Zimmer Biomet (NYSE:ZBH) Posts Earnings Results

Zimmer Biomet (NYSE:ZBH) announced its quarterly earnings results on Thursday. The medical equipment provider reported $1.94 earnings per share for the quarter, beating analysts’ consensus estimates of $1.87 by $0.07, RTT News reports. The company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.87 billion. Zimmer Biomet had a net margin of 13.85% and a return on equity of 12.79%. Zimmer Biomet’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter last year, the business earned $1.89 EPS. Zimmer Biomet updated its FY24 guidance to $8.00-8.15 EPS.

Zimmer Biomet Stock Performance

Shares of NYSE:ZBH traded down $0.06 during trading on Thursday, reaching $119.50. 645,770 shares of the company’s stock traded hands, compared to its average volume of 1,450,174. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.61 and a quick ratio of 0.78. Zimmer Biomet has a 12 month low of $102.00 and a 12 month high of $147.50. The company has a 50 day moving average of $125.65 and a 200-day moving average of $119.91. The stock has a market capitalization of $24.55 billion, a P/E ratio of 24.46, a price-to-earnings-growth ratio of 2.21 and a beta of 1.03.

Zimmer Biomet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Friday, March 29th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.80%. The ex-dividend date was Wednesday, March 27th. Zimmer Biomet’s dividend payout ratio is presently 19.63%.

Insider Activity at Zimmer Biomet

In related news, VP Chad F. Phipps sold 26,156 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $128.62, for a total transaction of $3,364,184.72. Following the completion of the sale, the vice president now owns 44,145 shares of the company’s stock, valued at approximately $5,677,929.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.95% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Truist Financial lifted their price target on shares of Zimmer Biomet from $133.00 to $135.00 and gave the company a “hold” rating in a report on Friday, February 9th. TheStreet upgraded shares of Zimmer Biomet from a “c” rating to a “b-” rating in a report on Thursday, February 8th. Raymond James lifted their target price on shares of Zimmer Biomet from $133.00 to $137.00 and gave the company an “outperform” rating in a report on Wednesday, January 3rd. Royal Bank of Canada restated an “outperform” rating and set a $140.00 target price on shares of Zimmer Biomet in a report on Friday, February 9th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Zimmer Biomet from $115.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday, February 9th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $139.39.

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.