Stryker (NYSE:SYK) Given New $435.00 Price Target at Canaccord Genuity Group

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

A number of other research analysts also recently issued reports on the company. Citigroup boosted their price objective on Stryker from $411.00 to $450.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. JMP Securities reaffirmed a “market perform” rating on shares of Stryker in a research note on Tuesday, January 7th. UBS Group lifted their target price on Stryker from $366.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Barclays upped their price objective on shares of Stryker from $402.00 to $418.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Finally, Morgan Stanley raised Stryker from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $370.00 to $445.00 in a research report on Monday, December 2nd. Five equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $413.45.

Stryker Price Performance

Shares of SYK opened at $390.98 on Wednesday. The business has a 50-day simple moving average of $376.44 and a two-hundred day simple moving average of $361.98. Stryker has a 12-month low of $314.05 and a 12-month high of $406.19. The company has a quick ratio of 1.22, a current ratio of 1.91 and a debt-to-equity ratio of 0.66. The stock has a market cap of $149.05 billion, a PE ratio of 41.91, a PEG ratio of 2.68 and a beta of 0.95.

Stryker (NYSE:SYK) last posted its quarterly earnings data on Tuesday, January 28th. The medical technology company reported $4.01 earnings per share for the quarter, beating analysts’ consensus estimates of $3.87 by $0.14. Stryker had a return on equity of 23.07% and a net margin of 16.34%. During the same period in the prior year, the business earned $3.46 earnings per share. Analysts anticipate that Stryker will post 12.06 earnings per share for the current fiscal year.

Stryker Increases Dividend

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

Insider Activity

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 value of $21,131,303.10. Following the completion of the sale, the chief executive officer now owns 100,027 shares in the company, valued at $36,879,954.90. The trade was a 36.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Stryker

Several institutional investors and hedge funds have recently made changes to their positions in SYK. Parnassus Investments LLC purchased a new stake in Stryker during the 3rd quarter valued at about $762,798,000. International Assets Investment Management LLC boosted its stake in shares of Stryker by 66,967.5% during the 3rd quarter. International Assets Investment Management LLC now owns 853,769 shares of the medical technology company’s stock valued at $308,433,000 after purchasing an additional 852,496 shares in the last quarter. RTW Investments LP bought a new stake in Stryker during the 3rd quarter valued at approximately $143,392,000. State Street Corp grew its stake in Stryker by 2.2% in 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 purchasing an additional 316,404 shares during the period. Finally, FMR LLC grew its position in shares of Stryker by 3.0% in the 3rd quarter. FMR LLC now owns 7,306,994 shares of the medical technology company’s stock worth $2,639,725,000 after buying an additional 215,782 shares during the period. 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.