Stryker Corp. (NYSE:SYK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $119.00 target price on the medical technology company’s stock. Zacks Investment Research’s price target suggests a potential upside of 8.79% from the stock’s previous close.

According to Zacks, “Stryker ended the third quarter of 2016 on a solid note, squarely beating the Zacks Consensus Estimate. We believe the company’s innovative product pipeline will be a key catalyst in the near term. Additionally, growing adoption of MAKO will drive sales in the orthopedic and reconstructive surgery market. The acquisition of Sage Products and Physio Control should help the company to drive stronger organic sales growth in the coming quarters. However, on the flip side, China might prove to be a challenging market for the company. But the strong performance by the company’s Total Knee platform in the last reported quarter holds considerable promise for Stryker”

A number of other brokerages also recently weighed in on SYK. Piper Jaffray Cos. lifted their price target on Stryker Corp. from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, July 22nd. Credit Suisse Group AG reiterated an “outperform” rating and set a $124.00 price target (up previously from $110.00) on shares of Stryker Corp. in a report on Tuesday, July 19th. Brean Capital reiterated a “buy” rating and set a $125.00 price target (up previously from $121.00) on shares of Stryker Corp. in a report on Monday, July 25th. Jefferies Group reiterated a “hold” rating and set a $120.00 price target (up previously from $113.00) on shares of Stryker Corp. in a report on Monday, July 25th. Finally, Canaccord Genuity reissued a “buy” rating and set a $130.00 price objective on shares of Stryker Corp. in a research report on Sunday, July 24th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $122.38.

Analyst Recommendations for Stryker Corp. (NYSE:SYK)

Shares of Stryker Corp. (NYSE:SYK) opened at 109.39 on Tuesday. The firm has a market cap of $40.96 billion, a price-to-earnings ratio of 24.90 and a beta of 0.86. Stryker Corp. has a 1-year low of $86.68 and a 1-year high of $123.55. The stock has a 50 day moving average price of $114.52 and a 200-day moving average price of $114.94.

Stryker Corp. (NYSE:SYK) last issued its quarterly earnings results on Thursday, October 27th. The medical technology company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.02. Stryker Corp. had a return on equity of 23.61% and a net margin of 15.24%. The business had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.81 billion. During the same quarter in the previous year, the company posted $1.25 earnings per share. Stryker Corp.’s revenue for the quarter was up 17.1% compared to the same quarter last year. On average, equities research analysts expect that Stryker Corp. will post $5.78 earnings per share for the current fiscal year.

In other news, VP Yin C. Becker sold 1,111 shares of the business’s stock in a transaction that occurred on Thursday, October 6th. The stock was sold at an average price of $117.00, for a total value of $129,987.00. Following the transaction, the vice president now directly owns 16,939 shares of the company’s stock, valued at approximately $1,981,863. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Kevin Lobo sold 26,306 shares of the business’s stock in a transaction that occurred on Thursday, November 3rd. The stock was sold at an average price of $115.74, for a total value of $3,044,656.44. The disclosure for this sale can be found here. 7.80% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in SYK. LPL Financial LLC increased its position in shares of Stryker Corp. by 1.5% in the third quarter. LPL Financial LLC now owns 35,228 shares of the medical technology company’s stock valued at $4,096,000 after buying an additional 509 shares during the last quarter. Mosaic Family Wealth LLC increased its position in shares of Stryker Corp. by 10.4% in the third quarter. Mosaic Family Wealth LLC now owns 1,256 shares of the medical technology company’s stock valued at $146,000 after buying an additional 118 shares during the last quarter. Covington Capital Management increased its position in shares of Stryker Corp. by 2.9% in the third quarter. Covington Capital Management now owns 121,369 shares of the medical technology company’s stock valued at $14,129,000 after buying an additional 3,437 shares during the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC increased its position in shares of Stryker Corp. by 7.4% in the third quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 12,616 shares of the medical technology company’s stock valued at $1,468,000 after buying an additional 869 shares during the last quarter. Finally, Ameritas Investment Partners Inc. increased its position in shares of Stryker Corp. by 19.6% in the third quarter. Ameritas Investment Partners Inc. now owns 7,427 shares of the medical technology company’s stock valued at $865,000 after buying an additional 1,217 shares during the last quarter. 74.46% of the stock is currently owned by institutional investors and hedge funds.

Stryker Corp. Company Profile

Stryker Corporation (Stryker) is a medical technology company. The Company operates through three segments: Orthopaedics, MedSurg, and Neurotechnology and Spine. The Company’s Orthopaedics segment products consist of implants used in hip and knee joint replacements and trauma and surgeries. The Company’s MedSurg segment products consist of surgical equipment and surgical navigation systems (Instruments); endoscopic and communications systems (Endoscopy); patient handling and emergency medical equipment (Medical), and reprocessed and remanufactured medical devices (Sustainability), as well as other medical device products used in a range of medical specialties.

5 Day Chart for NYSE:SYK

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