Stryker (NYSE:SYK) Price Target Raised to $405.00 at Wells Fargo & Company

Stryker (NYSE:SYK) had its price objective lifted by research analysts at Wells Fargo & Company from $381.00 to $405.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the medical technology company’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 11.58% from the company’s current price.

Several other research analysts have also issued reports on the stock. Wolfe Research initiated coverage on shares of Stryker in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $405.00 price target for the company. Stifel Nicolaus decreased their price objective on shares of Stryker from $375.00 to $365.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Royal Bank of Canada reissued an “outperform” rating and issued a $386.00 target price on shares of Stryker in a report on Wednesday, July 31st. Evercore ISI raised their price target on Stryker from $380.00 to $384.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Truist Financial boosted their price objective on Stryker from $345.00 to $370.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. Four investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $385.11.

Stryker Stock Performance

Shares of SYK stock traded up $3.95 during mid-day trading on Wednesday, reaching $362.96. The stock had a trading volume of 819,578 shares, compared to its average volume of 1,248,789. Stryker has a one year low of $264.85 and a one year high of $374.63. The firm has a market cap of $138.27 billion, a PE ratio of 41.16, a P/E/G ratio of 2.73 and a beta of 0.91. The firm’s 50 day simple moving average is $359.43 and its 200 day simple moving average is $343.84. The company has a quick ratio of 0.95, a current ratio of 1.68 and a debt-to-equity ratio of 0.51.

Stryker (NYSE:SYK) last posted its quarterly earnings results on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $2.78 by $0.09. The firm had revenue of $5.49 billion for the quarter, compared to the consensus estimate of $5.37 billion. Stryker had a net margin of 16.12% and a return on equity of 22.89%. The business’s revenue was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.46 earnings per share. On average, analysts forecast that Stryker will post 12 EPS for the current year.

Insider Activity

In related news, CFO Glenn S. Boehnlein sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $333.00, for a total transaction of $6,660,000.00. Following the completion of the transaction, the chief financial officer now owns 2,852 shares in the company, valued at approximately $949,716. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP M Kathryn Fink sold 2,121 shares of Stryker stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $370.00, for a total transaction of $784,770.00. Following the transaction, the vice president now owns 10,042 shares in the company, valued at $3,715,540. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 sale, 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 a total of 220,068 shares of company stock valued at $71,811,372 in the last ninety days. 5.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Stryker by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 31,459,393 shares of the medical technology company’s stock valued at $11,258,373,000 after acquiring an additional 309,592 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Stryker by 10.4% during the first quarter. JPMorgan Chase & Co. now owns 8,651,403 shares of the medical technology company’s stock worth $3,096,078,000 after buying an additional 813,311 shares during the period. Clearbridge Investments LLC grew its holdings in shares of Stryker by 2.9% during the second quarter. Clearbridge Investments LLC now owns 2,323,452 shares of the medical technology company’s stock worth $790,554,000 after buying an additional 66,482 shares in the last quarter. TD Asset Management Inc raised its position in Stryker by 2.9% in the 1st quarter. TD Asset Management Inc now owns 1,601,380 shares of the medical technology company’s stock valued at $573,086,000 after buying an additional 44,765 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Stryker by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,209,769 shares of the medical technology company’s stock valued at $411,624,000 after acquiring an additional 46,375 shares in the last quarter. Institutional investors and hedge funds 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.