Stryker (NYSE:SYK) Downgraded by StockNews.com to Hold

StockNews.com lowered shares of Stryker (NYSE:SYK) from a buy rating to a hold rating in a report released on Wednesday.

Other analysts also recently issued reports about the company. Robert W. Baird increased their price objective on Stryker from $378.00 to $405.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Royal Bank of Canada reiterated an “outperform” rating and issued a $425.00 price objective (up from $400.00) on shares of Stryker in a research report on Wednesday, December 11th. UBS Group raised 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. Piper Sandler reaffirmed an “overweight” rating and issued a $420.00 price objective (up previously from $380.00) on shares of Stryker in a report on Wednesday, October 30th. Finally, Needham & Company LLC raised their price target on Stryker from $409.00 to $442.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $405.80.

Stryker Stock Up 0.8 %

Shares of NYSE SYK opened at $361.52 on Wednesday. The stock has a market cap of $137.82 billion, a PE ratio of 38.75, a price-to-earnings-growth ratio of 2.82 and a beta of 0.94. Stryker has a 52-week low of $292.96 and a 52-week high of $398.20. The business has a 50-day moving average price of $375.06 and a 200 day moving average price of $356.96. The company has a quick ratio of 1.22, a current ratio of 1.91 and a debt-to-equity ratio of 0.66.

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

Stryker Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.84 per share. This is a boost from Stryker’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.36 annualized dividend and a dividend yield of 0.93%. Stryker’s dividend payout ratio (DPR) is 36.01%.

Insiders Place Their Bets

In related news, CEO Kevin Lobo sold 57,313 shares of the firm’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 owns 100,027 shares in the company, valued at approximately $36,879,954.90. This trade represents a 36.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.90% of the stock is owned by corporate insiders.

Institutional Trading of Stryker

Several large investors have recently added to or reduced their stakes in the stock. Parnassus Investments LLC acquired a new position in Stryker during the 3rd quarter worth approximately $762,798,000. International Assets Investment Management LLC boosted its position in Stryker by 66,967.5% in the 3rd quarter. International Assets Investment Management LLC now owns 853,769 shares of the medical technology company’s stock valued at $308,433,000 after buying an additional 852,496 shares during the last quarter. RTW Investments LP purchased a new stake in shares of Stryker during the third quarter worth about $143,392,000. American Century Companies Inc. lifted its stake in shares of Stryker by 287.6% in the second quarter. American Century Companies Inc. now owns 505,608 shares of the medical technology company’s stock worth $172,033,000 after acquiring an additional 375,166 shares in the last quarter. Finally, State Street Corp grew its stake in Stryker by 2.2% during the 3rd quarter. State Street Corp now owns 14,582,959 shares of the medical technology company’s stock valued at $5,279,788,000 after purchasing an additional 316,404 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.