Canaccord Genuity Group Forecasts Strong Price Appreciation for Stryker (NYSE:SYK) Stock

Stryker (NYSE:SYK) had its price objective hoisted by Canaccord Genuity Group from $420.00 to $435.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the medical technology company’s stock.

SYK has been the topic of a number of other research reports. Morgan Stanley upgraded shares of Stryker from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $370.00 to $445.00 in a research note on Monday, December 2nd. Wells Fargo & Company boosted their target price on Stryker from $405.00 to $427.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. increased their price objective on shares of Stryker from $375.00 to $420.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Barclays lifted their target price on Stryker from $402.00 to $418.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $442.00 price target on shares of Stryker in a report on Tuesday, January 7th. Five equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $413.45.

Stryker Stock Down 1.1 %

Shares of Stryker stock opened at $390.98 on Wednesday. The company’s 50 day moving average is $376.44 and its 200 day moving average is $361.98. The company has a market cap of $149.05 billion, a price-to-earnings ratio of 41.91, a price-to-earnings-growth ratio of 2.68 and a beta of 0.95. 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 has a twelve month low of $314.05 and a twelve month high of $406.19.

Stryker (NYSE:SYK) last issued its quarterly earnings data on Tuesday, January 28th. The medical technology company reported $4.01 earnings per share for the quarter, topping the consensus estimate of $3.87 by $0.14. Stryker had a net margin of 16.34% and a return on equity of 23.07%. During the same period in the previous year, the firm posted $3.46 EPS. Research analysts anticipate that Stryker will post 12.06 EPS for the current year.

Stryker Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be given a $0.84 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.86%. This is an increase from Stryker’s previous quarterly dividend of $0.80. Stryker’s payout ratio is presently 36.01%.

Insider Activity

In other news, CEO Kevin Lobo sold 57,313 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $368.70, for a total transaction of $21,131,303.10. Following the sale, the chief executive officer now directly owns 100,027 shares of the company’s stock, valued at $36,879,954.90. The trade was a 36.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SYK. Zhang Financial LLC lifted its holdings in shares of Stryker by 55.0% in the 4th quarter. Zhang Financial LLC now owns 114,889 shares of the medical technology company’s stock valued at $41,366,000 after buying an additional 40,784 shares during the period. Dale Q Rice Investment Management Ltd purchased a new position in shares of Stryker during the 4th quarter valued at approximately $587,000. Berkshire Bank grew its position in shares of Stryker by 13.8% in the fourth quarter. Berkshire Bank now owns 8,489 shares of the medical technology company’s stock valued at $3,056,000 after purchasing an additional 1,030 shares during the period. PFW Advisors LLC acquired a new stake in Stryker in the 4th quarter worth about $1,350,000. Finally, Traynor Capital Management Inc. acquired a new stake in shares of Stryker in the fourth quarter worth approximately $324,000. 77.09% of the stock is owned by institutional investors and hedge funds.

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.