Stryker (NYSE:SYK) Announces Quarterly Earnings Results

Stryker (NYSE:SYK) issued its quarterly earnings results on Tuesday. The medical technology company reported $2.87 earnings per share for the quarter, beating analysts’ consensus estimates of $2.78 by $0.09, Briefing.com reports. 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 period last year, the company posted $2.46 EPS. Stryker’s quarterly revenue was up 11.9% compared to the same quarter last year. Stryker updated its FY 2024 guidance to 12.000-12.100 EPS.

Stryker Price Performance

Shares of NYSE:SYK traded up $6.07 on Wednesday, hitting $365.08. The company had a trading volume of 617,184 shares, compared to its average volume of 1,247,826. The business has a 50 day moving average of $359.43 and a 200 day moving average of $343.84. The company has a current ratio of 1.68, a quick ratio of 0.95 and a debt-to-equity ratio of 0.51. The company has a market cap of $139.08 billion, a PE ratio of 41.76, a PEG ratio of 2.73 and a beta of 0.91. Stryker has a 52-week low of $264.85 and a 52-week high of $374.63.

Stryker Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date of this dividend is Monday, September 30th. Stryker’s payout ratio is currently 36.53%.

Analyst Ratings Changes

SYK has been the topic of several research reports. Robert W. Baird raised their price target on shares of Stryker from $378.00 to $405.00 and gave the stock an “outperform” rating in a research note on Wednesday. BTIG Research lifted their price objective on Stryker from $374.00 to $383.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Morgan Stanley upped their target price on Stryker from $345.00 to $350.00 and gave the company an “equal weight” rating in a report on Monday, July 15th. Evercore ISI lifted their price target on Stryker from $365.00 to $380.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Finally, Stifel Nicolaus dropped their price objective on shares of Stryker from $375.00 to $365.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Four investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $383.42.

Insiders Place Their Bets

In other news, CFO Glenn S. Boehnlein sold 20,000 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $333.00, for a total transaction of $6,660,000.00. Following the completion of the sale, the chief financial officer now owns 2,852 shares in the company, valued at approximately $949,716. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP M Kathryn Fink sold 7,347 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $366.98, for a total transaction of $2,696,202.06. Following the completion of the sale, the vice president now directly owns 10,042 shares of the company’s stock, valued at approximately $3,685,213.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Glenn S. Boehnlein sold 20,000 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $333.00, for a total value of $6,660,000.00. Following the sale, the chief financial officer now owns 2,852 shares of the company’s stock, valued at $949,716. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 220,068 shares of company stock valued at $71,811,372. Insiders own 5.90% 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.