Stryker (NYSE:SYK) Price Target Raised to $393.00

Stryker (NYSE:SYK) had its price objective raised by Needham & Company LLC from $392.00 to $393.00 in a research note released on Thursday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the medical technology company’s stock.

A number of other research analysts also recently weighed in on the company. Citigroup upped their target price on Stryker from $362.00 to $406.00 and gave the stock a buy rating in a report on Wednesday, April 3rd. Wells Fargo & Company raised their price objective on Stryker from $364.00 to $381.00 and gave the company an overweight rating in a research report on Wednesday, May 1st. The Goldman Sachs Group initiated coverage on shares of Stryker in a research report on Thursday, May 30th. They issued a neutral rating and a $372.00 target price on the stock. Robert W. Baird boosted their price objective on shares of Stryker from $367.00 to $378.00 and gave the stock an outperform rating in a research note on Wednesday, May 1st. Finally, Stifel Nicolaus decreased their target price on shares of Stryker from $375.00 to $365.00 and set a buy rating for the company in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $373.11.

Stryker Trading Down 2.3 %

Shares of NYSE SYK traded down $7.59 during trading hours on Thursday, hitting $325.58. The company’s stock had a trading volume of 246,574 shares, compared to its average volume of 1,312,067. The business has a 50-day simple moving average of $338.95 and a 200-day simple moving average of $339.48. The stock has a market cap of $124.03 billion, a price-to-earnings ratio of 37.71, a P/E/G ratio of 2.57 and a beta of 0.89. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.99 and a current ratio of 1.71. Stryker has a 12 month low of $249.98 and a 12 month high of $361.41.

Stryker (NYSE:SYK) last announced its quarterly earnings results on Tuesday, July 30th. The medical technology company reported $2.81 EPS for the quarter, topping analysts’ consensus estimates of $2.79 by $0.02. Stryker had a return on equity of 23.26% and a net margin of 16.12%. The company had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.40 billion. During the same quarter last year, the firm posted $2.54 earnings per share. The firm’s revenue was up 8.5% on a year-over-year basis. On average, analysts anticipate that Stryker will post 11.98 earnings per share for the current fiscal year.

Stryker Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th were issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 0.98%. The ex-dividend date of this dividend was Friday, June 28th. Stryker’s dividend payout ratio is presently 36.53%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Aspen Investment Management Inc raised its stake in Stryker by 0.7% during the 1st quarter. Aspen Investment Management Inc now owns 4,368 shares of the medical technology company’s stock worth $1,563,000 after acquiring an additional 31 shares during the period. Harbor Investment Advisory LLC increased its stake in shares of Stryker by 0.4% in the first quarter. Harbor Investment Advisory LLC now owns 6,982 shares of the medical technology company’s stock worth $2,499,000 after purchasing an additional 31 shares in the last quarter. Proficio Capital Partners LLC increased its stake in shares of Stryker by 2.4% in the first quarter. Proficio Capital Partners LLC now owns 1,418 shares of the medical technology company’s stock worth $507,000 after purchasing an additional 33 shares in the last quarter. Versant Capital Management Inc lifted its stake in shares of Stryker by 4.0% during the 2nd quarter. Versant Capital Management Inc now owns 864 shares of the medical technology company’s stock valued at $294,000 after buying an additional 33 shares in the last quarter. Finally, Stanley Laman Group Ltd. lifted its stake in shares of Stryker by 4.6% during the 2nd quarter. Stanley Laman Group Ltd. now owns 752 shares of the medical technology company’s stock valued at $256,000 after buying an additional 33 shares in 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.