Zimmer Biomet (NYSE:ZBH) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Zimmer Biomet (NYSE:ZBH) had its price target upped by research analysts at Wells Fargo & Company from $110.00 to $117.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the medical equipment provider’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 9.07% from the company’s previous close.

Several other research analysts have also issued reports on the stock. BTIG Research dropped their price target on shares of Zimmer Biomet from $134.00 to $126.00 and set a “buy” rating for the company in a research report on Thursday, October 3rd. JPMorgan Chase & Co. dropped their price objective on shares of Zimmer Biomet from $125.00 to $120.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Oppenheimer dropped their price objective on shares of Zimmer Biomet from $145.00 to $135.00 and set an “outperform” rating for the company in a report on Tuesday, October 15th. Truist Financial reaffirmed a “hold” rating and set a $112.00 price objective (down previously from $117.00) on shares of Zimmer Biomet in a report on Friday, September 13th. Finally, Canaccord Genuity Group dropped their price objective on shares of Zimmer Biomet from $120.00 to $115.00 and set a “hold” rating for the company in a report on Tuesday, September 10th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $123.84.

Zimmer Biomet Stock Performance

NYSE:ZBH opened at $107.27 on Thursday. Zimmer Biomet has a 12-month low of $101.47 and a 12-month high of $133.90. The company has a quick ratio of 0.63, a current ratio of 1.36 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $21.85 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 2.02 and a beta of 1.02. The firm has a 50-day moving average price of $106.96 and a 200 day moving average price of $110.89.

Zimmer Biomet (NYSE:ZBH) last posted its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.01). Zimmer Biomet had a return on equity of 12.95% and a net margin of 14.27%. The business had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same period last year, the company earned $1.65 EPS. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. Research analysts anticipate that Zimmer Biomet will post 7.97 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Zimmer Biomet

A number of hedge funds and other institutional investors have recently made changes to their positions in ZBH. Wealth Enhancement Advisory Services LLC boosted its position in shares of Zimmer Biomet by 22.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,346 shares of the medical equipment provider’s stock worth $2,025,000 after purchasing an additional 2,820 shares in the last quarter. First Trust Direct Indexing L.P. raised its holdings in shares of Zimmer Biomet by 2.5% during the first quarter. First Trust Direct Indexing L.P. now owns 7,523 shares of the medical equipment provider’s stock worth $993,000 after acquiring an additional 184 shares during the period. Maryland State Retirement & Pension System raised its holdings in shares of Zimmer Biomet by 2.8% during the first quarter. Maryland State Retirement & Pension System now owns 16,479 shares of the medical equipment provider’s stock worth $1,996,000 after acquiring an additional 445 shares during the period. Ashton Thomas Private Wealth LLC raised its holdings in shares of Zimmer Biomet by 3.8% during the first quarter. Ashton Thomas Private Wealth LLC now owns 5,514 shares of the medical equipment provider’s stock worth $728,000 after acquiring an additional 200 shares during the period. Finally, Private Advisor Group LLC raised its holdings in shares of Zimmer Biomet by 2.2% during the first quarter. Private Advisor Group LLC now owns 10,846 shares of the medical equipment provider’s stock worth $1,431,000 after acquiring an additional 236 shares during the period. 88.89% of the stock is owned by institutional investors.

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.