Stryker (NYSE:SYK) Posts Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Stryker (NYSE:SYK) issued its earnings results on Tuesday. The medical technology company reported $2.87 EPS for the quarter, beating the consensus estimate of $2.78 by $0.09, Briefing.com reports. The company had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.37 billion. Stryker had a return on equity of 23.07% and a net margin of 16.34%. The firm’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same period last year, the business posted $2.46 EPS. Stryker updated its FY 2024 guidance to 12.000-12.100 EPS.

Stryker Price Performance

Stryker stock opened at $356.28 on Friday. Stryker has a 52 week low of $264.85 and a 52 week high of $374.63. The company’s 50 day moving average price is $359.90 and its two-hundred day moving average price is $344.06. The company has a quick ratio of 0.95, a current ratio of 1.91 and a debt-to-equity ratio of 0.66. The stock has a market cap of $135.77 billion, a P/E ratio of 38.19, a P/E/G ratio of 2.79 and a beta of 0.91.

Stryker Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 30th were given a dividend of $0.80 per share. The ex-dividend date was Monday, September 30th. This represents a $3.20 annualized dividend and a dividend yield of 0.90%. Stryker’s dividend payout ratio is currently 34.30%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SYK. Piper Sandler restated an “overweight” rating and issued a $420.00 target price (up from $380.00) on shares of Stryker in a research note on Wednesday. BTIG Research raised their target price on Stryker from $383.00 to $394.00 and gave the company a “buy” rating in a research note on Wednesday. Barclays raised their target price on Stryker from $402.00 to $418.00 and gave the company an “overweight” rating in a research note on Thursday. Morgan Stanley raised their price target on shares of Stryker from $345.00 to $350.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Finally, StockNews.com raised shares of Stryker from a “hold” rating to a “buy” rating in a research report on Tuesday, October 1st. Four research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $393.65.

Insider Transactions at Stryker

In other news, VP M Kathryn Fink sold 7,347 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $366.98, for a total transaction of $2,696,202.06. Following the completion of the sale, the vice president now owns 10,042 shares in the company, valued at $3,685,213.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Ronda E. Stryker sold 190,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $323.46, for a total transaction of $61,457,400.00. Following the completion of the sale, the director now owns 3,316,608 shares in the company, valued at $1,072,790,023.68. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP M Kathryn Fink sold 7,347 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $366.98, for a total transaction of $2,696,202.06. Following the sale, the vice president now owns 10,042 shares of the company’s stock, valued at approximately $3,685,213.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 200,068 shares of company stock worth $65,151,372 in the last quarter. Insiders own 5.90% of the company’s stock.

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.