Stryker’s (SYK) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Stryker (NYSE:SYK) in a research report released on Tuesday morning,Benzinga reports. They currently have a $442.00 target price on the medical technology company’s stock.

Several other equities research analysts have also issued reports on the company. Barclays raised their target price on Stryker from $402.00 to $418.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. BTIG Research raised their price objective on shares of Stryker from $383.00 to $394.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Robert W. Baird boosted their target price on shares of Stryker from $378.00 to $405.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. UBS Group increased their target price on shares of Stryker from $366.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $420.00 price target (up previously from $380.00) on shares of Stryker in a report on Wednesday, October 30th. Four analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $405.80.

Stryker Stock Up 2.5 %

SYK opened at $364.19 on Tuesday. Stryker has a fifty-two week low of $298.52 and a fifty-two week high of $398.20. The firm has a market capitalization of $138.84 billion, a P/E ratio of 39.03, a PEG ratio of 2.82 and a beta of 0.95. The company’s 50-day moving average is $375.42 and its 200 day moving average is $357.51. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.91 and a quick ratio of 1.22.

Stryker (NYSE:SYK) last posted its earnings results on Tuesday, October 29th. The medical technology company reported $2.87 EPS for the quarter, topping the consensus estimate of $2.77 by $0.10. The firm had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Stryker had a net margin of 16.34% and a return on equity of 23.07%. The company’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same quarter last year, the firm earned $2.46 EPS. Research analysts expect 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 paid a dividend of $0.84 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.36 annualized dividend and a yield of 0.92%. This is a boost from Stryker’s previous quarterly dividend of $0.80. Stryker’s payout ratio is currently 36.01%.

Insider Buying and Selling

In other news, CEO Kevin Lobo sold 57,313 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $368.70, for a total value of $21,131,303.10. Following the transaction, the chief executive officer now owns 100,027 shares of the company’s stock, valued at approximately $36,879,954.90. This represents a 36.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Stryker

Several large investors have recently added to or reduced their stakes in the business. Parnassus Investments LLC purchased a new stake in shares of Stryker in the 3rd quarter valued at about $762,798,000. Baltimore Washington Financial Advisors Inc. increased 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 worth $24,089,000 after purchasing an additional 1,554 shares during the last quarter. Sivik Global Healthcare LLC raised its stake in Stryker by 8.0% in the third quarter. Sivik Global Healthcare LLC now owns 27,000 shares of the medical technology company’s stock valued at $9,754,000 after purchasing an additional 2,000 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Stryker by 2.7% during the second quarter. Envestnet Asset Management Inc. now owns 618,041 shares of the medical technology company’s stock valued at $210,289,000 after purchasing an additional 16,504 shares during the last quarter. Finally, World Investment Advisors LLC grew its stake in Stryker by 126.1% in the 3rd quarter. World Investment Advisors LLC now owns 8,142 shares of the medical technology company’s stock worth $2,941,000 after buying an additional 4,541 shares in the last quarter. 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.