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Baxter International Inc. (BAX) - $25 value - yours FREE >>
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Stryker (SYK) Hits 52-Week High on Positive FY16 View
Share price of Stryker Corp (SYK - Free Report) rallied to a new 52-week high of $116.99 on Jun 20, eventually closing a tad bit lower at $116.09. This represents a strong one-year return of approximately 19.2%, much better than the S&P 500’s return of -1.8% over the same time frame.
Currently, Stryker holds a Zacks Rank #2 (Buy). The stock has a market cap of 43.42 billion and a long-term expected earnings growth rate of 9.5%.
Growth Catalysts
Stryker reported impressive first-quarter 2016 results driven by continued product launches, strong sales and marketing execution. Adjusted earnings of $1.24 per share beat the Zacks Consensus Estimate by 4 cents. Revenues of almost $2.50 billion outpaced the Zacks Consensus Estimate of $2.47 billion.
STRYKER CORP Price and Consensus
STRYKER CORP Price and Consensus | STRYKER CORP Quote
Sales growth was driven by strong performance of Triathlon products, driven by Tritanium revision cones, cementless knee products, as well as increased adoption of the MAKO platform.
Stryker sold 7 MAKO robots during the quarter globally. The company noted that the order trend is encouraging, driven by the expanded indications and planned launch of the Total Knee system (expected full-year 2017). Robust procedure growth in both partial knees and hips using MAKO was also encouraging.
Moreover, Stryker expects challenges in the emerging markets to subside in the back half of 2016. Management expects to perform well in Europe, Japan and Australia.
Estimate Revisions
The Zacks Consensus Estimate for fiscal 2016 increased by 7 cents (1.2%) to $5.76 over the last 60 days. Similarly, for fiscal 2017, estimates rose by 6 cents (0.9%) to $6.41 over the same time frame.
Key Picks
Better-ranked stocks in the sector include Baxter International (BAX - Free Report) , Masimo Corp (MASI - Free Report) and CryoLife . While Baxter sports a Zacks Rank #1 (Strong Buy), both Boston Scientific and Enzymotech carry a Zacks Rank #2 (Buy).
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