Stifel Nicolaus Lowers Stryker (NYSE:SYK) Price Target to $365.00

Stryker (NYSE:SYK) had its price objective cut by Stifel Nicolaus from $375.00 to $365.00 in a report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the medical technology company’s stock.

Several other research firms have also commented on SYK. BTIG Research boosted their price objective on Stryker from $369.00 to $372.00 and gave the stock a buy rating in a research note on Monday, July 15th. UBS Group boosted their price objective on Stryker from $351.00 to $366.00 and gave the stock a neutral rating in a research note on Wednesday. The Goldman Sachs Group began coverage on Stryker in a research note on Thursday, May 30th. They set a neutral rating and a $372.00 price objective for the company. Needham & Company LLC upgraded Stryker from a hold rating to a buy rating and set a $392.00 price objective for the company in a research note on Wednesday, May 22nd. Finally, Evercore ISI cut their price objective on Stryker from $370.00 to $365.00 and set an outperform rating for the company in a research note on Tuesday, July 2nd. Four research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $373.11.

Stryker Stock Performance

NYSE SYK opened at $331.56 on Wednesday. The stock has a market capitalization of $126.35 billion, a price-to-earnings ratio of 37.85, a PEG ratio of 2.57 and a beta of 0.89. Stryker has a twelve month low of $249.98 and a twelve month high of $361.41. The company has a current ratio of 1.68, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51. The stock has a 50-day moving average of $338.87 and a 200 day moving average of $339.79.

Stryker (NYSE:SYK) last released its quarterly earnings results on Tuesday, July 30th. The medical technology company reported $2.81 earnings per share for the quarter, topping analysts’ consensus estimates of $2.79 by $0.02. The company had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $5.40 billion. Stryker had a return on equity of 22.89% and a net margin of 16.12%. Stryker’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.54 EPS. Sell-side analysts anticipate that Stryker will post 11.99 EPS for the current fiscal year.

Stryker Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th were paid a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date was Friday, June 28th. Stryker’s dividend payout ratio (DPR) is 36.53%.

Insiders Place Their Bets

In other Stryker news, CFO Glenn S. Boehnlein sold 20,000 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $333.00, for a total transaction of $6,660,000.00. Following the transaction, the chief financial officer now directly owns 2,852 shares in the company, valued at $949,716. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SYK. Kornitzer Capital Management Inc. KS raised its stake in shares of Stryker by 2.3% in the second quarter. Kornitzer Capital Management Inc. KS now owns 7,932 shares of the medical technology company’s stock valued at $2,699,000 after acquiring an additional 179 shares in the last quarter. First Business Financial Services Inc. raised its stake in shares of Stryker by 17.5% in the second quarter. First Business Financial Services Inc. now owns 7,703 shares of the medical technology company’s stock valued at $2,621,000 after acquiring an additional 1,145 shares in the last quarter. SouthState Corp raised its stake in shares of Stryker by 14.1% in the second quarter. SouthState Corp now owns 15,017 shares of the medical technology company’s stock valued at $5,110,000 after acquiring an additional 1,855 shares in the last quarter. Journey Advisory Group LLC raised its stake in shares of Stryker by 3.9% in the second quarter. Journey Advisory Group LLC now owns 3,235 shares of the medical technology company’s stock valued at $1,101,000 after acquiring an additional 122 shares in the last quarter. Finally, Foster & Motley Inc. raised its stake in shares of Stryker by 250.0% in the second quarter. Foster & Motley Inc. now owns 2,254 shares of the medical technology company’s stock valued at $767,000 after acquiring an additional 1,610 shares in the last quarter. 77.09% of the stock is currently owned by institutional investors and hedge funds.

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.