Stryker (NYSE:SYK) Given New $386.00 Price Target at Royal Bank of Canada

Stryker (NYSE:SYK) had its target price hoisted by Royal Bank of Canada from $360.00 to $386.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have an outperform rating on the medical technology company’s stock.

Several other equities research analysts have also recently issued reports on the stock. StockNews.com raised shares of Stryker from a hold rating to a buy rating in a research note on Tuesday, January 23rd. Truist Financial boosted their price target on shares of Stryker from $330.00 to $345.00 and gave the company a hold rating in a research report on Wednesday, January 31st. Wells Fargo & Company boosted their price target on shares of Stryker from $336.00 to $364.00 and gave the company an overweight rating in a research report on Wednesday, January 31st. Canaccord Genuity Group raised shares of Stryker from a hold rating to a buy rating and set a $360.00 price target on the stock in a research report on Wednesday, January 31st. Finally, Evercore ISI boosted their price target on shares of Stryker from $340.00 to $370.00 and gave the company an outperform rating in a research report on Thursday, April 4th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Stryker has an average rating of Moderate Buy and a consensus target price of $340.45.

Stryker Price Performance

NYSE:SYK opened at $327.46 on Monday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.58 and a quick ratio of 0.97. The firm has a market cap of $124.59 billion, a price-to-earnings ratio of 39.69, a price-to-earnings-growth ratio of 2.72 and a beta of 0.89. The company has a 50 day moving average price of $350.34 and a 200-day moving average price of $312.14. Stryker has a 1-year low of $249.98 and a 1-year high of $361.41.

Stryker (NYSE:SYK) last issued its quarterly earnings results on Tuesday, January 30th. The medical technology company reported $3.46 EPS for the quarter, topping the consensus estimate of $3.27 by $0.19. The company had revenue of $5.82 billion during the quarter, compared to analyst estimates of $5.60 billion. Stryker had a net margin of 15.44% and a return on equity of 22.99%. The firm’s revenue was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.00 EPS. Equities research analysts forecast that Stryker will post 11.86 EPS for the current year.

Stryker Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Friday, March 29th will be issued a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 0.98%. The ex-dividend date of this dividend is Wednesday, March 27th. Stryker’s payout ratio is currently 38.79%.

Insider Buying and Selling

In other Stryker news, Director Allan C. Golston sold 3,273 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $341.00, for a total value of $1,116,093.00. Following the completion of the transaction, the director now owns 14,242 shares in the company, valued at $4,856,522. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Allan C. Golston sold 3,273 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $341.00, for a total value of $1,116,093.00. Following the completion of the transaction, the director now owns 14,242 shares in the company, valued at $4,856,522. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO William E. Berry, Jr. sold 7,690 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $358.48, for a total value of $2,756,711.20. Following the completion of the transaction, the chief accounting officer now owns 3,675 shares of the company’s stock, valued at approximately $1,317,414. The disclosure for this sale can be found here. Insiders sold a total of 212,109 shares of company stock valued at $72,845,768 over the last three months. 5.90% of the stock is currently owned by company insiders.

Institutional Trading of Stryker

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Stryker by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 31,149,801 shares of the medical technology company’s stock valued at $9,328,119,000 after purchasing an additional 484,281 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Stryker by 5.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,541,845 shares of the medical technology company’s stock valued at $3,755,782,000 after purchasing an additional 642,178 shares in the last quarter. Morgan Stanley lifted its stake in shares of Stryker by 21.7% in the 4th quarter. Morgan Stanley now owns 5,978,782 shares of the medical technology company’s stock valued at $1,461,753,000 after purchasing an additional 1,066,751 shares in the last quarter. FMR LLC lifted its stake in shares of Stryker by 2.5% in the 3rd quarter. FMR LLC now owns 5,972,582 shares of the medical technology company’s stock valued at $1,632,127,000 after purchasing an additional 144,208 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Stryker by 2.0% in the 1st quarter. Geode Capital Management LLC now owns 5,954,038 shares of the medical technology company’s stock valued at $1,695,169,000 after purchasing an additional 117,786 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.