Stryker Corporation (SYK) Upgraded to “Hold” at Zacks Investment Research
Stryker Corporation (NYSE:SYK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Stryker announced the voluntary product recall of the Oral Care lineup recently. The recall is likely to adversely impact the company’s sales and operating income. Moreover, volatility in foreign currency exchange is likely to impede revenue growth. Stryker also faces supply-side headwinds and has been grappling with issues in the spine business for long. On a positive note, Stryker exited the second quarter on a solid note, beating the Zacks Consensus Estimate on both counts. Solid performance in the MAKO platform drove revenues. An upbeat guidance for the full year instills investor confidence on the stock. Stryker has a diversified product portfolio. Continued strong demand for hemorrhagic and ischemic stroke products and neuro-powered instruments boosted sales in the neurotechnology segment. Stryker has had an impressive run on the bourse over the last year, trading above the broader industry.”
Several other analysts also recently weighed in on the company. Royal Bank Of Canada restated a “buy” rating and issued a $155.00 price objective on shares of Stryker Corporation in a report on Friday, September 1st. Argus restated a “buy” rating and issued a $160.00 price objective on shares of Stryker Corporation in a report on Tuesday, August 29th. Cantor Fitzgerald initiated coverage on Stryker Corporation in a report on Thursday, June 29th. They issued a “neutral” rating and a $153.00 price objective for the company. BMO Capital Markets restated a “hold” rating and issued a $140.00 price objective on shares of Stryker Corporation in a report on Tuesday, July 11th. Finally, Needham & Company LLC upgraded Stryker Corporation from an “underperform” rating to a “hold” rating in a report on Friday, August 25th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $146.78.
Stryker Corporation (SYK) traded down 0.31% during mid-day trading on Tuesday, hitting $149.46. 376,120 shares of the stock were exchanged. Stryker Corporation has a 52-week low of $106.48 and a 52-week high of $151.88. The stock has a 50 day moving average of $144.50 and a 200-day moving average of $141.36. The stock has a market cap of $55.91 billion, a price-to-earnings ratio of 33.36 and a beta of 0.81.
Stryker Corporation (NYSE:SYK) last released its quarterly earnings data on Thursday, July 27th. The medical technology company reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.02. The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.98 billion. Stryker Corporation had a return on equity of 24.26% and a net margin of 14.22%. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.39 earnings per share. Equities analysts predict that Stryker Corporation will post $6.45 EPS for the current fiscal year.
In related news, insider Lonny J. Carpenter sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $146.36, for a total value of $731,800.00. Following the sale, the insider now owns 88,207 shares in the company, valued at $12,909,976.52. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Graham A. Mclean sold 1,124 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $146.26, for a total value of $164,396.24. Following the completion of the sale, the insider now owns 8,983 shares in the company, valued at approximately $1,313,853.58. The disclosure for this sale can be found here. 7.40% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Research Global Investors boosted its position in Stryker Corporation by 1.7% in the third quarter. Capital Research Global Investors now owns 33,537,131 shares of the medical technology company’s stock valued at $3,904,057,000 after buying an additional 556,349 shares during the last quarter. Vanguard Group Inc. boosted its position in Stryker Corporation by 2.8% in the second quarter. Vanguard Group Inc. now owns 24,078,709 shares of the medical technology company’s stock valued at $3,341,643,000 after buying an additional 657,656 shares during the last quarter. BlackRock Inc. boosted its position in Stryker Corporation by 5.2% in the second quarter. BlackRock Inc. now owns 23,115,853 shares of the medical technology company’s stock valued at $3,208,017,000 after buying an additional 1,139,082 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Stryker Corporation by 6.2% in the third quarter. Price T Rowe Associates Inc. MD now owns 17,503,094 shares of the medical technology company’s stock valued at $2,037,535,000 after buying an additional 1,022,233 shares during the last quarter. Finally, State Street Corp boosted its position in Stryker Corporation by 3.1% in the fourth quarter. State Street Corp now owns 13,774,848 shares of the medical technology company’s stock valued at $1,650,599,000 after buying an additional 419,118 shares during the last quarter. Hedge funds and other institutional investors own 74.09% of the company’s stock.
Stryker Corporation Company Profile
Stryker Corporation is a medical technology company. The Company offers a range of medical technologies, including orthopedic, medical and surgical, and neurotechnology and spine products. The Company’s segments include Orthopaedics; MedSurg; Neurotechnology and Spine, and Corporate and Other. The Orthopaedics segment includes reconstructive (hip and knee) and trauma implant systems and other related products.
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