Zimmer Biomet (NYSE:ZBH) Reaches New 52-Week High Following Strong Earnings

Shares of Zimmer Biomet Holdings, Inc. (NYSE:ZBH) reached a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $110.75 and last traded at $109.48, with a volume of 501,735 shares traded. The stock had previously closed at $97.06.

The medical equipment provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.88 by $0.02. Zimmer Biomet had a return on equity of 13.12% and a net margin of 9.48%. The firm had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.04 billion. During the same period last year, the company earned $1.90 EPS. The firm’s quarterly revenue was up 3.1% on a year-over-year basis.

Zimmer Biomet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Wednesday, September 30th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Wednesday, September 30th. Zimmer Biomet’s dividend payout ratio (DPR) is 23.36%.

Analysts Set New Price Targets

A number of research firms have issued reports on ZBH. Argus reissued a “buy” rating and set a $125.00 price target on shares of Zimmer Biomet in a research report on Thursday, October 22nd. Robert W. Baird set a $104.00 price objective on Zimmer Biomet in a report on Thursday, August 6th. Truist Financial lifted their price objective on Zimmer Biomet from $92.00 to $106.00 and gave the company a “hold” rating in a research note on Thursday, August 6th. Citigroup reaffirmed a “neutral” rating on shares of Zimmer Biomet in a research note on Monday, October 5th. Finally, Wall Street Zen upgraded Zimmer Biomet from a “hold” rating to a “buy” rating in a report on Saturday. Seven investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $104.47.

Insider Activity at Zimmer Biomet

In other news, insider Chad Phipps sold 3,000 shares of the business’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $98.35, for a total transaction of $295,050.00. Following the completion of the transaction, the insider owned 65,231 shares of the company’s stock, valued at approximately $6,415,468.85. The trade was a 4.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Kevin R. Thornal sold 5,691 shares of the company’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $92.95, for a total transaction of $528,978.45. The disclosure for this sale is available in the SEC filing. Insiders own 1.28% of the company’s stock.

Hedge Funds Weigh In On Zimmer Biomet

Several hedge funds and other institutional investors have recently made changes to their positions in ZBH. Tacita Capital Inc acquired a new position in shares of Zimmer Biomet during the second quarter valued at $26,000. Ancora Advisors LLC bought a new stake in shares of Zimmer Biomet during the 2nd quarter worth about $29,000. Elevation Wealth Partners LLC raised its position in shares of Zimmer Biomet by 145.9% during the 2nd quarter. Elevation Wealth Partners LLC now owns 386 shares of the medical equipment provider’s stock worth $33,000 after buying an additional 229 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Zimmer Biomet in the 1st quarter worth approximately $44,000. Finally, Parvin Asset Management LLC acquired a new stake in shares of Zimmer Biomet in the 2nd quarter worth approximately $47,000. 88.89% of the stock is currently owned by institutional investors and hedge funds.

Zimmer Biomet Stock Up 12.8%

The firm’s fifty day moving average price is $94.71 and its 200-day moving average price is $91.78. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.69 and a quick ratio of 0.94. The firm has a market capitalization of $20.89 billion, a P/E ratio of 26.65, a PEG ratio of 2.34 and a beta of 0.50.

Zimmer Biomet Company Profile

Zimmer Biomet Holdings, Inc is a medical technology company that develops and manufactures products used in orthopedic surgery and musculoskeletal care. Its portfolio includes implants for the hip, knee, shoulder, and other joints, as well as products for sports medicine, extremity reconstruction, trauma, and spine procedures.

The company also offers surgical technologies and solutions designed to support orthopedic procedures, including robotic-assisted surgery systems, digital tools, patient-specific planning, and related instruments.