Zimmer Biomet (NYSE:ZBH) Shares Gap Up Following Analyst Upgrade

Zimmer Biomet Holdings, Inc. (NYSE:ZBH) shares gapped up prior to trading on Thursday after Stifel Nicolaus raised their price target on the stock from $130.00 to $138.00. The stock had previously closed at $109.72, but opened at $112.14. Stifel Nicolaus currently has a buy rating on the stock. Zimmer Biomet shares last traded at $110.05, with a volume of 87,971 shares trading hands.

ZBH has been the subject of several other reports. Truist Financial upped their target price on Zimmer Biomet from $117.00 to $118.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. JPMorgan Chase & Co. upgraded Zimmer Biomet from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $125.00 to $128.00 in a research note on Tuesday, December 17th. Wells Fargo & Company upped their target price on Zimmer Biomet from $110.00 to $117.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Oppenheimer decreased their target price on Zimmer Biomet from $145.00 to $135.00 and set an “outperform” rating for the company in a research report on Tuesday, October 15th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Zimmer Biomet in a report on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Zimmer Biomet has an average rating of “Hold” and a consensus price target of $124.11.

Institutional Investors Weigh In On Zimmer Biomet

Large investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its position in shares of Zimmer Biomet by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,879,385 shares of the medical equipment provider’s stock worth $524,942,000 after buying an additional 125,852 shares during the period. M&T Bank Corp boosted its position in shares of Zimmer Biomet by 48.4% in the third quarter. M&T Bank Corp now owns 26,719 shares of the medical equipment provider’s stock worth $2,884,000 after buying an additional 8,709 shares during the period. National Pension Service raised its holdings in shares of Zimmer Biomet by 3.8% during the third quarter. National Pension Service now owns 369,547 shares of the medical equipment provider’s stock worth $39,893,000 after acquiring an additional 13,612 shares in the last quarter. Peddock Capital Advisors LLC purchased a new stake in shares of Zimmer Biomet during the fourth quarter worth $654,000. Finally, River Global Investors LLP raised its holdings in shares of Zimmer Biomet by 31.3% during the third quarter. River Global Investors LLP now owns 21,084 shares of the medical equipment provider’s stock worth $2,276,000 after acquiring an additional 5,030 shares in the last quarter. 88.89% of the stock is owned by institutional investors.

Zimmer Biomet Trading Up 1.1 %

The company has a debt-to-equity ratio of 0.38, a current ratio of 1.36 and a quick ratio of 0.70. The company has a fifty day moving average of $107.85 and a 200-day moving average of $108.07. The firm has a market capitalization of $22.09 billion, a PE ratio of 21.09, a price-to-earnings-growth ratio of 1.89 and a beta of 1.02.

Zimmer Biomet (NYSE:ZBH) last posted its earnings results on Wednesday, October 30th. The medical equipment provider reported $1.74 earnings per share for the quarter, meeting the consensus estimate of $1.74. Zimmer Biomet had a return on equity of 12.95% and a net margin of 14.27%. The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same period last year, the company earned $1.65 earnings per share. The business’s revenue was up 4.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Zimmer Biomet Holdings, Inc. will post 7.99 earnings per share for the current fiscal year.

Zimmer Biomet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Monday, December 30th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date is Monday, December 30th. Zimmer Biomet’s dividend payout ratio (DPR) is presently 18.25%.

Zimmer Biomet Company Profile

Zimmer Biomet Holdings, Inc, together with its subsidiaries, operates as a medical technology company worldwide. The company designs, manufactures, and markets orthopedic reconstructive products, such as knee and hip products; S.E.T. products, including sports medicine, biologics, foot and ankle, extremities, and trauma products; craniomaxillofacial and thoracic products comprising face and skull reconstruction products, as well as products that fixate and stabilize the bones of the chest to facilitate healing or reconstruction after open heart surgery, trauma, or for deformities of the chest.