Stryker (NYSE:SYK) Price Target Raised to $350.00

Key Points

• Piper Sandler raised its Stryker price target from $325 to $350 and maintained an “overweight” rating, implying about 7.6% upside from the stock’s current price.
• Analyst sentiment is broadly positive: Stryker has a consensus “Moderate Buy” rating and an average price target of $342.19, based on 21 Buy and 7 Hold ratings.
• Stryker’s latest quarterly results fell slightly short of estimates, reporting EPS of $3.52 versus $3.55 expected and revenue of $6.52 billion versus $6.62 billion expected; revenue nevertheless grew 7.6% year over year.

Stryker (NYSE:SYK - Get Free Report) had its target price boosted by equities research analysts at Piper Sandler from $325.00 to $350.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has an "overweight" rating on the medical technology company's stock. Piper Sandler's target price suggests a potential upside of 7.60% from the company's current price.

Several other equities research analysts have also recently issued reports on SYK. Barclays lowered their target price on shares of Stryker from $375.00 to $365.00 and set an "overweight" rating on the stock in a research note on Friday, October 30th. Leerink Partners reduced their target price on shares of Stryker from $403.00 to $353.00 and set an "outperform" rating for the company in a research report on Friday, October 9th. Truist Financial reissued a "hold" rating and issued a $305.00 price target (down from $310.00) on shares of Stryker in a research note on Monday, November 2nd. JPMorgan Chase & Co. lowered their price target on shares of Stryker from $350.00 to $340.00 and set an "overweight" rating on the stock in a research report on Friday, October 30th. Finally, Wolfe Research cut shares of Stryker from an "outperform" rating to a "peer perform" rating in a research note on Thursday, August 13th. Twenty-one analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, Stryker presently has a consensus rating of "Moderate Buy" and an average target price of $342.19.

Stryker Stock Performance

NYSE SYK opened at $325.26 on Monday. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.18 and a quick ratio of 1.30. The stock's 50 day simple moving average is $292.37 and its 200-day simple moving average is $323.59. The company has a market cap of $123.83 billion, a PE ratio of 34.64, a price-to-earnings-growth ratio of 2.24 and a beta of 0.78. Stryker has a 1-year low of $267.00 and a 1-year high of $389.33.

Stryker (NYSE:SYK - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The medical technology company reported $3.52 EPS for the quarter, missing the consensus estimate of $3.55 by ($0.03). Stryker had a return on equity of 23.74% and a net margin of 13.78%. The firm had revenue of $6.52 billion for the quarter, compared to analysts' expectations of $6.62 billion. During the same quarter in the previous year, the firm posted $3.19 earnings per share. The firm's revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Stryker will post 14.84 EPS for the current fiscal year.

Insider Buying and Selling at Stryker

In related news, Director Ronda E. Stryker sold 50,000 shares of the firm's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $340.10, for a total transaction of $17,005,000.00. Following the completion of the sale, the director directly owned 2,251,375 shares of the company's stock, valued at approximately $765,692,637.50. This trade represents a 2.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Dylan Crotty sold 441 shares of the firm's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $328.61, for a total value of $144,917.01. Following the sale, the insider directly owned 6,102 shares of the company's stock, valued at $2,005,178.22. The trade was a 6.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 351,267 shares of company stock worth $118,197,701 over the last quarter. 4.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. State Street Corp raised its holdings in shares of Stryker by 1.2% in the second quarter. State Street Corp now owns 15,532,565 shares of the medical technology company's stock worth $4,903,772,000 after acquiring an additional 183,400 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Stryker by 0.6% during the second quarter. Wellington Management Group LLP now owns 8,167,185 shares of the medical technology company's stock valued at $2,571,357,000 after acquiring an additional 45,478 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of Stryker during the second quarter valued at $1,404,284,000. Royal Bank of Canada increased its position in Stryker by 6.5% during the 1st quarter. Royal Bank of Canada now owns 3,273,232 shares of the medical technology company's stock worth $1,075,552,000 after purchasing an additional 199,863 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Stryker by 21.8% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,689,376 shares of the medical technology company's stock worth $846,723,000 after purchasing an additional 481,175 shares in the last quarter. Institutional investors and hedge funds own 77.09% of the company's stock.

About Stryker

Stryker is a medical technology company that develops and sells products and services for healthcare providers. Its offerings include orthopedic implants and surgical equipment, neurotechnology and spine products, and medical and surgical equipment used in hospitals and other care settings.

The company's products also include patient-handling and emergency medical equipment, as well as instruments and technologies that support surgical procedures. Stryker serves healthcare customers in the United States and internationally.

Founded in 1941 by orthopedic surgeon Dr.

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