Stryker (NYSE:SYK) Issues Earnings Results, Beats Expectations By $0.02 EPS

Stryker (NYSE:SYK) released its earnings results on Tuesday. The medical technology company reported $2.81 earnings per share for the quarter, topping analysts’ consensus estimates of $2.79 by $0.02, Briefing.com reports. Stryker had a return on equity of 23.05% and a net margin of 16.03%. The business had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.40 billion. During the same period last year, the business earned $2.54 earnings per share. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. Stryker updated its FY24 guidance to $11.90-12.10 EPS and its FY 2024 guidance to 11.900-12.100 EPS.

Stryker Trading Down 0.9 %

Shares of Stryker stock traded down $3.06 on Tuesday, hitting $330.22. 2,352,786 shares of the company’s stock traded hands, compared to its average volume of 1,301,319. The firm’s 50-day moving average price is $339.05 and its two-hundred day moving average price is $339.49. The stock has a market capitalization of $125.80 billion, a PE ratio of 37.76, a price-to-earnings-growth ratio of 2.61 and a beta of 0.89. Stryker has a one year low of $249.98 and a one year high of $361.41. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.71 and a quick ratio of 0.99.

Stryker Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be given a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 0.97%. The ex-dividend date of this dividend is Friday, June 28th. Stryker’s payout ratio is 36.53%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SYK. Morgan Stanley lifted their target price on Stryker from $345.00 to $350.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Royal Bank of Canada lifted their price objective on Stryker from $360.00 to $386.00 and gave the company an “outperform” rating in a report on Monday, April 15th. UBS Group lifted their price objective on Stryker from $339.00 to $351.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. TD Cowen lifted their price objective on Stryker from $365.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Finally, Stifel Nicolaus lifted their price objective on Stryker from $350.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $372.05.

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.