Stryker (NYSE:SYK) Price Target Raised to $448.00 at Needham & Company LLC

Key Points

• Needham & Company LLC has raised Stryker's price target to $448.00, indicating a potential upside of 13.89% from its previous close, while maintaining a "buy" rating.
• Stryker reported quarterly earnings of $3.13 per share, exceeding estimates, with revenue of $6.02 billion for the quarter, representing an 11.1% year-over-year increase.
• Research reports show a consensus of 16 buy ratings and 4 hold ratings for Stryker, with an average target price of $428.85.

Stryker (NYSE:SYK - Get Free Report) had its price target hoisted by Needham & Company LLC from $442.00 to $448.00 in a research report issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the medical technology company's stock. Needham & Company LLC's price target would indicate a potential upside of 13.89% from the company's previous close.

SYK has been the subject of several other reports. Citigroup reissued a "buy" rating and issued a $455.00 price objective (up from $443.00) on shares of Stryker in a report on Thursday, May 22nd. Roth Mkm upped their price target on shares of Stryker from $405.00 to $456.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Evercore ISI raised their price objective on shares of Stryker from $390.00 to $415.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Wall Street Zen upgraded shares of Stryker from a "hold" rating to a "buy" rating in a research note on Friday, July 18th. Finally, Sanford C. Bernstein set a $450.00 target price on shares of Stryker in a report on Monday, May 5th. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, Stryker currently has an average rating of "Moderate Buy" and an average target price of $428.85.

Stryker Trading Down 1.8%

Shares of Stryker stock opened at $393.37 on Friday. The company has a fifty day simple moving average of $387.43 and a 200-day simple moving average of $380.19. Stryker has a 12-month low of $314.93 and a 12-month high of $406.19. The company has a current ratio of 1.64, a quick ratio of 1.00 and a debt-to-equity ratio of 0.69. The stock has a market cap of $150.15 billion, a price-to-earnings ratio of 53.16, a PEG ratio of 2.97 and a beta of 0.91.

Stryker (NYSE:SYK - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The medical technology company reported $3.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.07 by $0.06. Stryker had a return on equity of 23.74% and a net margin of 12.31%. The company had revenue of $6.02 billion for the quarter, compared to analyst estimates of $5.92 billion. During the same quarter last year, the company posted $2.81 earnings per share. The business's quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities analysts forecast that Stryker will post 13.47 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Ronda E. Stryker sold 200,000 shares of Stryker stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $376.96, for a total transaction of $75,392,000.00. Following the completion of the transaction, the director directly owned 3,417,326 shares of the company's stock, valued at approximately $1,288,195,208.96. The trade was a 5.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 5.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Capital A Wealth Management LLC purchased a new position in Stryker during the 4th quarter valued at about $26,000. Mid American Wealth Advisory Group Inc. purchased a new position in shares of Stryker during the 2nd quarter worth approximately $26,000. Sachetta LLC raised its position in shares of Stryker by 58.7% during the 2nd quarter. Sachetta LLC now owns 73 shares of the medical technology company's stock worth $29,000 after purchasing an additional 27 shares during the last quarter. Goodman Advisory Group LLC purchased a new stake in Stryker in the 1st quarter valued at approximately $32,000. Finally, City Holding Co. grew its holdings in Stryker by 528.6% during the 1st quarter. City Holding Co. now owns 88 shares of the medical technology company's stock valued at $33,000 after buying an additional 74 shares during the last quarter. Hedge funds and other institutional investors 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.

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