Zimmer Biomet (NYSE:ZBH) Announces Quarterly Earnings Results

Zimmer Biomet (NYSE:ZBH) announced its quarterly earnings results on Wednesday. The medical equipment provider reported $1.74 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.01), Briefing.com reports. Zimmer Biomet had a net margin of 13.25% and a return on equity of 12.86%. The firm had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same period in the previous year, the business posted $1.65 earnings per share. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. Zimmer Biomet updated its FY 2024 guidance to 7.950-8.050 EPS and its FY24 guidance to $7.95-8.05 EPS.

Zimmer Biomet Stock Down 2.3 %

Shares of NYSE ZBH traded down $2.52 during midday trading on Thursday, hitting $107.29. 990,354 shares of the stock traded hands, compared to its average volume of 1,483,996. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.63 and a current ratio of 1.29. Zimmer Biomet has a one year low of $101.47 and a one year high of $133.90. The business has a 50 day moving average price of $107.24 and a two-hundred day moving average price of $111.03. The company has a market cap of $22.07 billion, a PE ratio of 23.76, a P/E/G ratio of 1.88 and a beta of 1.02.

Zimmer Biomet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.96 annualized dividend and a yield of 0.89%. Zimmer Biomet’s payout ratio is currently 20.78%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ZBH shares. Morgan Stanley reduced their target price on shares of Zimmer Biomet from $130.00 to $120.00 and set an “equal weight” rating on the stock in a report on Monday, July 15th. Raymond James reduced their price objective on shares of Zimmer Biomet from $128.00 to $123.00 and set an “outperform” rating on the stock in a research note on Monday, October 14th. Oppenheimer cut their target price on Zimmer Biomet from $145.00 to $135.00 and set an “outperform” rating on the stock in a report on Tuesday, October 15th. Royal Bank of Canada decreased their price target on Zimmer Biomet from $130.00 to $120.00 and set an “outperform” rating for the company in a research note on Tuesday, October 8th. Finally, UBS Group cut their price objective on Zimmer Biomet from $112.00 to $107.00 and set a “sell” rating on the stock in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $123.94.

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.