Stryker’s (SYK) Buy Rating Reaffirmed at Needham & Company LLC

Stryker (NYSE:SYK)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a report released on Tuesday,Benzinga reports. They currently have a $442.00 target price on the medical technology company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 22.46% from the company’s current price.

A number of other brokerages have also issued reports on SYK. Robert W. Baird upped their target price on shares of Stryker from $378.00 to $405.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. upped their target price on shares of Stryker from $375.00 to $420.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Piper Sandler reiterated an “overweight” rating and set a $420.00 target price (up from $380.00) on shares of Stryker in a research report on Wednesday, October 30th. Citigroup upped their target price on shares of Stryker from $411.00 to $450.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Finally, Evercore ISI boosted their price target on shares of Stryker from $380.00 to $384.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $405.80.

Stryker Price Performance

NYSE:SYK opened at $360.93 on Tuesday. The firm has a market cap of $137.59 billion, a PE ratio of 38.68, a price-to-earnings-growth ratio of 2.82 and a beta of 0.95. Stryker has a 12 month low of $294.34 and a 12 month high of $398.20. The company has a quick ratio of 1.22, a current ratio of 1.91 and a debt-to-equity ratio of 0.66. The company’s 50-day moving average price is $375.33 and its two-hundred day moving average price is $357.33.

Stryker (NYSE:SYK) last released its quarterly earnings results on Tuesday, October 29th. The medical technology company reported $2.87 EPS for the quarter, beating analysts’ consensus estimates of $2.77 by $0.10. The firm had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.37 billion. Stryker had a net margin of 16.34% and a return on equity of 23.07%. The company’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.46 earnings per share. On average, equities analysts anticipate that Stryker will post 12.06 EPS for the current fiscal year.

Insider Activity

In related news, CEO Kevin Lobo sold 57,313 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $368.70, for a total transaction of $21,131,303.10. Following the completion of the transaction, the chief executive officer now owns 100,027 shares in the company, valued at approximately $36,879,954.90. This represents a 36.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. CWA Asset Management Group LLC lifted its stake in Stryker by 3.5% in the fourth quarter. CWA Asset Management Group LLC now owns 3,854 shares of the medical technology company’s stock valued at $1,388,000 after acquiring an additional 131 shares during the last quarter. Nordea Investment Management AB lifted its stake in Stryker by 15.8% in the 4th quarter. Nordea Investment Management AB now owns 971,735 shares of the medical technology company’s stock valued at $350,485,000 after purchasing an additional 132,513 shares during the last quarter. Everence Capital Management Inc. increased its position in Stryker by 21.4% during the fourth quarter. Everence Capital Management Inc. now owns 9,570 shares of the medical technology company’s stock worth $3,446,000 after buying an additional 1,690 shares during the last quarter. GAMMA Investing LLC raised its stake in Stryker by 65.1% in the fourth quarter. GAMMA Investing LLC now owns 4,789 shares of the medical technology company’s stock valued at $1,724,000 after buying an additional 1,888 shares during the period. Finally, Versant Capital Management Inc lifted its position in shares of Stryker by 16.5% in the fourth quarter. Versant Capital Management Inc now owns 1,121 shares of the medical technology company’s stock valued at $404,000 after buying an additional 159 shares during the last quarter. Institutional investors and hedge funds 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.