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. The Orthopaedics and Spine segment focuses on implants used in hip and knee joint replacements and trauma and extremity surgeries, and cervical, thoracolumbar, and interbody systems used in spinal injury, deformity, and degenerative therapies. The company was founded by Homer H. Stryker in 1941 and is headquartered in Kalamazoo, MI.
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These Stocks Are Moving the Most Today: Chegg, Arista, Uber, Pfizer, DuPont, and More
Stock futures were falling Tuesday ahead of the start of the Federal Reserve’s two-day policy-setting meeting and after Treasury Secretary Janet Yellen said the U.
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.
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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The Centers for Disease Control and Prevention has refuted claims that it’s planning to add the COVID-19 vaccine to immunization schedules for schoolchildren, saying that the authority for that decision lies with states and other local entities.
Carlson tweeted that the agency would make the vaccine mandatory in order for children to attend school, a claim the CDC quickly shot down. While an advisory committee to the CDC voted to recommend that the vaccine be added to immunization schedules, the CDC “only makes recommendations for use of vaccines, while school-entry vaccination requirements are determined by state or local jurisdictions,” CDC spokeswoman Kate Grusich told the AP.
Grusich explained that the action was meant to streamline clinical guidance for healthcare providers by adding COVID-19 vaccines to a single list of all currently licensed, authorized and routinely recommended vaccines.
“It’s important to note that there are no changes in COVID-19 vaccine policy,” she said.
The news comes as U.S. known cases of COVID are continuing to ease and now stand at their lowest level since mid-April, although the true tally is likely higher given how many people overall are testing at home, where data are not being collected.
The daily average for new cases stood at 38,077 on Thursday, according to a New York Times tracker, down 8% from two weeks ago. Cases are currently rising in 14 states, as well as Washington, D.C., and Puerto Rico.
The daily average for hospitalizations was down 2% to 26,669, although hospitalizations are rising in almost all northeastern states as cold weather arrives. The daily average for deaths was down 7% to 360.
• Pfizer PFE, +4.42%
is planning to sell the COVID vaccine it developed with German partner BioNTech BNTX, +9.88%
for $110 -$130 a dose once the U.S. market for COVID-19 shots becomes commercial, likely in the first quarter of next year, MarketWatch’s Jaimy Lee reported. Pfizer and BioNTech are currently paid $30.50 per vaccine dose by the U.S. government, which contracted with the companies, as well as with other vaccine makers like Moderna MRNA, +9.07% and Novavax NVAX, +11.35%,
and then made the COVID-19 shots available at no cost to people in the U.S. during the public-health emergency. The emergency declaration in the U.S. isn’t expected to be renewed next year, which will lead to the formation of an official commercial market for COVID-19 vaccines, tests and treatments.
• Johnson & Johnson JNJ, +1.91%
said the volume of surgical procedures is returning to prepandemic levels in many parts of the world, a trend that cheered Wall Street and could bode well for other medical-technology heavyweights like Stryker Corp. SYK, +0.57%
and Zimmer Biomet Holdings ZBH, +0.18%.
J&J, which reported earnings this week, said its medical-technology business had a “strong September,” with U.S. sales of hip and knee implants and other surgical devices rising 7.7% to $3.3 billion in the third quarter of the year. “We are seeing procedures recovering,” Ashley McEvoy, worldwide chair of J&J’s MedTech business, told investors during this week’s earnings call. “In the U.S., we started to see surgical procedures tick up, predominantly at the latter part of the quarter.”
The new bivalent vaccine might be the first step in developing annual COVID shots, which could follow a similar process to the one used to update flu vaccines every year. Here’s what that process looks like, and why applying it to COVID could be challenging. Illustration: Ryan Trefes
• “As China’s ruling Communist Party holds a congress this week, many Beijing residents are focused on an issue not on the formal agenda: Will the end of the meeting bring an easing of China’s at times draconian ‘zero-COVID’ policies that are disrupting lives and the economy?” the AP reported. It appears to be wishful thinking. As the world moves to a postpandemic lifestyle, many across China have resigned themselves to lining up several times a week for COVID tests, restrictions on travel to other regions and the ever-present possibility of a community lockdown.
• Fantasy Fest, a 10-day annual party, is kicking off in Key West, Fla., on Friday, with a full slate of events for the first time since the pandemic started, the AP reported. “Due to the COVID pandemic, this will be the first full Fantasy Fest since 2019,” the festival’s board chair, Steve Robbins, said. “So I know our guests and staff are excited about getting back to the real Fantasy Fest.” Dozens of themed events are set for the festival, including a nighttime parade Oct. 29 featuring floats and elaborately costumed marching groups. Participants are encouraged to draw costume ideas from the festival’s theme, “Cult Classics & Cartoon Chaos,” and to portray characters inspired by favorite cartoons and television or film productions with a cult following.
The U.S. leads the world with 97.2 million cases and 1,067,190 fatalities.
The Centers for Disease Control and Prevention’s tracker shows that 226.5 million people living in the U.S., equal to 68.2% of the total population, are fully vaccinated, meaning they have had their primary shots. Just 111.4 million have had a booster, equal to 49.1% of the vaccinated population, and 26.8 million of those who are eligible for a second booster have had one, equal to 40.6% of those who received a first booster.
The CDC reports that some 19.4 million people have had a dose of the updated bivalent booster that targets omicron and its subvariants along with the original virus.
