Canaccord Genuity Group Lowers Zimmer Biomet (NYSE:ZBH) Price Target to $120.00

Zimmer Biomet (NYSE:ZBH) had its target price dropped by investment analysts at Canaccord Genuity Group from $130.00 to $120.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “hold” rating on the medical equipment provider’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 7.02% from the company’s previous close.

A number of other equities analysts have also weighed in on ZBH. Robert W. Baird decreased their price target on Zimmer Biomet from $155.00 to $145.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Raymond James decreased their price target on Zimmer Biomet from $138.00 to $128.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Royal Bank of Canada decreased their price target on Zimmer Biomet from $140.00 to $130.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Truist Financial decreased their price target on Zimmer Biomet from $130.00 to $117.00 and set a “hold” rating for the company in a research report on Tuesday, July 16th. Finally, Morgan Stanley decreased their price objective on Zimmer Biomet from $130.00 to $120.00 and set an “equal weight” rating for the company in a research report on Monday, July 15th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Zimmer Biomet presently has a consensus rating of “Hold” and an average price target of $127.11.

Zimmer Biomet Trading Up 0.4 %

Shares of ZBH stock opened at $112.13 on Tuesday. The stock has a 50-day simple moving average of $108.69 and a 200 day simple moving average of $117.84. Zimmer Biomet has a fifty-two week low of $102.00 and a fifty-two week high of $133.90. The stock has a market capitalization of $23.07 billion, a P/E ratio of 24.27, a P/E/G ratio of 1.97 and a beta of 1.01. The company has a quick ratio of 0.63, a current ratio of 1.29 and a debt-to-equity ratio of 0.31.

Zimmer Biomet (NYSE:ZBH) last released its quarterly earnings results on Wednesday, August 7th. The medical equipment provider reported $2.01 earnings per share for the quarter, beating analysts’ consensus estimates of $1.99 by $0.02. Zimmer Biomet had a return on equity of 12.86% and a net margin of 13.25%. The business had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same quarter last year, the company posted $1.82 EPS. Zimmer Biomet’s revenue for the quarter was up 3.9% on a year-over-year basis. On average, sell-side analysts expect that Zimmer Biomet will post 8.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Zimmer Biomet

Hedge funds and other institutional investors have recently made changes to their positions in the company. EP Wealth Advisors LLC raised its stake in shares of Zimmer Biomet by 10.5% in the 2nd quarter. EP Wealth Advisors LLC now owns 2,358 shares of the medical equipment provider’s stock valued at $256,000 after acquiring an additional 225 shares in the last quarter. Brandes Investment Partners LP raised its stake in shares of Zimmer Biomet by 38.8% in the 2nd quarter. Brandes Investment Partners LP now owns 4,499 shares of the medical equipment provider’s stock valued at $488,000 after acquiring an additional 1,258 shares in the last quarter. Kimelman & Baird LLC bought a new position in shares of Zimmer Biomet in the 2nd quarter valued at approximately $65,000. Quarry LP bought a new position in shares of Zimmer Biomet in the 2nd quarter valued at approximately $53,000. Finally, William B. Walkup & Associates Inc. bought a new position in shares of Zimmer Biomet in the 2nd quarter valued at approximately $495,000. 88.89% of the stock is owned by hedge funds and other institutional investors.

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.