Stryker (NYSE:SYK) Given Overweight Rating at Piper Sandler

Piper Sandler restated their overweight rating on shares of Stryker (NYSE:SYK) in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a $380.00 target price on the medical technology company’s stock.

SYK has been the topic of a number of other reports. Needham & Company LLC boosted their price target on Stryker from $392.00 to $393.00 and gave the company a buy rating in a report on Thursday, August 1st. BTIG Research upped their target price on Stryker from $360.00 to $374.00 and gave the stock a buy rating in a report on Wednesday, August 28th. Stifel Nicolaus dropped their target price on Stryker from $375.00 to $365.00 and set a buy rating on the stock in a report on Wednesday, July 31st. Wolfe Research initiated coverage on Stryker in a research report on Tuesday. They set an outperform rating and a $405.00 price target on the stock. Finally, Barclays boosted their price target on Stryker from $374.00 to $402.00 and gave the stock an overweight rating in a research report on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $378.58.

Stryker Stock Performance

Shares of Stryker stock opened at $370.17 on Tuesday. The firm has a market cap of $141.06 billion, a price-to-earnings ratio of 42.26, a price-to-earnings-growth ratio of 2.83 and a beta of 0.91. The stock’s 50-day moving average is $342.26 and its 200-day moving average is $342.51. Stryker has a one year low of $249.98 and a one year high of $374.24. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.68 and a quick ratio of 0.95.

Stryker (NYSE:SYK) last issued its quarterly earnings results on Tuesday, July 30th. The medical technology company reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.79 by $0.02. The company had revenue of $5.42 billion for the quarter, compared to analyst estimates of $5.40 billion. Stryker had a return on equity of 22.89% and a net margin of 16.12%. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the previous year, the company posted $2.54 earnings per share. Equities analysts predict that Stryker will post 12 earnings per share for the current fiscal year.

Stryker Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend is Monday, September 30th. Stryker’s dividend payout ratio is currently 36.53%.

Insider Buying and Selling

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 completion of the sale, the chief financial officer now directly owns 2,852 shares in the company, valued at $949,716. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 completion of the sale, the chief financial officer now directly owns 2,852 shares in the company, valued at $949,716. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Viju Menon sold 600 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $355.00, for a total value of $213,000.00. Following the completion of the transaction, the insider now owns 9,069 shares of the company’s stock, valued at $3,219,495. The disclosure for this sale can be found here. Insiders have sold 210,600 shares of company stock valued at $68,330,400 over the last 90 days. 5.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SYK. Burkett Financial Services LLC bought a new position in shares of Stryker in the 4th quarter valued at $25,000. Centennial Bank AR lifted its stake in shares of Stryker by 106.7% in the 2nd quarter. Centennial Bank AR now owns 93 shares of the medical technology company’s stock valued at $32,000 after acquiring an additional 48 shares during the last quarter. DSM Capital Partners LLC acquired a new stake in Stryker in the fourth quarter valued at $34,000. Central Pacific Bank Trust Division acquired a new stake in Stryker in the first quarter valued at $39,000. Finally, Private Wealth Management Group LLC acquired a new stake in Stryker in the fourth quarter valued at $40,000. 77.09% of the stock is currently owned by 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.