Canaccord Genuity Group Issues Positive Forecast for Stryker (NYSE:SYK) Stock Price

Stryker (NYSE:SYK) had its price objective hoisted by equities research analysts at Canaccord Genuity Group from $360.00 to $400.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the medical technology company’s stock. Canaccord Genuity Group’s target price suggests a potential upside of 10.48% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Barclays raised their price target on Stryker from $374.00 to $402.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. BTIG Research upped their target price on Stryker from $374.00 to $383.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Needham & Company LLC lifted their target price on Stryker from $393.00 to $409.00 and gave the company a “buy” rating in a research report on Wednesday. Royal Bank of Canada increased their target price on shares of Stryker from $386.00 to $400.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Wells Fargo & Company boosted their target price on shares of Stryker from $381.00 to $405.00 and gave the stock an “overweight” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $392.05.

Stryker Stock Performance

Shares of Stryker stock traded up $3.04 on Wednesday, hitting $362.05. The stock had a trading volume of 1,376,756 shares, compared to its average volume of 1,251,263. The stock has a market cap of $137.92 billion, a price-to-earnings ratio of 41.13, a price-to-earnings-growth ratio of 2.73 and a beta of 0.91. The business’s 50 day moving average is $359.43 and its two-hundred day moving average is $343.84. 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 has a twelve month low of $264.85 and a twelve month high of $374.63.

Stryker (NYSE:SYK) last announced its earnings results 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 for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the business posted $2.46 EPS. The business’s revenue was up 11.9% compared to the same quarter last year. Analysts forecast that Stryker will post 12 EPS for the current year.

Insider Activity

In other news, Director Ronda E. Stryker sold 190,000 shares of Stryker stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $323.46, for a total value of $61,457,400.00. Following the completion of the transaction, the director now directly owns 3,316,608 shares of the company’s stock, valued at approximately $1,072,790,023.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Stryker news, VP M Kathryn Fink sold 2,121 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $370.00, for a total value of $784,770.00. Following the completion of the sale, the vice president now directly owns 10,042 shares in the company, valued at approximately $3,715,540. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ronda E. Stryker sold 190,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $323.46, for a total transaction of $61,457,400.00. Following the transaction, the director now owns 3,316,608 shares in the company, valued at $1,072,790,023.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 220,068 shares of company stock valued at $71,811,372. 5.90% of the stock is currently owned by insiders.

Institutional Trading of Stryker

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Centennial Bank AR increased its stake in Stryker by 106.7% during the 2nd quarter. Centennial Bank AR now owns 93 shares of the medical technology company’s stock valued at $32,000 after purchasing an additional 48 shares in the last quarter. Central Pacific Bank Trust Division bought a new stake in shares of Stryker during the first quarter worth about $39,000. HBW Advisory Services LLC acquired a new stake in shares of Stryker in the 3rd quarter worth about $42,000. Grove Bank & Trust boosted its stake in Stryker by 84.8% during the 3rd 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 during the last quarter. Finally, DT Investment Partners LLC increased its holdings in Stryker by 114.3% during 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 in the last quarter. 77.09% of the stock is owned by institutional investors.

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.