 6.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ronda E. Stryker sold 550,000 shares of the company’s stock in a transaction on Friday, November 6th. The shares were sold at an average price of $325.32, for a total transaction of $178,926,000.00. Following the completion of the sale, the director directly owned 1,701,375 shares in the company, valued at $553,491,315. This represents a 24.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 901,267 shares of company stock valued at $297,123,701. 4.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC raised its position in shares of Stryker by 1,432.8% during the 3rd quarter. International Assets Investment Management LLC now owns 25,000 shares of the medical technology company’s stock valued at $6,885,000 after acquiring an additional 23,369 shares in the last quarter. Amundi lifted its stake in Stryker by 18.3% during the second quarter. Amundi now owns 1,246,353 shares of the medical technology company’s stock worth $392,402,000 after purchasing an additional 192,447 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Stryker by 8.2% in the second quarter. The Manufacturers Life Insurance Company now owns 859,544 shares of the medical technology company’s stock worth $270,642,000 after purchasing an additional 65,333 shares during the period. Veritas Asset Management LLP acquired a new position in Stryker in the second quarter worth $168,057,000. Finally, Bank of America Corp DE bought a new stake in Stryker during the second quarter valued at $1,404,284,000. 77.09% of the stock is owned by institutional investors and hedge funds.

Stryker Company Profile

Stryker is a medical technology company that develops and sells products and services for healthcare providers. Its offerings include orthopedic implants and surgical equipment, neurotechnology and spine products, and medical and surgical equipment used in hospitals and other care settings. The company’s products also include patient-handling and emergency medical equipment, as well as instruments and technologies that support surgical procedures. Stryker serves healthcare customers in the United States and internationally.