Zimmer Biomet (NYSE:ZBH) Downgraded by Zacks Research to Strong Sell

Zacks Research downgraded shares of Zimmer Biomet (NYSE:ZBH) from a hold rating to a strong sell rating in a research note issued to investors on Monday morning,Zacks.com reports.

Several other research firms have also weighed in on ZBH. UBS Group assumed coverage on Zimmer Biomet in a report on Tuesday. They set a “buy” rating and a $115.00 target price on the stock. Leerink Partners initiated coverage on Zimmer Biomet in a research note on Monday, April 13th. They set a “hold” rating and a $101.00 price target for the company. Wells Fargo & Company lowered their price objective on Zimmer Biomet from $98.00 to $90.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 29th. Truist Financial reissued a “hold” rating and issued a $92.00 price objective (down from $98.00) on shares of Zimmer Biomet in a research note on Wednesday, April 29th. Finally, Canaccord Genuity Group set a $83.00 target price on Zimmer Biomet in a report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $102.00.

Zimmer Biomet Stock Performance

Shares of ZBH opened at $95.57 on Monday. The firm has a market cap of $18.49 billion, a price-to-earnings ratio of 24.82, a price-to-earnings-growth ratio of 2.71 and a beta of 0.46. The company’s fifty day moving average is $88.23 and its 200-day moving average is $89.79. The company has a quick ratio of 0.95, a current ratio of 1.73 and a debt-to-equity ratio of 0.50. Zimmer Biomet has a 12 month low of $79.12 and a 12 month high of $108.29.

Zimmer Biomet (NYSE:ZBH) last released its quarterly earnings data on Tuesday, April 28th. The medical equipment provider reported $2.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.86 by $0.23. The business had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.07 billion. Zimmer Biomet had a net margin of 9.05% and a return on equity of 13.24%. Zimmer Biomet’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.81 EPS. Equities analysts expect that Zimmer Biomet will post 8.48 EPS for the current fiscal year.

Zimmer Biomet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Thursday, June 25th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, June 25th. This represents a $0.96 dividend on an annualized basis and a yield of 1.0%. Zimmer Biomet’s payout ratio is currently 24.94%.

Insider Transactions at Zimmer Biomet

In other news, insider Sang Yi sold 5,000 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $82.64, for a total value of $413,200.00. Following the sale, the insider directly owned 27,251 shares of the company’s stock, valued at approximately $2,252,022.64. This trade represents a 15.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Zimmer Biomet

Several large investors have recently made changes to their positions in ZBH. DV Equities LLC acquired a new stake in Zimmer Biomet in the 4th quarter valued at approximately $25,000. Monetary Solutions Ltd acquired a new position in shares of Zimmer Biomet during the fourth quarter worth approximately $30,000. Gen Wealth Partners Inc acquired a new position in shares of Zimmer Biomet during the fourth quarter worth approximately $31,000. Flagship Harbor Advisors LLC bought a new stake in shares of Zimmer Biomet in the fourth quarter valued at approximately $32,000. Finally, Elevation Wealth Partners LLC boosted its position in shares of Zimmer Biomet by 145.9% in the second quarter. Elevation Wealth Partners LLC now owns 386 shares of the medical equipment provider’s stock valued at $33,000 after acquiring an additional 229 shares during the period. Institutional investors and hedge funds own 88.89% of the company’s stock.

Zimmer Biomet Company Profile

Zimmer Biomet (NYSE: ZBH) is a global medical device company focused on musculoskeletal healthcare. Headquartered in Warsaw, Indiana, the company designs, manufactures and markets a broad portfolio of products used to treat joint disorders, bone disorders and related conditions. Its customer base includes orthopaedic and dental surgeons, hospitals, ambulatory surgery centers and other healthcare providers that rely on implants, instruments and related services for reconstructive and restorative procedures.

The company’s product offerings span joint replacement systems for hips, knees and shoulders; trauma and extremities implants; spine and thoracic solutions; dental and craniomaxillofacial implants and prosthetics; and sports medicine devices.