Wells Fargo & Company Forecasts Strong Price Appreciation for Stryker (NYSE:SYK) Stock

Stryker (NYSE:SYK - Free Report) had its price target increased by Wells Fargo & Company from $427.00 to $435.00 in a research note released on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the medical technology company's stock.

A number of other research analysts have also issued reports on SYK. Morgan Stanley upgraded shares of Stryker from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $370.00 to $445.00 in a research report on Monday, December 2nd. Truist Financial increased their target price on Stryker from $380.00 to $409.00 and gave the company a "hold" rating in a research report on Wednesday, December 18th. UBS Group lifted their target price on Stryker from $366.00 to $370.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. StockNews.com cut Stryker from a "buy" rating to a "hold" rating in a research note on Wednesday, January 22nd. Finally, Evercore ISI upped their target price on Stryker from $380.00 to $384.00 and gave the company an "outperform" rating in a report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. According to MarketBeat.com, Stryker presently has a consensus rating of "Moderate Buy" and an average price target of $416.40.

Stryker Stock Down 0.2 %

SYK traded down $0.59 during trading on Wednesday, hitting $390.48. The company had a trading volume of 1,681,743 shares, compared to its average volume of 1,603,255. The firm's 50-day moving average price is $376.55 and its 200 day moving average price is $362.18. Stryker has a one year low of $314.93 and a one year high of $406.19. The company has a market capitalization of $148.86 billion, a PE ratio of 41.85, a PEG 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 (NYSE:SYK - Get Free Report) last released 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 quarter last year, the firm posted $3.46 EPS. As a group, equities analysts expect that Stryker will post 12.06 earnings per share for the current year.

Stryker Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 0.86%. This is a positive change from Stryker's previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Tuesday, December 31st. Stryker's dividend payout ratio is presently 36.01%.

Insider Buying and Selling at Stryker

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 owns 100,027 shares in the company, valued at approximately $36,879,954.90. The trade was a 36.43 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Stryker

A number of hedge funds have recently bought and sold shares of the company. Parnassus Investments LLC bought a new position in shares of Stryker in the 3rd quarter valued at about $762,798,000. International Assets Investment Management LLC grew its stake in Stryker by 66,967.5% in the third quarter. International Assets Investment Management LLC now owns 853,769 shares of the medical technology company's stock worth $308,433,000 after purchasing an additional 852,496 shares in the last quarter. RTW Investments LP purchased a new stake in Stryker in the third quarter worth about $143,392,000. State Street Corp boosted 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 purchasing an additional 316,404 shares in the last quarter. Finally, FMR LLC boosted its position in Stryker by 3.0% during the third quarter. FMR LLC now owns 7,306,994 shares of the medical technology company's stock valued at $2,639,725,000 after purchasing an additional 215,782 shares in the last quarter. Hedge funds and other 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.