Stryker (NYSE:SYK) Announces Earnings Results, Beats Estimates By $0.14 EPS

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

Stryker Stock Down 0.8 %

Shares of NYSE:SYK traded down $2.55 during trading on Tuesday, reaching $336.32. 2,480,477 shares of the stock traded hands, compared to its average volume of 1,301,242. The stock has a market cap of $127.96 billion, a P/E ratio of 41.09, a price-to-earnings-growth ratio of 2.70 and a beta of 0.89. 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 has a 52-week low of $249.98 and a 52-week high of $361.41. The stock has a 50-day moving average of $348.68 and a two-hundred day moving average of $316.14.

Stryker Announces Dividend

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

Insider Activity at Stryker

In other Stryker news, Director Ronda E. Stryker sold 201,146 shares of Stryker stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $342.90, for a total value of $68,972,963.40. Following the completion of the sale, the director now owns 3,755,128 shares of the company’s stock, valued at approximately $1,287,633,391.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Allan C. Golston sold 3,273 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $341.00, for a total value of $1,116,093.00. Following the completion of the sale, the director now directly owns 14,242 shares in the company, valued at approximately $4,856,522. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ronda E. Stryker sold 201,146 shares of Stryker stock in a transaction on Monday, February 5th. The shares were sold at an average price of $342.90, for a total value of $68,972,963.40. Following the transaction, the director now owns 3,755,128 shares in the company, valued at $1,287,633,391.20. The disclosure for this sale can be found here. Insiders have sold 212,109 shares of company stock valued at $72,845,768 over the last ninety days. Insiders own 5.50% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on SYK. Citigroup raised their price target on shares of Stryker from $362.00 to $406.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. TD Cowen lifted their price objective on Stryker from $365.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Royal Bank of Canada lifted their price objective on shares of Stryker from $360.00 to $386.00 and gave the company an “outperform” rating in a research note on Monday, April 15th. Wells Fargo & Company boosted their target price on Stryker from $336.00 to $364.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 31st. Finally, Evercore ISI raised their price objective on Stryker from $340.00 to $370.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $340.67.

About Stryker

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.