Stryker’s (SYK) Buy Rating Reaffirmed at BTIG Research

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BTIG Research reissued their buy rating on shares of Stryker (NYSE:SYK) in a research note published on Wednesday. They currently have a $187.00 price objective on the medical technology company’s stock.

“Adding Photonics to its Instrument Offerings This morning, Stryker announced the acquisition of Invuity (IVTY, Not a share in all cash, for a deal value of ~$190M. With TTM sales of $40.8M, the deal multiple comes in at ~4.7x, in line with previous SYK acquisitions. The IVTY portfolio of photonic illuminated retractors will add to Stryker’s product offering in a variety of areas such as nipple- sparing mastectomies, anterior hip procedures, as well as general surgery and other areas. We believe the IVTY products will compliment Stryker’s existing visualization and illumination product portfolio modestly. That said, while IVTY offered a novel technology, the company was challenged to independently gain broader adoption as a stand-alone technology beyond a specific subset of procedures where proper illumination was not achieved with overhead exterior surgical field lighting.”,” BTIG Research’s analyst wrote.

Several other research analysts also recently commented on SYK. ValuEngine upgraded shares of Stryker from a hold rating to a buy rating in a report on Tuesday, June 26th. Sanford C. Bernstein assumed coverage on shares of Stryker in a report on Wednesday, June 27th. They issued a market perform rating and a $177.00 target price on the stock. Zacks Investment Research upgraded shares of Stryker from a hold rating to a buy rating and set a $191.00 target price on the stock in a report on Wednesday, June 20th. Needham & Company LLC reiterated a hold rating on shares of Stryker in a report on Tuesday, September 11th. Finally, Canaccord Genuity reiterated a buy rating and issued a $185.00 target price on shares of Stryker in a report on Wednesday, July 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $178.33.

SYK stock opened at $170.50 on Wednesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.83 and a quick ratio of 1.15. Stryker has a 1 year low of $138.94 and a 1 year high of $179.84. The firm has a market capitalization of $64.81 billion, a P/E ratio of 25.04, a price-to-earnings-growth ratio of 2.43 and a beta of 0.59.

Stryker (NYSE:SYK) last announced its earnings results on Tuesday, July 24th. The medical technology company reported $1.76 EPS for the quarter, topping the consensus estimate of $1.73 by $0.03. The firm had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $3.31 billion. Stryker had a net margin of 8.28% and a return on equity of 26.93%. The business’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.53 EPS. equities analysts forecast that Stryker will post 7.25 earnings per share for the current year.

In other news, VP Katherine Ann Owen sold 37,866 shares of the business’s stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $166.84, for a total transaction of $6,317,563.44. Following the transaction, the vice president now owns 11,367 shares in the company, valued at approximately $1,896,470.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 7.40% of the company’s stock.

Several large investors have recently bought and sold shares of SYK. Fundsmith Equity Fund L.P. bought a new position in shares of Stryker during the 2nd quarter worth about $931,542,000. FMR LLC increased its holdings in shares of Stryker by 24.0% during the 2nd quarter. FMR LLC now owns 5,327,862 shares of the medical technology company’s stock worth $899,662,000 after purchasing an additional 1,032,333 shares during the period. Point72 Asset Management L.P. increased its holdings in shares of Stryker by 1,061.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 951,528 shares of the medical technology company’s stock worth $160,675,000 after purchasing an additional 869,568 shares during the period. BlackRock Inc. increased its holdings in shares of Stryker by 2.7% during the 2nd quarter. BlackRock Inc. now owns 24,551,677 shares of the medical technology company’s stock worth $4,145,795,000 after purchasing an additional 646,505 shares during the period. Finally, WCM Investment Management CA bought a new position in shares of Stryker during the 1st quarter worth about $70,349,000. Institutional investors own 75.08% of the company’s stock.

Stryker Company Profile

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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Analyst Recommendations for Stryker (NYSE:SYK)

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