Needham & Company LLC Forecasts Strong Price Appreciation for Stryker (NYSE:SYK) Stock

Stryker (NYSE:SYK) had its target price hoisted by stock analysts at Needham & Company LLC from $393.00 to $409.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the medical technology company’s stock. Needham & Company LLC’s price target suggests a potential upside of 14.80% from the company’s current price.

SYK has been the subject of several other research reports. Stifel Nicolaus dropped their price objective on shares of Stryker from $375.00 to $365.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. UBS Group upped their price objective on shares of Stryker from $351.00 to $366.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Wolfe Research initiated coverage on shares of Stryker in a research note on Tuesday, September 10th. They set an “outperform” rating and a $405.00 price objective for the company. Barclays upped their price objective on shares of Stryker from $374.00 to $402.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $380.00 price objective on shares of Stryker in a research note on Tuesday, September 10th. Four analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $393.65.

Stryker Stock Down 2.0 %

SYK opened at $356.28 on Wednesday. Stryker has a twelve month low of $264.85 and a twelve month high of $374.63. The company has a quick ratio of 0.95, a current ratio of 1.91 and a debt-to-equity ratio of 0.66. The company has a 50-day moving average price of $359.90 and a 200 day moving average price of $344.06. The company has a market cap of $135.77 billion, a PE ratio of 38.19, a price-to-earnings-growth ratio of 2.79 and a beta of 0.91.

Stryker (NYSE:SYK) last released its quarterly earnings results on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share for the quarter, topping the consensus estimate of $2.78 by $0.09. Stryker had a net margin of 16.34% and a return on equity of 23.07%. The firm had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the firm earned $2.46 EPS. The company’s revenue for the quarter was up 11.9% on a year-over-year basis. Sell-side analysts expect that Stryker will post 12.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP M Kathryn Fink sold 7,347 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $366.98, for a total transaction of $2,696,202.06. Following the completion of the transaction, the vice president now owns 10,042 shares of the company’s stock, valued at approximately $3,685,213.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Stryker news, Director Ronda E. Stryker sold 190,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $323.46, for a total transaction of $61,457,400.00. Following the sale, the director now directly owns 3,316,608 shares in the company, valued at $1,072,790,023.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP M Kathryn Fink sold 7,347 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $366.98, for a total transaction of $2,696,202.06. Following the sale, the vice president now owns 10,042 shares in the company, valued at approximately $3,685,213.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 200,068 shares of company stock valued at $65,151,372. Company insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Stryker

Hedge funds have recently added to or reduced their stakes in the business. Tandem Investment Advisors Inc. raised its holdings in shares of Stryker by 8.2% in the 3rd quarter. Tandem Investment Advisors Inc. now owns 266,041 shares of the medical technology company’s stock valued at $96,110,000 after purchasing an additional 20,199 shares in the last quarter. Portside Wealth Group LLC acquired a new stake in shares of Stryker in the 3rd quarter valued at $215,000. Hara Capital LLC acquired a new stake in shares of Stryker in the 3rd quarter valued at $42,000. Kornitzer Capital Management Inc. KS raised its holdings in shares of Stryker by 1.9% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 8,084 shares of the medical technology company’s stock valued at $2,920,000 after purchasing an additional 152 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Stryker by 6.2% in the 3rd quarter. Principal Financial Group Inc. now owns 398,422 shares of the medical technology company’s stock valued at $143,934,000 after purchasing an additional 23,329 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.