Medical technology company Stryker Corporation (SYK) recently announced a quarterly dividend of $0.695 per share, an increase of about 10.3% from the previous dividend of $0.63.
Following the news, shares of the company declined marginally to close at $260.54 in Thursday’s extended trading session.
The dividend will be paid on January 31, 2022, to shareholders of record as of December 30, 2021.
Dividend Yield
The company’s annual dividend of $2.78 per share now reflects a dividend yield of 1.1% based on Thursday’s closing price.
Notably, the company has been raising its quarterly dividend consistently over the past eight years, making it an attractive choice for investors.
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Price Target
On December 9, an RBC Capital analyst initiated coverage on the stock with a Hold rating and a price target of $278, which implies upside potential of 6.7% from current levels.
The Street is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 8 Buys and 5 Holds. The average Stryker price target of $289.10 implies that the stock has upside potential of 11% from current levels. Shares have gained 10.8% over the past year.
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