Stryker Co. (NYSE:SYK) Increases Dividend to $0.84 Per Share

Stryker Co. (NYSE:SYK - Get Free Report) declared a quarterly dividend on Tuesday, December 10th,RTT News reports. Shareholders of record on Tuesday, December 31st will be paid a dividend of 0.84 per share by the medical technology company on Friday, January 31st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.88%. This is an increase from Stryker's previous quarterly dividend of $0.80.

Stryker has increased its dividend by an average of 9.0% per year over the last three years and has raised its dividend every year for the last 31 years. Stryker has a dividend payout ratio of 23.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Stryker to earn $13.55 per share next year, which means the company should continue to be able to cover its $3.20 annual dividend with an expected future payout ratio of 23.6%.

Stryker Price Performance

Shares of Stryker stock traded up $1.76 during midday trading on Tuesday, reaching $382.87. The company had a trading volume of 1,281,748 shares, compared to its average volume of 1,262,002. The stock has a fifty day simple moving average of $371.49 and a 200 day simple moving average of $354.02. Stryker has a 1-year low of $285.79 and a 1-year high of $398.20. The company has a current ratio of 1.91, a quick ratio of 1.22 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $145.96 billion, a price-to-earnings ratio of 41.02, a price-to-earnings-growth ratio of 2.90 and a beta of 0.94.

Stryker (NYSE:SYK - Get Free Report) last released its earnings results on Tuesday, October 29th. The medical technology company reported $2.87 earnings per share for the quarter, topping analysts' consensus estimates of $2.77 by $0.10. The company had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.37 billion. Stryker had a return on equity of 23.07% and a net margin of 16.34%. The firm's quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.46 earnings per share. As a group, equities research analysts forecast that Stryker will post 12.06 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SYK shares. Canaccord Genuity Group raised their price objective on shares of Stryker from $360.00 to $400.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Truist Financial lifted their price objective on Stryker from $370.00 to $380.00 and gave the stock a "hold" rating in a research note on Wednesday, October 30th. Needham & Company LLC upped their price objective on Stryker from $393.00 to $409.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Piper Sandler restated an "overweight" rating and set a $420.00 target price (up previously from $380.00) on shares of Stryker in a report on Wednesday, October 30th. Finally, Royal Bank of Canada upped their price target on Stryker from $386.00 to $400.00 and gave the company an "outperform" rating in a research note on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $398.40.

Insider Transactions at Stryker

In other Stryker news, VP M Kathryn Fink sold 2,121 shares of Stryker stock in a transaction on Friday, September 13th. The shares were sold at an average price of $370.00, for a total value of $784,770.00. Following the sale, the vice president now directly owns 10,042 shares in the company, valued at approximately $3,715,540. The trade was a 17.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kevin Lobo sold 57,313 shares of the business's stock in a transaction dated 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 sale, the chief executive officer now directly owns 100,027 shares in the company, valued at $36,879,954.90. This trade represents a 36.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,781 shares of company stock valued at $24,612,275 over the last three months. Company insiders own 5.50% 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.