Stryker (NYSE:SYK) Issues Quarterly Earnings Results

Stryker (NYSE:SYK) posted its quarterly earnings results on Tuesday. The medical technology company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.14, Briefing.com reports. The business had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.10 billion. Stryker had a net margin of 15.44% and a return on equity of 22.99%. The company’s revenue was up 9.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.14 earnings per share. Stryker updated its FY24 guidance to $11.85-$12.05 EPS and its FY 2024 guidance to 11.850-12.050 EPS.

Stryker Stock Performance

Shares of NYSE SYK traded down $2.55 during midday trading on Tuesday, hitting $336.32. 2,480,477 shares of the company’s stock traded hands, compared to its average volume of 1,301,242. The firm has a fifty day moving average of $348.68 and a 200 day moving average of $316.14. The stock has a market capitalization of $127.96 billion, a price-to-earnings ratio of 41.09, a price-to-earnings-growth ratio of 2.70 and a beta of 0.89. Stryker has a 1 year low of $249.98 and a 1 year high of $361.41. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.97 and a current ratio of 1.58.

Stryker Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Friday, March 29th will be given a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 0.95%. The ex-dividend date is Wednesday, March 27th. Stryker’s payout ratio is currently 38.79%.

Insider Buying and Selling

In other Stryker news, CAO William E. Berry, Jr. sold 7,690 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $358.48, for a total value of $2,756,711.20. Following the completion of the transaction, the chief accounting officer now directly owns 3,675 shares in the company, valued at approximately $1,317,414. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Allan C. Golston sold 3,273 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $341.00, for a total transaction of $1,116,093.00. Following the sale, the director now owns 14,242 shares of the company’s stock, valued at $4,856,522. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO William E. Berry, Jr. sold 7,690 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $358.48, for a total value of $2,756,711.20. Following the sale, the chief accounting officer now directly owns 3,675 shares in the company, valued at approximately $1,317,414. The disclosure for this sale can be found here. In the last ninety days, insiders sold 212,109 shares of company stock valued at $72,845,768. 5.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SYK. Roth Mkm lifted their target price on shares of Stryker from $345.00 to $348.00 and gave the stock a “buy” rating in a research note on Wednesday, January 31st. Royal Bank of Canada boosted their price target on Stryker from $360.00 to $386.00 and gave the company an “outperform” rating in a report on Monday, April 15th. StockNews.com upgraded Stryker from a “hold” rating to a “buy” rating in a research report on Tuesday, January 23rd. Evercore ISI boosted their price objective on shares of Stryker from $340.00 to $370.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Finally, Wells Fargo & Company raised their price objective on shares of Stryker from $336.00 to $364.00 and gave the stock an “overweight” rating in a report on Wednesday, January 31st. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $340.67.

Stryker Company Profile

Stryker Corporation operates as a medical technology company. The company operates through two segments, MedSurg and Neurotechnology, and Orthopaedics and Spine. The Orthopaedics and Spine segment provides implants for use in total joint replacements, such as hip, knee and shoulder, and trauma and extremities surgeries.