Truist Financial Forecasts Strong Price Appreciation for Stryker (NYSE:SYK) Stock

Stryker (NYSE:SYK) had its price objective raised by Truist Financial from $380.00 to $409.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the medical technology company’s stock. Truist Financial’s target price points to a potential upside of 11.04% from the company’s current price.

Several other analysts also recently weighed in on the company. Evercore ISI lifted their price objective on Stryker from $380.00 to $384.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Robert W. Baird raised their price objective on Stryker from $378.00 to $405.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Wolfe Research initiated coverage on shares of Stryker in a research report on Tuesday, September 10th. They set an “outperform” rating and a $405.00 price target for the company. Citigroup increased their price objective on Stryker from $411.00 to $450.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Finally, Piper Sandler reissued an “overweight” rating and issued a $420.00 target price (up from $380.00) on shares of Stryker in a research report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Stryker has an average rating of “Moderate Buy” and an average price target of $405.80.

Stryker Price Performance

Shares of NYSE:SYK traded down $2.46 during mid-day trading on Wednesday, reaching $368.35. The stock had a trading volume of 80,191 shares, compared to its average volume of 1,253,750. The business’s 50 day moving average price is $374.31 and its 200 day moving average price is $355.57. Stryker has a 1 year low of $288.15 and a 1 year high of $398.20. The company has a market cap of $140.42 billion, a P/E ratio of 39.48, a price-to-earnings-growth ratio of 2.82 and a beta of 0.94. The company has a current ratio of 1.91, a quick ratio of 1.22 and a debt-to-equity ratio of 0.66.

Stryker (NYSE:SYK) last posted its quarterly earnings data on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.77 by $0.10. The business had revenue of $5.49 billion during the quarter, compared to analyst estimates of $5.37 billion. Stryker had a return on equity of 23.07% and a net margin of 16.34%. The company’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same period last year, the company earned $2.46 EPS. Research analysts expect that Stryker will post 12.06 EPS for the current fiscal year.

Insider Transactions at Stryker

In related news, CEO Kevin Lobo sold 57,313 shares of the business’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 transaction of $21,131,303.10. Following the completion of the sale, the chief executive officer now directly owns 100,027 shares in the company, valued at approximately $36,879,954.90. The trade was a 36.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Stryker

A number of hedge funds have recently modified their holdings of the business. Retirement Systems of Alabama lifted its stake in Stryker by 0.9% in the 3rd quarter. Retirement Systems of Alabama now owns 75,427 shares of the medical technology company’s stock worth $27,249,000 after purchasing an additional 637 shares in the last quarter. Oddo BHF Asset Management Sas purchased a new position in Stryker during the third quarter worth approximately $8,907,000. Synovus Financial Corp boosted its stake in Stryker by 17.4% during the third quarter. Synovus Financial Corp now owns 14,797 shares of the medical technology company’s stock worth $5,346,000 after buying an additional 2,191 shares during the last quarter. Tidal Investments LLC grew its holdings in Stryker by 13.9% in the 3rd quarter. Tidal Investments LLC now owns 17,478 shares of the medical technology company’s stock valued at $6,314,000 after buying an additional 2,139 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB increased its stake in shares of Stryker by 13.6% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 44,795 shares of the medical technology company’s stock worth $16,183,000 after acquiring an additional 5,361 shares during the last quarter. 77.09% of the stock is currently owned by institutional investors and hedge funds.

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.