Stryker Corporation (NYSE:SYK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage presently has a $163.00 price target on the medical technology company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 12.13% from the company’s current price.
According to Zacks, “We believe Stryker's innovative product pipeline will be a key catalyst in the near term. Additionally, growing adoption of MAKO will drive sales in the orthopedic and reconstructive surgery market. Over the past six months, Stryker outperformed the broader industry trends with respect to price performance. Additionally, the acquisitions of Sage Products and Physio Control and the tie-up with Indo UK Institute of Health's Medicity Program are major positives. On the flip side, China might prove to be a challenging market for the company. Coming to supply-side headwinds, the company has been grappling with issues in the spine business for long. We believe this may prove to be a major drawback in the quarters ahead. Additionally, challenging global economic conditions raise concerns. Stryker ended the first quarter of 2017 on a solid note, squarely beating the Zacks Consensus Estimate.”
Other research analysts have also issued research reports about the company. Deutsche Bank AG reiterated a “buy” rating and issued a $148.00 price target (up previously from $135.00) on shares of Stryker Corporation in a report on Saturday, April 29th. BidaskClub lowered Stryker Corporation from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 13th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Stryker Corporation in a report on Monday, June 19th. Jefferies Group LLC reiterated a “hold” rating and issued a $132.00 price target on shares of Stryker Corporation in a report on Thursday, April 13th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $125.00 price target on shares of Stryker Corporation in a report on Tuesday, April 11th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and fourteen have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $138.36.
Shares of Stryker Corporation (NYSE SYK) opened at 145.37 on Monday. Stryker Corporation has a 1-year low of $106.48 and a 1-year high of $145.99. The firm has a 50-day moving average price of $141.81 and a 200 day moving average price of $132.64. The company has a market cap of $54.33 billion, a PE ratio of 32.67 and a beta of 0.79.
Stryker Corporation (NYSE:SYK) last announced its quarterly earnings results on Tuesday, April 25th. The medical technology company reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.05. The business had revenue of $2.96 billion for the quarter, compared to analyst estimates of $2.90 billion. Stryker Corporation had a return on equity of 24.26% and a net margin of 14.33%. The company’s quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.24 earnings per share. On average, equities analysts anticipate that Stryker Corporation will post $6.43 earnings per share for the current year.
In other Stryker Corporation news, insider David Floyd sold 7,381 shares of the firm’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $144.70, for a total value of $1,068,030.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Timothy J. Scannell sold 13,322 shares of the firm’s stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $135.89, for a total value of $1,810,326.58. The disclosure for this sale can be found here. Insiders have sold 40,008 shares of company stock worth $5,669,088 over the last quarter. 7.40% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in SYK. Personal Capital Advisors Corp purchased a new stake in Stryker Corporation during the first quarter worth about $267,000. British Columbia Investment Management Corp increased its stake in Stryker Corporation by 10.7% in the first quarter. British Columbia Investment Management Corp now owns 133,596 shares of the medical technology company’s stock worth $17,588,000 after buying an additional 12,871 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in Stryker Corporation by 462.7% in the first quarter. BNP Paribas Arbitrage SA now owns 252,230 shares of the medical technology company’s stock worth $33,206,000 after buying an additional 207,409 shares in the last quarter. Arrow Financial Corp increased its stake in Stryker Corporation by 36.6% in the first quarter. Arrow Financial Corp now owns 20,375 shares of the medical technology company’s stock worth $2,682,000 after buying an additional 5,460 shares in the last quarter. Finally, Paragon Wealth Strategies LLC increased its stake in Stryker Corporation by 5.8% in the first quarter. Paragon Wealth Strategies LLC now owns 1,832 shares of the medical technology company’s stock worth $241,000 after buying an additional 101 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.
About Stryker Corporation
Stryker Corporation is a medical technology company. The Company offers a range of medical technologies, including orthopedic, medical and surgical, and neurotechnology and spine products. The Company’s segments include Orthopaedics; MedSurg; Neurotechnology and Spine, and Corporate and Other. The Orthopaedics segment includes reconstructive (hip and knee) and trauma implant systems and other related products.
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