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

Stryker (NYSE:SYK) had its target price increased by analysts at Citigroup from $411.00 to $450.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the medical technology company’s stock. Citigroup’s target price would indicate a potential upside of 20.00% from the company’s previous close.

A number of other analysts have also commented on the company. UBS Group boosted their price objective on Stryker from $366.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Wolfe Research started coverage on Stryker in a report on Tuesday, September 10th. They set an “outperform” rating and a $405.00 price objective for the company. Piper Sandler reaffirmed an “overweight” rating and issued a $420.00 target price (up from $380.00) on shares of Stryker in a report on Wednesday, October 30th. Barclays upped their target price on Stryker from $402.00 to $418.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Finally, Needham & Company LLC upped their target price on Stryker from $393.00 to $409.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Three analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, Stryker currently has an average rating of “Moderate Buy” and an average price target of $404.35.

Stryker Stock Down 0.3 %

SYK stock opened at $375.01 on Wednesday. The stock’s 50 day simple moving average is $372.42 and its 200 day simple moving average is $354.51. Stryker has a fifty-two week low of $285.79 and a fifty-two week high of $398.20. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.22 and a current ratio of 1.91. The company has a market cap of $142.96 billion, a P/E ratio of 40.23, a price-to-earnings-growth ratio of 2.89 and a beta of 0.94.

Stryker (NYSE:SYK) last issued its quarterly earnings data on Tuesday, October 29th. The medical technology company reported $2.87 EPS for the quarter, topping analysts’ consensus estimates of $2.77 by $0.10. The firm 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 in the previous year, the company posted $2.46 EPS. On average, research analysts expect that Stryker will post 12.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Kevin Lobo sold 57,313 shares of the stock in a transaction 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 of the company’s stock, valued at $36,879,954.90. This represents a 36.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP M Kathryn Fink sold 7,347 shares of the 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 transaction, the vice president now directly owns 10,042 shares in the company, valued at approximately $3,685,213.16. This represents a 42.25 % decrease in their position. The disclosure for this sale can be found here. 5.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SYK. Parnassus Investments LLC bought a new position in Stryker in the third quarter valued at $762,798,000. International Assets Investment Management LLC grew its stake in shares of Stryker by 66,967.5% during the third quarter. International Assets Investment Management LLC now owns 853,769 shares of the medical technology company’s stock valued at $308,433,000 after buying an additional 852,496 shares during the last quarter. RTW Investments LP bought a new position in shares of Stryker during the third quarter valued at about $143,392,000. American Century Companies Inc. grew its stake in shares of Stryker by 287.6% during the second quarter. American Century Companies Inc. now owns 505,608 shares of the medical technology company’s stock valued at $172,033,000 after buying an additional 375,166 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Stryker by 2.2% during the third quarter. State Street Corp now owns 14,582,959 shares of the medical technology company’s stock valued at $5,279,788,000 after buying an additional 316,404 shares during the last quarter. Institutional investors 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.