Truist Financial Issues Positive Forecast for Stryker (NYSE:SYK) Stock Price

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

Several other equities analysts have also recently commented on the stock. Morgan Stanley raised shares of Stryker from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $370.00 to $445.00 in a research note on Monday, December 2nd. Wells Fargo & Company increased their price objective on Stryker from $405.00 to $427.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Evercore ISI boosted their target price on Stryker from $380.00 to $384.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Canaccord Genuity Group raised their price target on Stryker from $360.00 to $400.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, BTIG Research boosted their price objective on Stryker from $383.00 to $394.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $405.80.

Stryker Stock Performance

Shares of SYK traded down $2.46 during mid-day trading on Wednesday, hitting $368.35. The stock had a trading volume of 80,191 shares, compared to its average volume of 1,253,750. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.91 and a quick ratio of 1.22. The firm has a market cap of $140.42 billion, a P/E ratio of 39.48, a PEG ratio of 2.82 and a beta of 0.94. Stryker has a 52 week low of $288.15 and a 52 week high of $398.20. The business has a fifty day moving average price of $374.31 and a 200-day moving average price of $355.57.

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

Insider Transactions at Stryker

In related news, CEO Kevin Lobo sold 57,313 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were 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 approximately $36,879,954.90. This trade represents a 36.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp increased its position 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 buying an additional 316,404 shares in the last quarter. FMR LLC lifted its stake in shares of Stryker by 3.0% during the 3rd quarter. FMR LLC now owns 7,306,994 shares of the medical technology company’s stock valued at $2,639,725,000 after buying an additional 215,782 shares in the last quarter. Geode Capital Management LLC raised its holdings in Stryker by 2.5% during the third quarter. Geode Capital Management LLC now owns 6,905,126 shares of the medical technology company’s stock valued at $2,484,893,000 after acquiring an additional 165,490 shares during the period. Clearbridge Investments LLC lifted its position in shares of Stryker by 2.9% in the second quarter. Clearbridge Investments LLC now owns 2,323,452 shares of the medical technology company’s stock valued at $790,554,000 after acquiring an additional 66,482 shares in the last quarter. Finally, Parnassus Investments LLC purchased a new stake in shares of Stryker during the third quarter worth about $762,798,000. Hedge funds and other institutional investors own 77.09% of the company’s stock.

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.