JPMorgan Chase & Co. Cuts Zimmer Biomet (NYSE:ZBH) Price Target to $120.00

Zimmer Biomet (NYSE:ZBH) had its price objective cut by JPMorgan Chase & Co. from $125.00 to $120.00 in a report issued on Monday morning, Benzinga reports. They currently have a neutral rating on the medical equipment provider’s stock.

ZBH has been the subject of several other research reports. The Goldman Sachs Group began coverage on shares of Zimmer Biomet in a research note on Thursday, May 30th. They issued a neutral rating and a $129.00 price objective for the company. Piper Sandler cut Zimmer Biomet from an overweight rating to a neutral rating and lowered their price target for the stock from $140.00 to $115.00 in a report on Monday, July 1st. UBS Group dropped their price objective on Zimmer Biomet from $112.00 to $107.00 and set a sell rating for the company in a research note on Thursday, August 8th. Truist Financial reiterated a hold rating and set a $112.00 target price (down from $117.00) on shares of Zimmer Biomet in a research report on Friday, September 13th. Finally, Barclays dropped their price target on Zimmer Biomet from $130.00 to $125.00 and set an underweight rating for the company in a research report on Friday, May 31st. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $125.17.

Zimmer Biomet Stock Performance

NYSE ZBH opened at $106.32 on Monday. The company has a current ratio of 1.29, a quick ratio of 0.63 and a debt-to-equity ratio of 0.31. The business’s 50 day moving average is $109.88 and its two-hundred day moving average is $115.65. The stock has a market capitalization of $21.65 billion, a price-to-earnings ratio of 23.01, a PEG ratio of 1.96 and a beta of 1.02. Zimmer Biomet has a 12-month low of $102.00 and a 12-month high of $133.90.

Zimmer Biomet (NYSE:ZBH) last announced its quarterly earnings data on Wednesday, August 7th. The medical equipment provider reported $2.01 earnings per share for the quarter, topping 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 firm had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same quarter in the prior year, the company posted $1.82 earnings per share. Zimmer Biomet’s quarterly revenue was up 3.9% on a year-over-year basis. Research analysts expect that Zimmer Biomet will post 8.02 EPS for the current year.

Zimmer Biomet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 0.90%. The ex-dividend date of this dividend is Monday, September 30th. Zimmer Biomet’s payout ratio is 20.78%.

Institutional Trading of Zimmer Biomet

Hedge funds have recently bought and sold shares of the company. Janney Montgomery Scott LLC boosted its holdings in shares of Zimmer Biomet by 21.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 23,295 shares of the medical equipment provider’s stock worth $2,835,000 after purchasing an additional 4,141 shares during the last quarter. Brown Advisory Inc. grew its holdings in Zimmer Biomet by 2.4% in the 4th quarter. Brown Advisory Inc. now owns 16,799 shares of the medical equipment provider’s stock valued at $2,044,000 after buying an additional 396 shares during the period. Norges Bank purchased a new stake in Zimmer Biomet in the 4th quarter valued at about $266,896,000. Coldstream Capital Management Inc. increased its stake in shares of Zimmer Biomet by 6.4% during the 4th quarter. Coldstream Capital Management Inc. now owns 2,842 shares of the medical equipment provider’s stock valued at $346,000 after acquiring an additional 170 shares during the last quarter. Finally, Associated Banc Corp lifted its holdings in shares of Zimmer Biomet by 14.8% during the 4th quarter. Associated Banc Corp now owns 16,819 shares of the medical equipment provider’s stock worth $2,047,000 after acquiring an additional 2,170 shares during the period. Institutional investors and hedge funds own 88.89% of the company’s stock.

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.