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

Zimmer Biomet Holdings, Inc. (NYSE:ZBH)’s share price gapped up before the market opened 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 topic of a number of other research reports. Truist Financial upped their target price on Zimmer Biomet from $117.00 to $118.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Raymond James lowered their target price on Zimmer Biomet from $128.00 to $123.00 and set an “outperform” rating on the stock in a research note on Monday, October 14th. Evercore ISI reduced their price target on Zimmer Biomet from $113.00 to $110.00 and set an “in-line” rating for the company in a report on Tuesday, October 1st. BTIG Research reduced their price target on Zimmer Biomet from $134.00 to $126.00 and set a “buy” rating for the company in a report on Thursday, October 3rd. Finally, Oppenheimer reduced their price target on Zimmer Biomet from $145.00 to $135.00 and set an “outperform” rating for the company in a report on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $124.11.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Dunhill Financial LLC grew its position in Zimmer Biomet by 1,090.0% in the third quarter. Dunhill Financial LLC now owns 238 shares of the medical equipment provider’s stock worth $26,000 after acquiring an additional 218 shares during the period. Ashton Thomas Securities LLC purchased a new position in shares of Zimmer Biomet during the third quarter worth $28,000. Bangor Savings Bank purchased a new position in shares of Zimmer Biomet during the third quarter worth $31,000. Brooklyn Investment Group purchased a new position in shares of Zimmer Biomet during the third quarter worth $35,000. Finally, Quarry LP purchased a new position in shares of Zimmer Biomet during the second quarter worth $53,000. 88.89% of the stock is currently owned by hedge funds and other institutional investors.

Zimmer Biomet Stock Performance

The firm has a 50-day moving average price of $107.85 and a 200 day moving average price of $108.07. The firm has a market capitalization of $22.08 billion, a PE ratio of 21.09, a price-to-earnings-growth ratio of 1.89 and a beta of 1.02. The company has a quick ratio of 0.70, a current ratio of 1.36 and a debt-to-equity ratio of 0.38.

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

Zimmer Biomet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Monday, December 30th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, December 30th. This represents a $0.96 dividend on an annualized basis and a yield of 0.87%. 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.