Royal Bank of Canada Raises Stryker (NYSE:SYK) Price Target to $435.00

Stryker (NYSE:SYK) had its price target hoisted by Royal Bank of Canada from $425.00 to $435.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the medical technology company’s stock.

SYK has been the subject of a number of other research reports. UBS Group increased their price target on shares of Stryker from $366.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Morgan Stanley upgraded shares of Stryker from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $370.00 to $445.00 in a report on Monday, December 2nd. Needham & Company LLC restated a “buy” rating and set a $442.00 price objective on shares of Stryker in a report on Wednesday. Citigroup raised their target price on shares of Stryker from $411.00 to $450.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. Finally, Truist Financial boosted their price target on Stryker from $380.00 to $409.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Five investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $413.45.

Stryker Price Performance

NYSE:SYK opened at $390.98 on Wednesday. The business’s 50-day simple moving average is $376.44 and its two-hundred day simple moving average is $361.98. The company has a quick ratio of 1.22, a current ratio of 1.91 and a debt-to-equity ratio of 0.66. Stryker has a 52 week low of $314.05 and a 52 week high of $406.19. The stock has a market cap of $149.05 billion, a PE ratio of 41.91, a P/E/G ratio of 2.68 and a beta of 0.95.

Stryker (NYSE:SYK) last announced its quarterly earnings results on Tuesday, January 28th. The medical technology company reported $4.01 EPS for the quarter, topping the consensus estimate of $3.87 by $0.14. Stryker had a net margin of 16.34% and a return on equity of 23.07%. During the same period in the previous year, the company posted $3.46 EPS. As a group, analysts forecast that Stryker will post 12.06 EPS for the current fiscal year.

Stryker Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 0.86%. This is a positive change from Stryker’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Tuesday, December 31st. Stryker’s dividend payout ratio is presently 36.01%.

Insider Buying and Selling

In related news, CEO Kevin Lobo sold 57,313 shares of Stryker stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $368.70, for a total value of $21,131,303.10. Following the completion of the transaction, the chief executive officer now owns 100,027 shares in the company, valued at $36,879,954.90. The trade was a 36.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Avestar Capital LLC increased its stake in Stryker by 8.7% during the 4th quarter. Avestar Capital LLC now owns 3,205 shares of the medical technology company’s stock worth $1,154,000 after buying an additional 257 shares in the last quarter. One Plus One Wealth Management LLC acquired a new stake in shares of Stryker during the 4th quarter worth approximately $200,000. HMS Capital Management LLC raised its position in Stryker by 0.8% in the fourth quarter. HMS Capital Management LLC now owns 4,668 shares of the medical technology company’s stock valued at $1,681,000 after purchasing an additional 37 shares during the period. Stanley Laman Group Ltd. raised its holdings in Stryker by 8.1% in the 4th quarter. Stanley Laman Group Ltd. now owns 1,491 shares of the medical technology company’s stock valued at $537,000 after buying an additional 112 shares during the period. Finally, McClarren Financial Advisors Inc. acquired a new position in shares of Stryker in the 4th quarter worth approximately $124,000. Hedge funds and other institutional investors own 77.09% of the company’s stock.

About Stryker

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.