Stryker (NYSE:SYK – Get Rating) issued its quarterly earnings data on Tuesday. The medical technology company reported $3.00 earnings per share for the quarter, beating analysts’ consensus estimates of $2.84 by $0.16, RTT News reports. The firm had revenue of $5.20 billion during the quarter, compared to analyst estimates of $4.97 billion. Stryker had a return on equity of 22.70% and a net margin of 12.78%. Stryker’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the firm earned $2.71 EPS. Stryker updated its FY23 guidance to $9.85-10.15 EPS and its FY 2023 guidance to $9.85-$10.15 EPS.
Stryker Trading Up 9.9 %
Shares of SYK stock opened at $278.95 on Thursday. The firm has a market capitalization of $105.56 billion, a PE ratio of 45.21, a price-to-earnings-growth ratio of 2.83 and a beta of 0.93. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 2.04. Stryker has a 1 year low of $188.84 and a 1 year high of $280.46. The stock has a fifty day moving average of $246.81 and a two-hundred day moving average of $225.74.
Stryker Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 31st. Shareholders of record on Friday, December 30th were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, December 29th. This represents a $3.00 annualized dividend and a yield of 1.08%. This is an increase from Stryker’s previous quarterly dividend of $0.70. Stryker’s payout ratio is presently 48.62%.
Insider Activity at Stryker
In other Stryker news, Director Srikant M. Datar sold 300 shares of the business’s stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $212.36, for a total transaction of $63,708.00. Following the sale, the director now directly owns 4,861 shares in the company, valued at approximately $1,032,281.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Kevin Lobo sold 67,232 shares of Stryker stock in a transaction on Friday, December 2nd. The stock was sold at an average price of $239.68, for a total transaction of $16,114,165.76. Following the transaction, the chief executive officer now directly owns 80,770 shares in the company, valued at approximately $19,358,953.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Srikant M. Datar sold 300 shares of the firm’s stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $212.36, for a total value of $63,708.00. Following the transaction, the director now directly owns 4,861 shares of the company’s stock, valued at approximately $1,032,281.96. The disclosure for this sale can be found here. Insiders have sold a total of 79,139 shares of company stock worth $19,150,115 over the last ninety days. 6.70% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Stryker
Several large investors have recently made changes to their positions in SYK. Covestor Ltd raised its holdings in shares of Stryker by 41.4% in the 1st quarter. Covestor Ltd now owns 437 shares of the medical technology company’s stock worth $117,000 after purchasing an additional 128 shares in the last quarter. Fairfield Bush & CO. acquired a new position in Stryker in the first quarter worth approximately $131,000. Lumature Wealth Partners LLC increased its holdings in shares of Stryker by 79.7% in the first quarter. Lumature Wealth Partners LLC now owns 593 shares of the medical technology company’s stock valued at $159,000 after buying an additional 263 shares in the last quarter. Centaurus Financial Inc. boosted its stake in shares of Stryker by 20.2% during the 1st quarter. Centaurus Financial Inc. now owns 655 shares of the medical technology company’s stock worth $175,000 after acquiring an additional 110 shares in the last quarter. Finally, Summit Financial Group Inc. acquired a new position in shares of Stryker in the 3rd quarter worth $203,000. Institutional investors own 77.10% of the company’s stock.
Wall Street Analyst Weigh In
SYK has been the subject of a number of research analyst reports. BTIG Research lifted their price target on shares of Stryker from $268.00 to $281.00 and gave the stock a “buy” rating in a research note on Wednesday. Royal Bank of Canada increased their price target on shares of Stryker from $284.00 to $288.00 and gave the stock an “outperform” rating in a research report on Wednesday. Evercore ISI boosted their price objective on Stryker to $265.00 in a report on Tuesday, January 3rd. Robert W. Baird lifted their target price on Stryker from $240.00 to $287.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Cowen upped their price target on Stryker from $233.00 to $283.00 in a research report on Wednesday, December 14th. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $270.37.
About Stryker
Stryker Corp. operates as a medical technology company. It operates through the following segments: Orthopaedics & Spine and MedSurg & Neurotechnology. The Orthopaedics & Spine segment provides implants for use in total joint replacements, such as hip, knee, and shoulder, and trauma and extremities surgeries.
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