Stryker (NYSE:SYK) Hits New 1-Year High – Here’s What Happened

Shares of Stryker Co. (NYSE:SYK) reached a new 52-week high during trading on Wednesday . The stock traded as high as $376.04 and last traded at $374.28, with a volume of 37969 shares changing hands. The stock had previously closed at $369.86.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SYK. UBS Group increased their target price on shares of Stryker from $366.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Wolfe Research assumed coverage on Stryker in a research report on Tuesday, September 10th. They set an “outperform” rating and a $405.00 price target on the stock. Morgan Stanley boosted their price objective on Stryker from $345.00 to $350.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Canaccord Genuity Group upped their target price on Stryker from $360.00 to $400.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Piper Sandler reissued 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. Five investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $393.65.

Stryker Stock Performance

The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.22 and a current ratio of 1.91. The firm’s 50-day moving average price is $361.46 and its two-hundred day moving average price is $345.63. The stock has a market cap of $143.32 billion, a price-to-earnings ratio of 40.30, a PEG ratio of 2.78 and a beta of 0.91.

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, beating the consensus estimate of $2.77 by $0.10. The business had revenue of $5.49 billion during 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 business’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.46 EPS. On average, analysts expect that Stryker Co. will post 12.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Kevin Lobo sold 57,313 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 100,027 shares in the company, valued at approximately $36,879,954.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Kevin Lobo sold 57,313 shares of the company’s stock in a transaction that occurred 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 directly owns 100,027 shares in the company, valued at approximately $36,879,954.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Viju Menon sold 600 shares of Stryker stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $355.00, for a total transaction of $213,000.00. Following the completion of the sale, the insider now owns 9,069 shares of the company’s stock, valued at $3,219,495. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,381 shares of company stock valued at $24,825,275 over the last quarter. 5.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Stryker

Several institutional investors have recently bought and sold shares of SYK. Vanguard Group Inc. boosted its stake in shares of Stryker by 1.0% in the first quarter. Vanguard Group Inc. now owns 31,459,393 shares of the medical technology company’s stock valued at $11,258,373,000 after purchasing an additional 309,592 shares during the period. JPMorgan Chase & Co. boosted its position in Stryker by 10.4% in the 1st quarter. JPMorgan Chase & Co. now owns 8,651,403 shares of the medical technology company’s stock valued at $3,096,078,000 after buying an additional 813,311 shares during the period. Clearbridge Investments LLC grew its stake in shares of Stryker by 2.9% in the second quarter. Clearbridge Investments LLC now owns 2,323,452 shares of the medical technology company’s stock worth $790,554,000 after acquiring an additional 66,482 shares in the last quarter. Parnassus Investments LLC purchased a new stake in shares of Stryker during the third quarter worth $762,798,000. Finally, TD Asset Management Inc raised its stake in shares of Stryker by 2.9% in the first quarter. TD Asset Management Inc now owns 1,601,380 shares of the medical technology company’s stock valued at $573,086,000 after acquiring an additional 44,765 shares in the last quarter. 77.09% of the stock is owned by institutional investors and hedge funds.

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.