Stryker (SYK) Earns “Hold” Rating from Cantor Fitzgerald
Cantor Fitzgerald reaffirmed their hold rating on shares of Stryker (NYSE:SYK) in a research note issued to investors on Wednesday. The firm currently has a $170.00 price target on the medical technology company’s stock.
“. This morning (6/11), Journal reported that SYK made a takeover approach of Boston Scientific (Not Covered). Trading on both stocks was halted for a period of time during the day. BSX released an 8-K saying that it was aware of the story, but in accordance with company practice, it does not comment on market rumors or speculation. SYK made similar comment when we reached out directly to them. We view SYK’s potential interest positively, although as somewhat unexpected.”,” Cantor Fitzgerald’s analyst commented.
Several other equities research analysts have also commented on SYK. Morgan Stanley increased their price objective on shares of Stryker from $179.00 to $186.00 and gave the company an overweight rating in a research note on Monday, February 26th. Citigroup upgraded shares of Stryker from a sell rating to a neutral rating and increased their price objective for the company from $165.77 to $166.00 in a research note on Tuesday, February 27th. ValuEngine upgraded shares of Stryker from a hold rating to a buy rating in a research note on Thursday, March 1st. Raymond James started coverage on shares of Stryker in a research note on Thursday, March 15th. They issued an outperform rating and a $183.00 price objective for the company. Finally, Evercore ISI started coverage on shares of Stryker in a research note on Monday, April 2nd. They issued an in-line rating and a $165.00 price objective for the company. One analyst has rated the stock with a sell rating, nine have given a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $171.95.
Stryker (NYSE:SYK) last posted its earnings results on Thursday, April 26th. The medical technology company reported $1.68 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.60 by $0.08. Stryker had a net margin of 8.00% and a return on equity of 25.65%. The company had revenue of $3.24 billion for the quarter, compared to analyst estimates of $3.20 billion. During the same quarter in the prior year, the business posted $1.48 EPS. The firm’s revenue was up 9.7% compared to the same quarter last year. equities analysts forecast that Stryker will post 7.23 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 31st. Stockholders of record on Friday, June 29th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date of this dividend is Thursday, June 28th. Stryker’s dividend payout ratio is currently 28.97%.
In other news, insider Lonny J. Carpenter sold 5,000 shares of the stock in a transaction that occurred on Friday, May 4th. The shares were sold at an average price of $166.42, for a total transaction of $832,100.00. Following the completion of the transaction, the insider now directly owns 101,675 shares of the company’s stock, valued at approximately $16,920,753.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Kevin Lobo sold 39,808 shares of the firm’s stock in a transaction that occurred on Thursday, March 22nd. The stock was sold at an average price of $162.90, for a total transaction of $6,484,723.20. The disclosure for this sale can be found here. Insiders have sold a total of 52,160 shares of company stock valued at $8,517,557 over the last three months. Insiders own 7.40% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. River Wealth Advisors LLC boosted its holdings in Stryker by 1.1% in the 1st quarter. River Wealth Advisors LLC now owns 29,300 shares of the medical technology company’s stock worth $4,715,000 after buying an additional 309 shares during the period. Mogy Joel R Investment Counsel Inc. boosted its holdings in Stryker by 0.4% in the 1st quarter. Mogy Joel R Investment Counsel Inc. now owns 86,568 shares of the medical technology company’s stock worth $13,931,000 after buying an additional 325 shares during the period. Altavista Wealth Management Inc. boosted its holdings in Stryker by 1.0% in the 1st quarter. Altavista Wealth Management Inc. now owns 35,165 shares of the medical technology company’s stock worth $5,659,000 after buying an additional 361 shares during the period. Penserra Capital Management LLC boosted its holdings in Stryker by 18.6% in the 4th quarter. Penserra Capital Management LLC now owns 2,310 shares of the medical technology company’s stock worth $357,000 after buying an additional 363 shares during the period. Finally, Rehmann Capital Advisory Group boosted its holdings in Stryker by 7.8% in the 4th quarter. Rehmann Capital Advisory Group now owns 5,306 shares of the medical technology company’s stock worth $822,000 after buying an additional 385 shares during the period. 74.97% of the stock is owned by institutional investors.
Stryker Corporation operates as a medical technology company. The company operates through three segments: Orthopaedics, MedSurg, and Neurotechnology and Spine. The Orthopaedics segment provides implants for use in hip and knee joint replacements, and trauma and extremities surgeries. The MedSurg segment offers surgical equipment and surgical navigation systems, endoscopic and communications systems, patient handling, emergency medical equipment and intensive care disposable products, reprocessed and remanufactured medical devices, and other medical devices for use in various medical specialties.
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