Zimmer Biomet (NYSE:ZBH) Cut to Neutral at Piper Sandler

Piper Sandler downgraded shares of Zimmer Biomet (NYSE:ZBH) from an overweight rating to a neutral rating in a research note published on Monday morning, MarketBeat.com reports. They currently have $115.00 price objective on the medical equipment provider’s stock, down from their prior price objective of $140.00.

A number of other brokerages have also recently commented on ZBH. Evercore ISI increased their target price on Zimmer Biomet from $125.00 to $130.00 and gave the company an in-line rating in a report on Thursday, April 4th. Needham & Company LLC restated a hold rating on shares of Zimmer Biomet in a report on Thursday, May 30th. Argus raised shares of Zimmer Biomet from a hold rating to a buy rating and set a $150.00 target price for the company in a report on Tuesday, May 21st. Oppenheimer raised their price target on shares of Zimmer Biomet from $150.00 to $155.00 and gave the stock an outperform rating in a research note on Friday, May 3rd. Finally, The Goldman Sachs Group initiated coverage on shares of Zimmer Biomet in a research note on Thursday, May 30th. They set a neutral rating and a $129.00 price objective for the company. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $131.76.

Zimmer Biomet Price Performance

Zimmer Biomet stock opened at $106.57 on Monday. The stock has a market capitalization of $21.92 billion, a P/E ratio of 23.07, a P/E/G ratio of 1.95 and a beta of 1.01. The company’s fifty day moving average price is $114.69 and its 200 day moving average price is $121.05. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.80 and a current ratio of 1.66. Zimmer Biomet has a 1 year low of $102.00 and a 1 year high of $144.13.

Zimmer Biomet (NYSE:ZBH) last announced its earnings results on Thursday, May 2nd. The medical equipment provider reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $0.07. Zimmer Biomet had a net margin of 12.93% and a return on equity of 12.70%. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter last year, the business earned $1.89 earnings per share. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Zimmer Biomet will post 8.1 earnings per share for the current fiscal year.

Zimmer Biomet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Wednesday, June 26th will be paid a dividend of $0.24 per share. The ex-dividend date is Wednesday, June 26th. This represents a $0.96 dividend on an annualized basis and a yield of 0.90%. Zimmer Biomet’s dividend payout ratio (DPR) is presently 20.78%.

Institutional Trading of Zimmer Biomet

Large investors have recently modified their holdings of the stock. International Assets Investment Management LLC lifted its position in shares of Zimmer Biomet by 11,244.9% during the 4th quarter. International Assets Investment Management LLC now owns 66,935 shares of the medical equipment provider’s stock worth $8,146,000 after purchasing an additional 66,345 shares during the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Zimmer Biomet by 37.5% in the 4th quarter. Sequoia Financial Advisors LLC now owns 155,965 shares of the medical equipment provider’s stock valued at $18,981,000 after acquiring an additional 42,539 shares during the last quarter. TD Asset Management Inc raised its position in shares of Zimmer Biomet by 10.1% during the 4th quarter. TD Asset Management Inc now owns 169,595 shares of the medical equipment provider’s stock worth $20,640,000 after acquiring an additional 15,552 shares in the last quarter. Bank of Nova Scotia lifted its stake in Zimmer Biomet by 499.0% during the fourth quarter. Bank of Nova Scotia now owns 134,729 shares of the medical equipment provider’s stock worth $16,397,000 after purchasing an additional 112,237 shares during the last quarter. Finally, Premier Path Wealth Partners LLC acquired a new position in Zimmer Biomet in the fourth quarter valued at approximately $1,093,000. Hedge funds and other institutional investors 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.