Stryker (NYSE:SYK) Earns “Outperform” Rating from Royal Bank of Canada

Stryker (NYSE:SYK)‘s stock had its “outperform” rating restated by equities research analysts at Royal Bank of Canada in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $425.00 price objective on the medical technology company’s stock. Royal Bank of Canada’s price target points to a potential upside of 19.51% from the stock’s current price.

Several other brokerages also recently weighed in on SYK. Piper Sandler reissued an “overweight” rating and issued a $420.00 target price (up previously from $380.00) on shares of Stryker in a research note on Wednesday, October 30th. Evercore ISI raised their price target on Stryker from $380.00 to $384.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. upped their price objective on Stryker from $375.00 to $420.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. BTIG Research boosted their target price on shares of Stryker from $383.00 to $394.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Truist Financial raised their target price on shares of Stryker from $380.00 to $409.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Five equities research 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, Stryker presently has an average rating of “Moderate Buy” and an average price target of $405.80.

Stryker Price Performance

Shares of SYK traded down $5.74 during midday trading on Tuesday, hitting $355.62. 547,253 shares of the company traded hands, compared to its average volume of 848,948. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.22 and a current ratio of 1.91. The stock has a market cap of $135.57 billion, a price-to-earnings ratio of 38.12, a PEG ratio of 2.82 and a beta of 0.95. Stryker has a 52 week low of $294.34 and a 52 week high of $398.20. The firm has a 50 day moving average of $375.33 and a 200-day moving average of $357.33.

Stryker (NYSE:SYK) last issued its quarterly earnings data on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.77 by $0.10. Stryker had a return on equity of 23.07% and a net margin of 16.34%. 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 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. On average, analysts forecast that Stryker will post 12.06 EPS for the current fiscal year.

Insider Activity at Stryker

In other Stryker news, CEO Kevin Lobo sold 57,313 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $368.70, for a total transaction of $21,131,303.10. Following the completion of the sale, the chief executive officer now owns 100,027 shares of the company’s stock, valued at $36,879,954.90. This trade represents a 36.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Stryker

Hedge funds have recently modified their holdings of the business. Parnassus Investments LLC purchased a new position in Stryker during the third quarter worth about $762,798,000. Baltimore Washington Financial Advisors Inc. raised its position in Stryker by 2.4% in the third quarter. Baltimore Washington Financial Advisors Inc. now owns 66,681 shares of the medical technology company’s stock valued at $24,089,000 after purchasing an additional 1,554 shares during the period. Sivik Global Healthcare LLC boosted its position in shares of Stryker by 8.0% during the third quarter. Sivik Global Healthcare LLC now owns 27,000 shares of the medical technology company’s stock worth $9,754,000 after buying an additional 2,000 shares during the period. Envestnet Asset Management Inc. grew its stake in shares of Stryker by 2.7% in the second quarter. Envestnet Asset Management Inc. now owns 618,041 shares of the medical technology company’s stock valued at $210,289,000 after buying an additional 16,504 shares in the last quarter. Finally, World Investment Advisors LLC lifted its stake in Stryker by 126.1% during the 3rd quarter. World Investment Advisors LLC now owns 8,142 shares of the medical technology company’s stock worth $2,941,000 after acquiring an additional 4,541 shares in the last quarter. 77.09% of the stock is currently owned by hedge funds and other institutional investors.

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.