/Stryker%20Corp_%20logo%20on%20phone-by%20Piotr%20Swat%20via%20Shutterstock.jpg)
Stryker Corporation (SYK), based in Portage, Michigan, is a leading medical technology company. Valued at a market cap of $140.8 billion, it offers a wide range of products, including implants, surgical equipment, biologics, digital imaging systems, and emergency medical devices, all aimed at improving patient and healthcare outcomes. The medical devices giant is expected to announce its fiscal third-quarter earnings for 2024 after the market closes on Tuesday, October 29.
Ahead of the event, analysts expect SYK to report a profit of $2.78 per share on a diluted basis, up 13% from $2.46 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 $12, up 13.2% from $10.60 in fiscal 2023.
SYK stock slightly lags behind the S&P 500’s ($SPX) 22.7% gains on a YTD basis, with shares up 22.6% during this period. However, it outshined the Healthcare Select Sector SPDR Fund’s (XLV) 11% returns over the same time frame.
SYK experienced a 2.2% decline on Sept. 17, following the announcement of its acquisition of care.ai, a company specializing in AI-assisted virtual care workflows and smart room technology. Despite this dip, the company's shares have demonstrated a robust upward trend year to date, indicating strong investor confidence and resilience in the stock.
The acquisition is viewed as a strategic move that could further enhance Stryker’s offerings and market presence, which may contribute positively to its stock performance in the long run.
Analysts’ consensus opinion on SYK stock is bullish, with a “Moderate Buy” rating overall. Out of 28 analysts covering the stock, 18 advise a “Strong Buy” rating, two suggest a “Moderate Buy” rating, and eight give a “Hold.”
The average analyst price target for SYK is $382.88, indicating a potential upside of 4.3% from the prevailing market prices.
On the date of publication, Kritika Sarmah 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.
