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Portage, Michigan-based Stryker Corporation (SYK) provides specialty surgical and medical products and services that help improve patient and healthcare outcomes. Valued at $125.16 billion by market cap, the company products include implants, biologics, surgical, neurologic, ear, nose, throat, and interventional pain equipment, endoscopic, surgical navigation, communications, and digital imaging systems, as well as patient handling and emergency medical equipment. The medical devices and equipment maker is expected to announce its fiscal second-quarter earnings for 2024 after the market closes on Tuesday, Jul. 30.
Ahead of the event, analysts expect SYK to report a profit of $2.79 per share on a diluted basis, up 9.8% from $2.54 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
For the full year, analysts expect SYK to report EPS of $11.95, up 12.7% from $10.60 in fiscal 2023.
SYK stock has underperformed the S&P 500’s ($SPX) 18.5% gains on a YTD basis, with shares up 9.6% during this period. However, it outshined the S&P 500 Healthcare Sector SPDR’s (XLV) 8.8% gains over the same time frame.
On May 22, SYK shares closed up more than 1% after investment banking and asset management firm Needham & Co upgraded the stock to Buy from Hold with a price target of $392.
On Apr. 30, SYK reported its Q1 results. Its adjusted EPS of $2.50 exceeded Wall Street expectations of $2.35. The company posted a revenue of $5.24 billion, beating Wall Street forecasts of $5.05 billion. SYK expects full-year adjusted EPS to be between $11.85 and $12.05. SYK shares closed down marginally on the day the results were released and have been on a downtrend since then.
Analysts’ consensus opinion on SYK stock is bullish, with a “Moderate Buy” rating overall. Out of 27 analysts covering the stock, 17 advise a “Strong Buy” rating, two suggest a “Moderate Buy” rating, and eight give a “Hold.” The average analyst price target for SYK is $377.30, indicating a potential upside of 14.8% from the current levels.
On the date of publication, Dipanjan Banchur did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
