Stryker (NYSE:SYK) Receives “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Stryker (NYSE:SYK) in a research report sent to investors on Wednesday,Benzinga reports. They currently have a $425.00 target price on the medical technology company’s stock, up from their previous target price of $400.00.

A number of other brokerages have also commented on SYK. 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, October 30th. BTIG Research raised their target price on shares of Stryker from $383.00 to $394.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Morgan Stanley raised 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 research note on Monday, December 2nd. JPMorgan Chase & Co. raised their price objective on shares of Stryker from $375.00 to $420.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, UBS Group upped their target price on Stryker from $366.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $404.35.

Stryker Trading Down 1.8 %

NYSE SYK opened at $375.90 on Wednesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.22 and a current ratio of 1.91. Stryker has a one year low of $285.79 and a one year high of $398.20. The company has a 50-day simple moving average of $372.42 and a 200-day simple moving average of $354.51. The firm has a market capitalization of $143.30 billion, a PE ratio of 40.29, a price-to-earnings-growth ratio of 2.89 and a beta of 0.94.

Stryker (NYSE:SYK) last released its quarterly earnings results on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share for the quarter, beating analysts’ consensus estimates of $2.77 by $0.10. Stryker had a return on equity of 23.07% and a net margin of 16.34%. The company had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the company posted $2.46 earnings per share. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. On average, equities analysts forecast that Stryker will post 12.06 earnings per share for the current year.

Stryker Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be given a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 0.89%. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from Stryker’s previous quarterly dividend of $0.80. Stryker’s dividend payout ratio is 34.30%.

Insider Transactions at Stryker

In related news, VP M Kathryn Fink sold 7,347 shares of Stryker stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $366.98, for a total transaction of $2,696,202.06. Following the completion of the sale, the vice president now owns 10,042 shares of the company’s stock, valued at approximately $3,685,213.16. This trade represents a 42.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin Lobo sold 57,313 shares of the business’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 completion of the sale, the chief executive officer now directly owns 100,027 shares of the company’s stock, valued at approximately $36,879,954.90. The trade was a 36.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,781 shares of company stock valued at $24,612,275 over the last quarter. Company insiders own 5.90% of the company’s stock.

Institutional Trading of Stryker

Several large investors have recently made changes to their positions in SYK. Retirement Systems of Alabama raised its stake in shares of Stryker by 0.9% in the 3rd quarter. Retirement Systems of Alabama now owns 75,427 shares of the medical technology company’s stock valued at $27,249,000 after acquiring an additional 637 shares in the last quarter. Oddo BHF Asset Management Sas bought a new position in shares of Stryker in the third quarter valued at approximately $8,907,000. Synovus Financial Corp lifted its stake in shares of Stryker by 17.4% in the third quarter. Synovus Financial Corp now owns 14,797 shares of the medical technology company’s stock worth $5,346,000 after buying an additional 2,191 shares during the last quarter. Tidal Investments LLC boosted its holdings in shares of Stryker by 13.9% during the 3rd quarter. Tidal Investments LLC now owns 17,478 shares of the medical technology company’s stock worth $6,314,000 after buying an additional 2,139 shares during the period. Finally, Wilmington Savings Fund Society FSB grew its stake in Stryker by 13.6% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 44,795 shares of the medical technology company’s stock valued at $16,183,000 after buying an additional 5,361 shares during the last quarter. 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.