Stryker (NYSE:SYK) Upgraded to "Buy" by Needham & Company LLC

Needham & Company LLC upgraded shares of Stryker (NYSE:SYK - Free Report) from a hold rating to a buy rating in a report released on Wednesday, MarketBeat Ratings reports. They currently have $392.00 price objective on the medical technology company's stock.

Several other equities analysts have also recently commented on SYK. Robert W. Baird upped their target price on shares of Stryker from $367.00 to $378.00 and gave the company an outperform rating in a research note on Wednesday, May 1st. UBS Group upped their price target on Stryker from $339.00 to $351.00 and gave the company a neutral rating in a report on Wednesday, May 1st. Citigroup lifted their price objective on Stryker from $362.00 to $406.00 and gave the stock a buy rating in a report on Wednesday, April 3rd. Piper Sandler upped their target price on Stryker from $375.00 to $380.00 and gave the company an overweight rating in a research note on Wednesday, May 1st. Finally, Barclays raised their target price on Stryker from $372.00 to $376.00 and gave the stock an overweight rating in a research report on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. According to MarketBeat.com, Stryker currently has a consensus rating of Moderate Buy and an average price target of $367.32.

Stryker Stock Performance

NYSE:SYK traded up $4.91 during midday trading on Wednesday, reaching $335.42. The stock had a trading volume of 1,515,387 shares, compared to its average volume of 1,336,249. The stock has a market capitalization of $127.78 billion, a P/E ratio of 38.29, a PEG ratio of 2.57 and a beta of 0.91. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.71 and a quick ratio of 0.99. Stryker has a 1-year low of $249.98 and a 1-year high of $361.41. The firm's fifty day simple moving average is $341.13 and its 200-day simple moving average is $323.29.

Stryker (NYSE:SYK - Get Free Report) last posted its quarterly earnings data on Tuesday, April 30th. The medical technology company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.14. The business had revenue of $5.24 billion during the quarter, compared to analysts' expectations of $5.10 billion. Stryker had a return on equity of 23.05% and a net margin of 16.03%. The firm's revenue was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.14 EPS. On average, equities research analysts forecast that Stryker will post 11.94 EPS for the current fiscal year.

Stryker Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, June 28th will be issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 0.95%. The ex-dividend date of this dividend is Friday, June 28th. Stryker's payout ratio is presently 36.53%.

Insider Activity

In other news, CAO William E. Berry, Jr. sold 7,690 shares of the company's stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $358.48, for a total transaction of $2,756,711.20. Following the transaction, the chief accounting officer now directly owns 3,675 shares in the company, valued at $1,317,414. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Stryker

Several large investors have recently made changes to their positions in the company. Aspen Investment Management Inc raised its holdings in Stryker by 0.7% in the first quarter. Aspen Investment Management Inc now owns 4,368 shares of the medical technology company's stock worth $1,563,000 after purchasing an additional 31 shares during the period. Harbor Investment Advisory LLC increased its position in shares of Stryker by 0.4% during the first quarter. Harbor Investment Advisory LLC now owns 6,982 shares of the medical technology company's stock worth $2,499,000 after acquiring an additional 31 shares in the last quarter. Proficio Capital Partners LLC raised its stake in shares of Stryker by 2.4% in the 1st quarter. Proficio Capital Partners LLC now owns 1,418 shares of the medical technology company's stock valued at $507,000 after purchasing an additional 33 shares during the period. Bremer Bank National Association raised its position in Stryker by 4.0% in the 4th quarter. Bremer Bank National Association now owns 888 shares of the medical technology company's stock valued at $266,000 after buying an additional 34 shares during the last quarter. Finally, Simon Quick Advisors LLC lifted its stake in Stryker by 3.0% in the 4th quarter. Simon Quick Advisors LLC now owns 1,158 shares of the medical technology company's stock valued at $347,000 after acquiring an additional 34 shares in the last quarter. Institutional investors and hedge funds own 77.09% of the company's stock.

Stryker Company Profile

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.