Zimmer Biomet (ZBH) Upgraded to “Hold” at Zacks Investment Research

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Zimmer Biomet (NYSE:ZBH) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

According to Zacks, “Over the past three months, Zimmer Biomet has underperformed its industry. We are concerned about the company's escalating costs and expenses that are exerting considerable pressure on the bottom line. Also, declining dental sales at CER is a drag. Adverse currency movements continue to remain a major headwind for the company. However, post a mixed third quarter by Zimmer Biomet, we are hopeful about the company’s consistent efforts in product and renovation through research and development. Improvement in the company’s global Knee and Hip sales performance and growth in the Asia Pacific region are encouraging. Banking on its focus on priority areas like quality remediation, supply recovery efforts and product launches, Zimmer Biomet reported strong top-line numbers within its S.E.T arm.”

Other research analysts have also issued reports about the company. Oppenheimer set a $135.00 price objective on Zimmer Biomet and gave the stock a “buy” rating in a research report on Thursday, December 6th. Barclays decreased their price target on Zimmer Biomet from $131.00 to $119.00 and set a “sell” rating on the stock in a research note on Monday, October 29th. Leerink Swann decreased their price target on Zimmer Biomet from $146.00 to $141.00 and set an “outperform” rating on the stock in a research note on Monday, October 29th. BTIG Research restated a “hold” rating on shares of Zimmer Biomet in a research note on Sunday, October 28th. Finally, Citigroup decreased their price target on Zimmer Biomet from $129.00 to $122.00 and set a “neutral” rating on the stock in a research note on Monday, October 29th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $131.05.

Zimmer Biomet stock traded up $0.56 during mid-day trading on Friday, hitting $104.28. The company’s stock had a trading volume of 938,770 shares, compared to its average volume of 1,499,346. The firm has a market capitalization of $20.89 billion, a price-to-earnings ratio of 12.99, a PEG ratio of 2.01 and a beta of 1.16. Zimmer Biomet has a 1 year low of $96.99 and a 1 year high of $134.55. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.96 and a current ratio of 1.89.

Zimmer Biomet (NYSE:ZBH) last issued its quarterly earnings data on Friday, October 26th. The medical equipment provider reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.03. The company had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.84 billion. Zimmer Biomet had a return on equity of 12.88% and a net margin of 22.42%. The firm’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.72 earnings per share. Analysts forecast that Zimmer Biomet will post 7.64 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in ZBH. United Bank raised its stake in shares of Zimmer Biomet by 11.3% in the second quarter. United Bank now owns 8,813 shares of the medical equipment provider’s stock valued at $982,000 after acquiring an additional 898 shares in the last quarter. Raymond James & Associates raised its stake in shares of Zimmer Biomet by 1.4% in the second quarter. Raymond James & Associates now owns 96,971 shares of the medical equipment provider’s stock valued at $10,807,000 after acquiring an additional 1,293 shares in the last quarter. First Republic Investment Management Inc. raised its stake in shares of Zimmer Biomet by 3.2% in the second quarter. First Republic Investment Management Inc. now owns 20,563 shares of the medical equipment provider’s stock valued at $2,292,000 after acquiring an additional 629 shares in the last quarter. Morgan Stanley raised its stake in shares of Zimmer Biomet by 19.4% in the second quarter. Morgan Stanley now owns 1,040,927 shares of the medical equipment provider’s stock valued at $116,000,000 after acquiring an additional 168,807 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in shares of Zimmer Biomet by 614.6% in the second quarter. Tower Research Capital LLC TRC now owns 4,759 shares of the medical equipment provider’s stock valued at $530,000 after acquiring an additional 4,093 shares in the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

About Zimmer Biomet

Zimmer Biomet Holdings, Inc, together with its subsidiaries, designs, manufactures, and markets musculoskeletal healthcare products and solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates through four segments: Spine, less Asia Pacific; Office Based Technologies; Craniomaxillofacial and Thoracic; and Dental.

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