Piper Sandler Forecasts Strong Price Appreciation for Stryker (NYSE:SYK) Stock

Stryker (NYSE:SYK) had its price target boosted by Piper Sandler from $325.00 to $350.00 in a report released on Monday, Benzinga reports. The firm currently has an “overweight” rating on the medical technology company’s stock. Piper Sandler‘s target price indicates a potential upside of 7.60% from the company’s current price.

Several other research firms have also commented on SYK. Wells Fargo & Company dropped their target price on Stryker from $418.00 to $348.00 and set an “overweight” rating for the company in a research note on Wednesday, September 9th. Robert W. Baird lowered their price target on Stryker from $385.00 to $334.00 in a report on Friday, October 30th. The Goldman Sachs Group dropped their price objective on shares of Stryker from $363.00 to $339.00 and set a “neutral” rating for the company in a research note on Tuesday, July 14th. Royal Bank Of Canada cut their price objective on shares of Stryker from $420.00 to $375.00 and set an “outperform” rating on the stock in a report on Friday, October 30th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Stryker from $315.00 to $275.00 and set a “hold” rating on the stock in a research report on Friday, October 30th. Twenty-one investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $342.19.

Stryker Stock Down 0.2%

SYK stock opened at $325.26 on Monday. The stock has a market capitalization of $123.83 billion, a P/E ratio of 34.64, a PEG ratio of 2.24 and a beta of 0.78. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.30 and a current ratio of 2.18. Stryker has a one year low of $267.00 and a one year high of $389.33. The company has a 50 day moving average price of $292.37 and a two-hundred day moving average price of $323.59.

Stryker (NYSE:SYK) last issued its quarterly earnings results on Thursday, October 29th. The medical technology company reported $3.52 earnings per share for the quarter, missing analysts’ consensus estimates of $3.55 by ($0.03). Stryker had a return on equity of 23.74% and a net margin of 13.78%. The business had revenue of $6.52 billion for the quarter, compared to analysts’ expectations of $6.62 billion. During the same period in the prior year, the company earned $3.19 EPS. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, sell-side analysts expect that Stryker will post 14.84 EPS for the current year.

Insider Transactions at Stryker

In related news, insider Debra King sold 826 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $336.30, for a total transaction of $277,783.80. Following the sale, the insider directly owned 6,210 shares in the company, valued at approximately $2,088,423. This trade represents a 11.74% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Dylan Crotty sold 441 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $328.61, for a total value of $144,917.01. Following the transaction, the insider directly owned 6,102 shares in the company, valued at $2,005,178.22. This trade represents a 6.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 351,267 shares of company stock valued at $118,197,701 over the last quarter. Company insiders own 4.60% of the company’s stock.

Hedge Funds Weigh In On Stryker

A number of institutional investors and hedge funds have recently bought and sold shares of SYK. Gables Capital Management Inc. acquired a new stake in Stryker during the 2nd quarter valued at $25,000. Kilter Group LLC acquired a new position in Stryker in the 2nd quarter worth $25,000. Highland Investment Advisors LLC purchased a new position in Stryker in the 2nd quarter valued at about $25,000. Cornerstone Financial Management LLC boosted its position in Stryker by 66.0% in the 2nd quarter. Cornerstone Financial Management LLC now owns 78 shares of the medical technology company’s stock valued at $25,000 after buying an additional 31 shares during the last quarter. Finally, Compass Financial Management LLC acquired a new stake in shares of Stryker during the second quarter valued at about $27,000. Hedge funds and other institutional investors own 77.09% of the company’s stock.

About Stryker

Stryker is a medical technology company that develops and sells products and services for healthcare providers. Its offerings include orthopedic implants and surgical equipment, neurotechnology and spine products, and medical and surgical equipment used in hospitals and other care settings.

The company’s products also include patient-handling and emergency medical equipment, as well as instruments and technologies that support surgical procedures. Stryker serves healthcare customers in the United States and internationally.

Founded in 1941 by orthopedic surgeon Dr.