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Economic data in recent weeks has sparked a belief among some investors and economists that the Federal Reserve could begin cutting interest rates by the end of this year. This has led the S&P 500 index to surge 7% higher so far in 2023.

Shares of medical devices company Stryker (NYSE: SYK) have fared even better, ripping 8% higher year to date. But is the stock still a buy for investors seeking dividend growth? Let's delve into Stryker's fundamentals and valuation to figure this out.

Improving the lives of more than 100 million patients each year in over 75 countries, Stryker has established itself as a dominant medical devices company. The Michigan-based business currently boasts a $101 billion market capitalization , which makes it the second-biggest medical devices company in the world, behind Medtronic .