Stryker Corporation (SYK) has had a dynamic Q2 2024, with its earnings beating estimates and guidance being raised. Despite this, the company's stock slid 3% following the announcement of Q2 earnings and outlook update. The company reported an EPS of $2.14, which fell short of estimates, with a revenue of $5.4 Billion. Stryker's year-to-date gains stand at 11.6%, driven by strong Q4 and full year 2023 results, and forecasts for further growth. The scenarios have led analysts to raise the price target for SYK to $393.00. However, notable moves include the company's CFO, Glenn Boehnlein, selling 82% of his holding or $6.66m in company stock. On the brighter side, Stryker has completed acquisitions of MOLLI Surgical, Artelon, and SERF SAS to boost business and expand the market.
The company has a healthy demand, sales momentum, and consequently raised the fiscal year guidance. With 78% institutional backing, it has been rated as 'Moderate Buy' by analysts who have also lifted earnings estimates and price target. Despite all this, the stock's performance has been underwhelming compared to the Dow, with some analysts identifying little room for excitement.
Stryker Corporation SYK News Analytics from Thu, 02 Nov 2023 07:00:00 GMT to Sun, 04 Aug 2024 04:30:19 GMT - Rating 1 - Innovation 5 - Information 7 - Rumor -3
