Truist Financial Cuts Stryker (NYSE:SYK) Price Target to $345.00

Stryker (NYSE:SYK) had its price objective cut by Truist Financial from $364.00 to $345.00 in a research note published on Thursday, Benzinga reports. They currently have a hold rating on the medical technology company’s stock.

A number of other analysts have also recently issued reports on the company. Robert W. Baird raised their price objective on Stryker from $367.00 to $378.00 and gave the company an outperform rating in a research report on Wednesday, May 1st. Evercore ISI lowered their target price on Stryker from $370.00 to $365.00 and set an outperform rating on the stock in a research note on Tuesday, July 2nd. Wells Fargo & Company increased their target price on Stryker from $364.00 to $381.00 and gave the stock an overweight rating in a research note on Wednesday, May 1st. TD Cowen raised their price objective on Stryker from $365.00 to $400.00 and gave the stock a buy rating in a research note on Thursday, April 11th. Finally, Morgan Stanley raised their price objective on Stryker from $345.00 to $350.00 and gave the stock an equal weight rating in a research note on Monday, July 15th. Four investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $373.11.

Stryker Trading Down 3.8 %

Shares of SYK traded down $12.66 during trading hours on Thursday, hitting $318.90. 1,215,726 shares of the stock traded hands, compared to its average volume of 1,320,909. The company has a current ratio of 1.68, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51. Stryker has a 1-year low of $249.98 and a 1-year high of $361.41. The firm has a market capitalization of $121.53 billion, a PE ratio of 37.85, a price-to-earnings-growth ratio of 2.56 and a beta of 0.89. The business has a fifty day moving average of $338.87 and a 200-day moving average of $339.97.

Stryker (NYSE:SYK) last released its quarterly earnings data on Tuesday, July 30th. The medical technology company reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.79 by $0.02. Stryker had a return on equity of 22.89% and a net margin of 16.12%. The business had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $5.40 billion. During the same quarter in the prior year, the company posted $2.54 earnings per share. The firm’s revenue was up 8.5% on a year-over-year basis. Analysts expect that Stryker will post 11.99 EPS for the current year.

Stryker Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, June 28th were paid a dividend of $0.80 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.00%. Stryker’s payout ratio is 36.53%.

Insider Activity at Stryker

In other Stryker news, CFO Glenn S. Boehnlein sold 20,000 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $333.00, for a total value of $6,660,000.00. Following the transaction, the chief financial officer now directly owns 2,852 shares in the company, valued at approximately $949,716. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Stryker

Several institutional investors and hedge funds have recently bought and sold shares of the business. Assenagon Asset Management S.A. lifted its position in Stryker by 1.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 8,820 shares of the medical technology company’s stock valued at $2,641,000 after purchasing an additional 103 shares in the last quarter. DAVENPORT & Co LLC boosted its position in shares of Stryker by 3.3% during the fourth quarter. DAVENPORT & Co LLC now owns 13,645 shares of the medical technology company’s stock valued at $4,086,000 after buying an additional 431 shares during the period. UMB Bank n.a. boosted its position in shares of Stryker by 1.0% during the fourth quarter. UMB Bank n.a. now owns 7,844 shares of the medical technology company’s stock valued at $2,349,000 after buying an additional 77 shares during the period. Venturi Wealth Management LLC boosted its position in shares of Stryker by 97.1% during the fourth quarter. Venturi Wealth Management LLC now owns 136 shares of the medical technology company’s stock valued at $41,000 after buying an additional 67 shares during the period. Finally, Trust Point Inc. purchased a new stake in shares of Stryker in the fourth quarter valued at approximately $569,000. Hedge funds and other institutional investors 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.