Cantor Fitzgerald Remains a Hold on Stryker Corporation

By Ryan Adsit

Cantor Fitzgerald analyst Craig Bijou maintained a Hold rating on Stryker Corporation (NYSE: SYK) on June 11 and set a price target of $170. The company’s shares opened today at $173.23, close to its 52-week high of $179.84.

Bijou observed:

“. This morning (6/11), Journal reported that SYK made a takeover approach of Boston Scientific (Not Covered). Trading on both stocks was halted for a period of time during the day. BSX released an 8-K saying that it was aware of the story, but in accordance with company practice, it does not comment on market rumors or speculation. SYK made similar comment when we reached out directly to them. We view SYK’s potential interest positively, although as somewhat unexpected.”

According to TipRanks.com, Bijou is a 4-star analyst with an average return of 25.1% and a 71.0% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Integra Lifesciences, and Wright Medical Group.

Currently, the analyst consensus on Stryker Corporation is Moderate Buy and the average price target is $177.13, representing a 2.3% upside.

In a report released yesterday, Needham also maintained a Hold rating on the stock.

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Based on Stryker Corporation’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $3.24 billion and net profit of $443 million. In comparison, last year the company earned revenue of $2.96 billion and had a net profit of $444 million.

Based on the recent corporate insider activity of 64 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SYK in relation to earlier this year.

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Stryker Corp. engages in providing medical technology products and services. It operates through the following segments: Orthopaedics, MedSurg and Neurotechnology and Spine. The Orthopaedics segment provides reconstructive and trauma implant systems.