Canaccord Genuity Group Cuts Zimmer Biomet (NYSE:ZBH) Price Target to $120.00

Zimmer Biomet (NYSE:ZBH) had its price target reduced by Canaccord Genuity Group from $130.00 to $120.00 in a report released on Tuesday, Benzinga reports. They currently have a hold rating on the medical equipment provider’s stock.

A number of other equities analysts have also weighed in on ZBH. Morgan Stanley dropped their target price on shares of Zimmer Biomet from $130.00 to $120.00 and set an equal weight rating for the company in a research report on Monday, July 15th. UBS Group reduced their target price on Zimmer Biomet from $112.00 to $107.00 and set a sell rating on the stock in a report on Thursday, August 8th. Truist Financial dropped their price target on Zimmer Biomet from $130.00 to $117.00 and set a hold rating for the company in a research note on Tuesday, July 16th. Barclays reduced their price objective on Zimmer Biomet from $130.00 to $125.00 and set an underweight rating on the stock in a research note on Friday, May 31st. Finally, Oppenheimer lowered their target price on Zimmer Biomet from $155.00 to $145.00 and set an outperform rating for the company in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Zimmer Biomet presently has an average rating of Hold and a consensus price target of $127.11.

Zimmer Biomet Price Performance

Shares of NYSE:ZBH opened at $113.42 on Tuesday. The firm’s 50 day simple moving average is $108.82 and its two-hundred day simple moving average is $117.81. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 0.63. The company has a market capitalization of $23.33 billion, a P/E ratio of 24.55, a P/E/G ratio of 1.97 and a beta of 1.01. Zimmer Biomet has a 1-year low of $102.00 and a 1-year high of $133.90.

Zimmer Biomet (NYSE:ZBH) last released 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. The firm had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.94 billion. Zimmer Biomet had a return on equity of 12.86% and a net margin of 13.25%. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.82 earnings per share. Research analysts expect that Zimmer Biomet will post 8.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Chicago Partners Investment Group LLC increased its position in shares of Zimmer Biomet by 3.3% in the 4th quarter. Chicago Partners Investment Group LLC now owns 2,894 shares of the medical equipment provider’s stock valued at $349,000 after acquiring an additional 92 shares during the period. North Star Investment Management Corp. raised its stake in shares of Zimmer Biomet by 16.6% in the first quarter. North Star Investment Management Corp. now owns 669 shares of the medical equipment provider’s stock worth $88,000 after purchasing an additional 95 shares during the last quarter. First Bancorp Inc ME lifted its holdings in shares of Zimmer Biomet by 5.3% during the first quarter. First Bancorp Inc ME now owns 1,970 shares of the medical equipment provider’s stock worth $260,000 after purchasing an additional 100 shares during the period. Ballentine Partners LLC boosted its position in Zimmer Biomet by 2.6% in the first quarter. Ballentine Partners LLC now owns 3,957 shares of the medical equipment provider’s stock valued at $522,000 after buying an additional 100 shares during the last quarter. Finally, Romano Brothers AND Company raised its position in Zimmer Biomet by 1.1% during the 1st quarter. Romano Brothers AND Company now owns 9,514 shares of the medical equipment provider’s stock worth $1,256,000 after buying an additional 100 shares during the last quarter. Institutional investors and hedge funds own 88.89% of the company’s stock.

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.