Truist Financial Increases Stryker (NYSE:SYK) Price Target to $409.00

Stryker (NYSE:SYK) had its target price hoisted by Truist Financial from $380.00 to $409.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the medical technology company’s stock. Truist Financial’s price objective suggests a potential upside of 14.52% from the stock’s current price.

A number of other research analysts have also weighed in on SYK. BTIG Research increased their price target on Stryker from $383.00 to $394.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Citigroup increased their target price on Stryker from $411.00 to $450.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Piper Sandler reissued an “overweight” rating and issued a $420.00 price target (up from $380.00) on shares of Stryker in a research note on Wednesday, October 30th. JPMorgan Chase & Co. upped 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, Royal Bank of Canada reiterated an “outperform” rating and set a $425.00 price objective (up from $400.00) on shares of Stryker in a report on Wednesday, December 11th. Three research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $405.80.

Stryker Stock Down 0.6 %

Shares of NYSE:SYK opened at $357.14 on Wednesday. The company has a quick ratio of 1.22, a current ratio of 1.91 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $136.15 billion, a P/E ratio of 38.28, a P/E/G ratio of 2.82 and a beta of 0.94. Stryker has a 52-week low of $288.15 and a 52-week high of $398.20. The stock’s fifty day simple moving average is $374.48 and its 200-day simple moving average is $355.60.

Stryker (NYSE:SYK) last released its quarterly earnings results on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.77 by $0.10. The company had revenue of $5.49 billion for 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 firm’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same period last year, the company earned $2.46 EPS. As a group, equities research analysts forecast that Stryker will post 12.06 earnings per share for the current fiscal year.

Insider Activity at Stryker

In related news, CEO Kevin Lobo sold 57,313 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $368.70, for a total transaction 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. This trade represents a 36.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Stryker

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its stake in shares of Stryker by 6.2% in the third quarter. Principal Financial Group Inc. now owns 398,422 shares of the medical technology company’s stock worth $143,934,000 after acquiring an additional 23,329 shares in the last quarter. Retirement Systems of Alabama raised its position 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 purchasing an additional 637 shares in the last quarter. Oddo BHF Asset Management Sas purchased a new position in shares of Stryker during the 3rd quarter valued at approximately $8,907,000. Synovus Financial Corp boosted its stake in shares of Stryker by 17.4% during the 3rd quarter. Synovus Financial Corp now owns 14,797 shares of the medical technology company’s stock valued at $5,346,000 after buying an additional 2,191 shares during the last quarter. Finally, Tidal Investments LLC grew its position in shares of Stryker by 13.9% during the third 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 in the last quarter. 77.09% of the stock is owned by hedge funds and other institutional investors.

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.