Wells Fargo & Company Forecasts Strong Price Appreciation for Stryker (NYSE:SYK) Stock

Stryker (NYSE:SYK) had its target price hoisted by Wells Fargo & Company from $381.00 to $405.00 in a report released on Wednesday, Benzinga reports. The firm currently has an overweight rating on the medical technology company’s stock.

Several other equities research analysts have also weighed in on the company. BTIG Research boosted their target price on Stryker from $374.00 to $383.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Barclays boosted their price objective on shares of Stryker from $374.00 to $402.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Stifel Nicolaus dropped their target price on shares of Stryker from $375.00 to $365.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Truist Financial upped their price target on shares of Stryker from $345.00 to $370.00 and gave the company a “hold” rating in a report on Monday, October 14th. Finally, Needham & Company LLC lifted their price objective on Stryker from $393.00 to $409.00 and gave the stock a “buy” rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $392.60.

Stryker Stock Performance

SYK stock opened at $363.48 on Wednesday. The firm has a 50 day moving average of $359.79 and a two-hundred day moving average of $343.98. Stryker has a 12 month low of $264.85 and a 12 month high of $374.63. The company has a market capitalization of $138.47 billion, a price-to-earnings ratio of 41.49, a P/E/G ratio of 2.73 and a beta of 0.91. The company has a quick ratio of 0.95, a current ratio of 1.68 and a debt-to-equity ratio of 0.51.

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 analysts’ consensus estimates of $2.78 by $0.09. Stryker had a net margin of 16.12% and a return on equity of 22.89%. The firm had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the company posted $2.46 earnings per share. Stryker’s revenue for the quarter was up 11.9% on a year-over-year basis. As a group, equities analysts anticipate that Stryker will post 12 EPS for the current fiscal year.

Stryker Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be paid a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 0.88%. The ex-dividend date is Monday, September 30th. Stryker’s dividend payout ratio is 36.53%.

Insider Buying and Selling at Stryker

In other news, CFO Glenn S. Boehnlein sold 20,000 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $333.00, for a total value of $6,660,000.00. Following the sale, the chief financial officer now owns 2,852 shares in the company, valued at approximately $949,716. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Glenn S. Boehnlein sold 20,000 shares of Stryker stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $333.00, for a total transaction of $6,660,000.00. Following the completion of the transaction, the chief financial officer now directly owns 2,852 shares of the company’s stock, valued at $949,716. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP M Kathryn Fink sold 7,347 shares of the company’s stock in a transaction dated 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 directly owns 10,042 shares in the company, valued at $3,685,213.16. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 220,068 shares of company stock worth $71,811,372 over the last three months. Company insiders own 5.90% of the company’s stock.

Institutional Trading of Stryker

A number of hedge funds and other institutional investors have recently made changes to their positions in SYK. Centennial Bank AR grew its holdings in Stryker by 106.7% during the 2nd quarter. Centennial Bank AR now owns 93 shares of the medical technology company’s stock worth $32,000 after acquiring an additional 48 shares during the last quarter. Central Pacific Bank Trust Division acquired a new position in shares of Stryker during the first quarter worth approximately $39,000. HBW Advisory Services LLC bought a new stake in shares of Stryker during the third quarter valued at approximately $42,000. Grove Bank & Trust increased its holdings in shares of Stryker by 84.8% in the third quarter. Grove Bank & Trust now owns 122 shares of the medical technology company’s stock valued at $44,000 after purchasing an additional 56 shares in the last quarter. Finally, DT Investment Partners LLC raised its position in Stryker by 114.3% in the 3rd quarter. DT Investment Partners LLC now owns 135 shares of the medical technology company’s stock worth $49,000 after purchasing an additional 72 shares during the last quarter. 77.09% of the stock is currently owned by institutional investors and hedge funds.

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.