Zacks Investment Research cut shares of Stryker Corporation (NYSE:SYK) from a hold rating to a sell rating in a research report released on Monday, October 16th.
According to Zacks, “Stryker announced the voluntary product recall of the Oral Care lineup recently. The recall is likely to adversely impact the company’s sales and operating income. Moreover, volatility in foreign currency exchange is likely to impede revenue growth. Stryker also faces supply-side headwinds and has been grappling with issues in the spine business for long. On a positive note, Stryker exited the second quarter on a solid note, beating the Zacks Consensus Estimate on both counts. Solid performance in the MAKO platform drove revenues. An upbeat guidance for the full year instills investor confidence on the stock. Stryker has a diversified product portfolio. Continued strong demand for hemorrhagic and ischemic stroke products and neuro-powered instruments boosted sales in the neurotechnology segment. Stryker has had an impressive run on the bourse over the last year, trading above the broader industry.”
A number of other equities analysts also recently commented on the company. Morgan Stanley lifted their price target on Stryker Corporation from $145.00 to $155.00 and gave the stock an overweight rating in a research note on Wednesday, June 21st. Royal Bank Of Canada reissued a buy rating and issued a $155.00 target price on shares of Stryker Corporation in a report on Friday, September 1st. Argus reissued a buy rating and issued a $160.00 target price on shares of Stryker Corporation in a report on Tuesday, August 29th. Cantor Fitzgerald began coverage on shares of Stryker Corporation in a report on Thursday, June 29th. They issued a neutral rating and a $153.00 target price on the stock. Finally, BMO Capital Markets reissued a hold rating and issued a $140.00 target price on shares of Stryker Corporation in a report on Tuesday, July 11th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $150.86.
Stryker Corporation (NYSE SYK) opened at 159.74 on Monday. The company has a market cap of $59.75 billion, a P/E ratio of 35.66 and a beta of 0.80. Stryker Corporation has a 12 month low of $106.48 and a 12 month high of $160.62. The firm has a 50-day moving average price of $144.88 and a 200 day moving average price of $141.56.
Stryker Corporation (NYSE:SYK) last posted its quarterly earnings results on Thursday, October 26th. The medical technology company reported $1.52 EPS for the quarter, topping the Zacks’ consensus estimate of $1.50 by $0.02. The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.97 billion. Stryker Corporation had a return on equity of 24.52% and a net margin of 14.67%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the firm earned $1.39 earnings per share. Equities research analysts predict that Stryker Corporation will post $6.44 EPS for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be issued a dividend of $0.425 per share. This represents a $1.70 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend is Thursday, September 28th. Stryker Corporation’s dividend payout ratio is currently 36.32%.
In related news, insider Graham A. Mclean sold 1,124 shares of Stryker Corporation stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $146.26, for a total value of $164,396.24. Following the completion of the sale, the insider now owns 8,983 shares of the company’s stock, valued at approximately $1,313,853.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Lonny J. Carpenter sold 5,000 shares of Stryker Corporation stock in a transaction on Friday, August 4th. The shares were sold at an average price of $146.36, for a total transaction of $731,800.00. Following the completion of the sale, the insider now directly owns 88,207 shares of the company’s stock, valued at approximately $12,909,976.52. The disclosure for this sale can be found here. Insiders own 7.40% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Acrospire Investment Management LLC acquired a new position in Stryker Corporation during the 2nd quarter worth $111,000. Motco lifted its position in Stryker Corporation by 50.7% during the 2nd quarter. Motco now owns 826 shares of the medical technology company’s stock worth $115,000 after acquiring an additional 278 shares during the last quarter. Bollard Group LLC lifted its position in Stryker Corporation by 0.4% during the 2nd quarter. Bollard Group LLC now owns 832 shares of the medical technology company’s stock worth $115,000 after acquiring an additional 3 shares during the last quarter. Bruderman Asset Management LLC acquired a new position in Stryker Corporation during the 2nd quarter worth $150,000. Finally, James Investment Research Inc. acquired a new position in Stryker Corporation during the 2nd quarter worth $155,000. 74.09% of the stock is owned by hedge funds and other institutional investors.
About Stryker Corporation
Stryker Corporation is a medical technology company. The Company offers a range of medical technologies, including orthopedic, medical and surgical, and neurotechnology and spine products. The Company’s segments include Orthopaedics; MedSurg; Neurotechnology and Spine, and Corporate and Other. The Orthopaedics segment includes reconstructive (hip and knee) and trauma implant systems and other related products.
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