Wells Fargo & Company Issues Positive Forecast for Stryker (NYSE:SYK) Stock Price

Stryker (NYSE:SYK) had its price objective hoisted by Wells Fargo & Company from $405.00 to $427.00 in a report issued on Wednesday,Benzinga reports. They currently have an overweight rating on the medical technology company’s stock.

SYK has been the topic of several other research reports. Truist Financial upped their price target on Stryker from $370.00 to $380.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. upped their target price on shares of Stryker from $375.00 to $420.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Piper Sandler reiterated an “overweight” rating and set a $420.00 price target (up previously from $380.00) on shares of Stryker in a research report on Wednesday, October 30th. Needham & Company LLC upped their target price on shares of Stryker from $393.00 to $409.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, UBS Group raised their price target on Stryker from $366.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat, Stryker has a consensus rating of “Moderate Buy” and an average target price of $404.35.

Stryker Trading Down 1.8 %

SYK opened at $375.90 on Wednesday. Stryker has a 1-year low of $285.79 and a 1-year high of $398.20. The stock has a market capitalization of $143.30 billion, a PE ratio of 40.29, a PEG ratio of 2.89 and a beta of 0.94. The company has a current ratio of 1.91, a quick ratio of 1.22 and a debt-to-equity ratio of 0.66. The firm has a 50-day moving average price of $372.42 and a two-hundred day moving average price of $354.51.

Stryker (NYSE:SYK) last issued its quarterly 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. Stryker had a net margin of 16.34% and a return on equity of 23.07%. The business had revenue of $5.49 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the business posted $2.46 earnings per share. Stryker’s revenue for the quarter was up 11.9% compared to the same quarter last year. As a group, equities analysts anticipate that Stryker will post 12.06 earnings per share for the current fiscal year.

Stryker Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be issued a dividend of $0.84 per share. The ex-dividend date is Tuesday, December 31st. This is an increase from Stryker’s previous quarterly dividend of $0.80. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.89%. Stryker’s dividend payout ratio (DPR) is presently 34.30%.

Insider Activity

In other Stryker news, CEO Kevin Lobo sold 57,313 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $368.70, for a total transaction of $21,131,303.10. Following the transaction, the chief executive officer now owns 100,027 shares of the company’s stock, valued at $36,879,954.90. The trade was a 36.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP M Kathryn Fink sold 2,121 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $370.00, for a total transaction of $784,770.00. Following the sale, the vice president now directly owns 10,042 shares in the company, valued at $3,715,540. This trade represents a 17.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,781 shares of company stock worth $24,612,275 over the last ninety days. Insiders own 5.90% of the company’s stock.

Institutional Trading of Stryker

Several institutional investors and hedge funds have recently bought and sold shares of the business. OFI Invest Asset Management increased its holdings in shares of Stryker by 3,210.9% during the 2nd quarter. OFI Invest Asset Management now owns 3,344 shares of the medical technology company’s stock worth $1,062,000 after acquiring an additional 3,243 shares during the last quarter. Parnassus Investments LLC acquired a new position in shares of Stryker in the third quarter valued at $762,798,000. Baltimore Washington Financial Advisors Inc. raised its position in shares of Stryker by 2.4% in the third quarter. Baltimore Washington Financial Advisors Inc. now owns 66,681 shares of the medical technology company’s stock valued at $24,089,000 after purchasing an additional 1,554 shares during the period. Sivik Global Healthcare LLC lifted its stake in shares of Stryker by 8.0% during the 3rd quarter. Sivik Global Healthcare LLC now owns 27,000 shares of the medical technology company’s stock worth $9,754,000 after buying an additional 2,000 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Stryker by 2.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 618,041 shares of the medical technology company’s stock worth $210,289,000 after buying an additional 16,504 shares during the period. Institutional investors own 77.09% of the company’s stock.

Stryker Company Profile

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.