Zimmer Biomet (NYSE:ZBH) Given New $119.00 Price Target at TD Cowen

Zimmer Biomet (NYSE:ZBH) had its price target lowered by equities research analysts at TD Cowen from $143.00 to $119.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “hold” rating on the medical equipment provider’s stock. TD Cowen’s price target would indicate a potential upside of 13.42% from the stock’s current price.

A number of other equities analysts also recently weighed in on the stock. Raymond James dropped their price target on shares of Zimmer Biomet from $138.00 to $128.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Truist Financial reaffirmed a “hold” rating and issued a $117.00 price target on shares of Zimmer Biomet in a research note on Thursday. Robert W. Baird decreased their price objective on shares of Zimmer Biomet from $155.00 to $145.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. The Goldman Sachs Group initiated coverage on shares of Zimmer Biomet in a report on Thursday, May 30th. They issued a “neutral” rating and a $129.00 price objective for the company. Finally, Canaccord Genuity Group decreased their price objective on shares of Zimmer Biomet from $130.00 to $120.00 and set a “hold” rating for the company in a report on Tuesday, August 20th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Zimmer Biomet presently has an average rating of “Hold” and an average target price of $126.00.

Zimmer Biomet Stock Up 0.4 %

NYSE:ZBH traded up $0.45 during trading hours on Friday, hitting $104.92. 929,360 shares of the stock traded hands, compared to its average volume of 1,477,663. The firm has a 50 day moving average price of $110.11 and a 200 day moving average price of $117.07. The company has a current ratio of 1.29, a quick ratio of 0.63 and a debt-to-equity ratio of 0.31. Zimmer Biomet has a fifty-two week low of $102.00 and a fifty-two week high of $133.90. The firm has a market cap of $21.37 billion, a price-to-earnings ratio of 22.67, a PEG ratio of 2.04 and a beta of 1.02.

Zimmer Biomet (NYSE:ZBH) last announced its earnings results on Wednesday, August 7th. The medical equipment provider reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.99 by $0.02. Zimmer Biomet had a net margin of 13.25% and a return on equity of 12.86%. The company had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same period in the previous year, the business earned $1.82 EPS. The company’s revenue was up 3.9% on a year-over-year basis. Equities research analysts anticipate that Zimmer Biomet will post 8.06 earnings per share for the current year.

Institutional Investors Weigh In On Zimmer Biomet

Several hedge funds have recently made changes to their positions in ZBH. Norges Bank bought a new stake in shares of Zimmer Biomet in the fourth quarter valued at about $266,896,000. Price T Rowe Associates Inc. MD raised its position in Zimmer Biomet by 12.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 10,642,801 shares of the medical equipment provider’s stock worth $1,404,638,000 after purchasing an additional 1,215,935 shares in the last quarter. American Century Companies Inc. raised its position in Zimmer Biomet by 12.6% in the second quarter. American Century Companies Inc. now owns 6,463,845 shares of the medical equipment provider’s stock worth $701,521,000 after purchasing an additional 722,041 shares in the last quarter. Boston Partners raised its position in Zimmer Biomet by 26.3% in the first quarter. Boston Partners now owns 3,314,939 shares of the medical equipment provider’s stock worth $437,413,000 after purchasing an additional 691,191 shares in the last quarter. Finally, Magnetar Financial LLC raised its position in Zimmer Biomet by 58.7% in the second quarter. Magnetar Financial LLC now owns 1,310,265 shares of the medical equipment provider’s stock worth $142,203,000 after purchasing an additional 484,816 shares in the last quarter. Institutional investors own 88.89% of the company’s stock.

About Zimmer Biomet

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.