Stryker Co. (NYSE:SYK – Get Rating) – Equities research analysts at Oppenheimer cut their Q2 2023 earnings estimates for shares of Stryker in a note issued to investors on Tuesday, May 2nd. Oppenheimer analyst S. Lichtman now expects that the medical technology company will earn $2.34 per share for the quarter, down from their previous forecast of $2.46. The consensus estimate for Stryker’s current full-year earnings is $10.02 per share. Oppenheimer also issued estimates for Stryker’s Q3 2023 earnings at $2.42 EPS, Q4 2023 earnings at $3.25 EPS, FY2023 earnings at $10.15 EPS and FY2024 earnings at $11.25 EPS.
A number of other brokerages also recently issued reports on SYK. Robert W. Baird increased their price target on shares of Stryker from $287.00 to $315.00 in a report on Tuesday. JPMorgan Chase & Co. lifted their target price on shares of Stryker from $285.00 to $315.00 in a research note on Tuesday. Morgan Stanley lifted their target price on shares of Stryker from $260.00 to $280.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 1st. BTIG Research lifted their target price on shares of Stryker from $299.00 to $313.00 in a research note on Tuesday. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and issued a $250.00 target price on shares of Stryker in a research note on Tuesday, March 28th. Eight analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $300.86.
Stryker Trading Down 2.3 %
Stryker (NYSE:SYK – Get Rating) last released its quarterly earnings data on Monday, May 1st. The medical technology company reported $2.14 EPS for the quarter, beating the consensus estimate of $2.00 by $0.14. The business had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.56 billion. Stryker had a net margin of 12.78% and a return on equity of 22.39%. The company’s revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.97 earnings per share.
Institutional Trading of Stryker
Institutional investors have recently made changes to their positions in the business. Norges Bank purchased a new position in Stryker during the 4th quarter valued at approximately $776,333,000. Moneta Group Investment Advisors LLC boosted its holdings in shares of Stryker by 109,726.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,139,948 shares of the medical technology company’s stock worth $767,686,000 after purchasing an additional 3,137,089 shares during the period. Cottage Street Advisors LLC boosted its holdings in shares of Stryker by 20,232.4% in the 4th quarter. Cottage Street Advisors LLC now owns 2,283,735 shares of the medical technology company’s stock worth $462,000 after purchasing an additional 2,272,503 shares during the period. Ontario Teachers Pension Plan Board boosted its holdings in shares of Stryker by 87,902.2% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 2,077,732 shares of the medical technology company’s stock worth $555,482,000 after purchasing an additional 2,075,371 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of Stryker by 106.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,758,239 shares of the medical technology company’s stock worth $670,435,000 after purchasing an additional 1,424,835 shares during the period. Hedge funds and other institutional investors own 77.10% of the company’s stock.
Insider Buying and Selling at Stryker
In other Stryker news, VP Robert S. Fletcher sold 3,000 shares of the stock in a transaction dated Friday, February 3rd. The stock was sold at an average price of $283.54, for a total value of $850,620.00. Following the transaction, the vice president now owns 6,636 shares of the company’s stock, valued at $1,881,571.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Viju Menon sold 2,161 shares of the firm’s stock in a transaction dated Thursday, February 9th. The stock was sold at an average price of $264.31, for a total value of $571,173.91. Following the transaction, the insider now owns 10,611 shares of the company’s stock, valued at $2,804,593.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Robert S. Fletcher sold 3,000 shares of the stock in a transaction dated Friday, February 3rd. The stock was sold at an average price of $283.54, for a total value of $850,620.00. Following the sale, the vice president now owns 6,636 shares of the company’s stock, valued at approximately $1,881,571.44. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 318,420 shares of company stock valued at $87,168,483. 5.90% of the stock is owned by company insiders.
Stryker Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, April 28th. Stockholders of record on Friday, March 31st were issued a dividend of $0.75 per share. The ex-dividend date was Thursday, March 30th. This represents a $3.00 annualized dividend and a dividend yield of 1.04%. Stryker’s payout ratio is 48.62%.
About Stryker
Stryker Corp. is a medical technology company, which engages in the provision of innovative products and services that help improve patient and healthcare outcomes. It operates under the MedSurg and Neurotechnology, and Orthopaedics and Spine segments. The MedSurg and Neurotechnology segment includes surgical equipment and navigation systems, endoscopic and communications systems, patient handling, emergency medical equipment, intensive care disposable products, clinical communication, workflow solutions, products for the treatment of acute ischemic and hemorrhagic stroke, traditional brain, and open skull based surgical procedures, orthobiologic, and biosurgery.
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