Zimmer Biomet (NYSE:ZBH) Issues FY 2024 Earnings Guidance

Zimmer Biomet (NYSE:ZBH) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 7.950-8.050 for the period, compared to the consensus earnings per share estimate of 7.950. The company issued revenue guidance of $7.7 billion-$7.7 billion, compared to the consensus revenue estimate of $7.7 billion. Zimmer Biomet also updated its FY24 guidance to $7.95-8.05 EPS.

Zimmer Biomet Stock Performance

Shares of NYSE:ZBH traded up $0.35 during trading on Friday, hitting $107.27. The stock had a trading volume of 1,890,997 shares, compared to its average volume of 1,491,439. The company has a quick ratio of 0.63, a current ratio of 1.36 and a debt-to-equity ratio of 0.38. Zimmer Biomet has a 12-month low of $101.47 and a 12-month high of $133.90. The stock has a market capitalization of $21.85 billion, a price-to-earnings ratio of 20.56, a price-to-earnings-growth ratio of 2.02 and a beta of 1.02. The stock has a 50-day simple moving average of $107.11 and a two-hundred day simple moving average of $111.00.

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

Zimmer Biomet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 30th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date was Monday, September 30th. Zimmer Biomet’s payout ratio is presently 18.25%.

Analyst Ratings Changes

Several equities analysts recently issued reports on ZBH shares. BTIG Research decreased their target price on shares of Zimmer Biomet from $134.00 to $126.00 and set a “buy” rating for the company in a research note on Thursday, October 3rd. TD Cowen dropped their target price on Zimmer Biomet from $143.00 to $119.00 and set a “hold” rating on the stock in a research report on Friday, September 6th. JPMorgan Chase & Co. lowered their price target on Zimmer Biomet from $125.00 to $120.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Raymond James cut their price objective on Zimmer Biomet from $128.00 to $123.00 and set an “outperform” rating for the company in a research report on Monday, October 14th. Finally, Evercore ISI dropped their price target on shares of Zimmer Biomet from $113.00 to $110.00 and set an “in-line” rating on the stock in a research note on Tuesday, October 1st. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $123.84.

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.