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

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

A number of other research analysts have also issued reports on ZBH. The Goldman Sachs Group started coverage on shares of Zimmer Biomet in a report on Thursday, May 30th. They issued a neutral rating and a $129.00 price objective for the company. Evercore ISI reiterated an in-line rating and set a $113.00 price target on shares of Zimmer Biomet in a report on Thursday, September 5th. Truist Financial restated a hold rating and issued a $112.00 price objective (down from $117.00) on shares of Zimmer Biomet in a report on Friday, September 13th. Morgan Stanley cut their target price on Zimmer Biomet from $130.00 to $120.00 and set an equal weight rating on the stock in a report on Monday, July 15th. Finally, Citigroup decreased their price target on Zimmer Biomet from $134.00 to $120.00 and set a neutral rating for the company in a research note on Wednesday, July 10th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $125.17.

Zimmer Biomet Price Performance

Shares of NYSE:ZBH opened at $106.34 on Monday. Zimmer Biomet has a one year low of $102.00 and a one year high of $133.90. 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 cap of $21.66 billion, a price-to-earnings ratio of 23.02, a PEG ratio of 1.96 and a beta of 1.02. The firm has a 50 day simple moving average of $109.92 and a 200 day simple moving average of $115.72.

Zimmer Biomet (NYSE:ZBH) last announced its quarterly earnings results on Wednesday, August 7th. The medical equipment provider reported $2.01 EPS for the quarter, beating 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 company had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same period in the prior year, the company earned $1.82 EPS. Zimmer Biomet’s revenue was up 3.9% compared to the same quarter last year. Research analysts predict that Zimmer Biomet will post 8.02 earnings per share for the current fiscal year.

Zimmer Biomet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Monday, September 30th. 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%.

Hedge Funds Weigh In On Zimmer Biomet

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

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.