Stryker (NYSE:SYK) Price Target Raised to $450.00 at Citigroup

Stryker (NYSE:SYK) had its target price lifted by Citigroup from $411.00 to $450.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the medical technology company’s stock. Citigroup’s price target indicates a potential upside of 19.39% from the company’s current price.

A number of other brokerages also recently commented on SYK. BTIG Research lifted their price objective on shares of Stryker from $383.00 to $394.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Needham & Company LLC boosted their price target on shares of Stryker from $393.00 to $409.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Wells Fargo & Company raised their price objective on shares of Stryker from $405.00 to $427.00 and gave the stock an “overweight” rating in a research report on Wednesday. Truist Financial raised their target price on Stryker from $370.00 to $380.00 and gave the company a “hold” rating in a report on Wednesday, October 30th. Finally, Evercore ISI lifted their price target on Stryker from $380.00 to $384.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $402.70.

Stryker Price Performance

NYSE:SYK traded down $5.76 during mid-day trading on Wednesday, reaching $376.92. 631,863 shares of the company were exchanged, compared to its average volume of 1,259,148. The company has a fifty day moving average of $372.00 and a 200 day moving average of $354.36. The stock has a market cap of $143.69 billion, a PE ratio of 40.40, a PEG ratio of 2.90 and a beta of 0.94. Stryker has a 12 month low of $285.79 and a 12 month high of $398.20. The company has a quick ratio of 1.22, a current ratio of 1.91 and a debt-to-equity ratio of 0.66.

Stryker (NYSE:SYK) last issued 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 $2.77 by $0.10. Stryker had a return on equity of 23.07% and a net margin of 16.34%. The firm had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter last year, the business earned $2.46 earnings per share. The company’s revenue was up 11.9% compared to the same quarter last year. On average, research analysts anticipate that Stryker will post 12.06 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP M Kathryn Fink sold 7,347 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $366.98, for a total value 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 $3,685,213.16. The trade was a 42.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Kevin Lobo sold 57,313 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $368.70, for a total value of $21,131,303.10. Following the transaction, the chief executive officer now owns 100,027 shares in the company, valued at $36,879,954.90. This represents a 36.43 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,781 shares of company stock valued at $24,612,275. 5.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Stryker

Several institutional investors have recently added to or reduced their stakes in SYK. State Street Corp raised its position in Stryker by 2.2% during the third quarter. State Street Corp now owns 14,582,959 shares of the medical technology company’s stock worth $5,279,788,000 after acquiring an additional 316,404 shares during the last quarter. FMR LLC grew its position in shares of Stryker by 3.0% in the third quarter. FMR LLC now owns 7,306,994 shares of the medical technology company’s stock valued at $2,639,725,000 after purchasing an additional 215,782 shares during the period. Geode Capital Management LLC grew its holdings in Stryker by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 6,905,126 shares of the medical technology company’s stock valued at $2,484,893,000 after buying an additional 165,490 shares during the period. Clearbridge Investments LLC raised its stake in shares of Stryker by 2.9% in the 2nd quarter. Clearbridge Investments LLC now owns 2,323,452 shares of the medical technology company’s stock valued at $790,554,000 after acquiring an additional 66,482 shares during the period. Finally, Parnassus Investments LLC purchased a new stake in Stryker during the 3rd quarter worth $762,798,000. Institutional investors and hedge funds own 77.09% 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.