Barclays Forecasts Strong Price Appreciation for Zimmer Biomet (NYSE:ZBH) Stock

Key Points

• Barclays raised its Zimmer Biomet price target from $100 to $115, implying 7.47% upside, but maintained an “equal weight” rating.
• Analyst sentiment remains mostly neutral: the consensus rating is “Hold,” with an average price target of $112.74; seven analysts rate the stock Buy, 16 Hold, and one Sell.
• Zimmer Biomet slightly beat quarterly expectations, reporting EPS of $1.90 versus $1.88 expected and revenue of $2.06 billion versus $2.04 billion; revenue grew 3.1% year over year.

Zimmer Biomet (NYSE:ZBH - Get Free Report) had its price objective hoisted by analysts at Barclays from $100.00 to $115.00 in a report released on Monday, Benzinga reports. The brokerage currently has an "equal weight" rating on the medical equipment provider's stock. Barclays's price objective would indicate a potential upside of 7.47% from the company's current price.

A number of other research analysts also recently issued reports on ZBH. Needham & Company LLC reaffirmed a "hold" rating on shares of Zimmer Biomet in a report on Wednesday, August 5th. Royal Bank Of Canada lifted their price objective on Zimmer Biomet from $110.00 to $125.00 and gave the stock an "outperform" rating in a report on Thursday. Citigroup upped their target price on shares of Zimmer Biomet from $99.00 to $117.00 and gave the company a "neutral" rating in a research note on Thursday. Sanford C. Bernstein upped their target price on shares of Zimmer Biomet from $93.00 to $107.00 and gave the company a "market perform" rating in a research note on Thursday. Finally, Robert W. Baird set a $104.00 price target on shares of Zimmer Biomet in a research note on Thursday, August 6th. Seven equities research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $112.74.

Zimmer Biomet Stock Up 1.3%

Shares of NYSE ZBH traded up $1.42 during midday trading on Monday, hitting $107.00. The stock had a trading volume of 247,199 shares, compared to its average volume of 2,258,459. The business's 50 day moving average is $95.13 and its 200-day moving average is $92.08. The company has a market cap of $20.41 billion, a P/E ratio of 27.06, a PEG ratio of 2.48 and a beta of 0.50. Zimmer Biomet has a 52 week low of $79.12 and a 52 week high of $112.54. The company has a quick ratio of 0.79, a current ratio of 1.46 and a debt-to-equity ratio of 0.49.

Zimmer Biomet (NYSE:ZBH - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The medical equipment provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.88 by $0.02. Zimmer Biomet had a net margin of 8.95% and a return on equity of 13.02%. The company had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.04 billion. During the same quarter last year, the firm earned $1.90 earnings per share. The firm's quarterly revenue was up 3.1% compared to the same quarter last year. As a group, analysts predict that Zimmer Biomet will post 8.55 EPS for the current year.

Insider Activity at Zimmer Biomet

In other Zimmer Biomet news, insider Chad F. Phipps sold 3,000 shares of the company's stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $98.35, for a total transaction of $295,050.00. Following the completion of the sale, the insider directly owned 65,231 shares of the company's stock, valued at approximately $6,415,468.85. This represents a 4.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kevin R. Thornal sold 5,691 shares of the stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $92.95, for a total transaction of $528,978.45. Additional details regarding this sale are available in the official SEC disclosure. 1.28% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Zimmer Biomet

Hedge funds and other institutional investors have recently modified their holdings of the stock. Danske Bank A S boosted its holdings in Zimmer Biomet by 0.8% in the third quarter. Danske Bank A S now owns 133,317 shares of the medical equipment provider's stock worth $11,843,000 after acquiring an additional 1,100 shares in the last quarter. Aberdeen Group plc raised its position in shares of Zimmer Biomet by 329.0% in the 3rd quarter. Aberdeen Group plc now owns 620,546 shares of the medical equipment provider's stock valued at $50,877,000 after purchasing an additional 475,905 shares during the last quarter. Money Concepts Capital Corp raised its position in shares of Zimmer Biomet by 3.1% in the 3rd quarter. Money Concepts Capital Corp now owns 3,754 shares of the medical equipment provider's stock valued at $333,000 after purchasing an additional 114 shares during the last quarter. Allworth Financial LP raised its position in shares of Zimmer Biomet by 5.1% in the 3rd quarter. Allworth Financial LP now owns 2,321 shares of the medical equipment provider's stock valued at $200,000 after purchasing an additional 112 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Zimmer Biomet by 83.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 146,381 shares of the medical equipment provider's stock worth $13,008,000 after purchasing an additional 66,722 shares in the last quarter. 88.89% of the stock is currently owned by hedge funds and other institutional investors.

Zimmer Biomet Company Profile

Zimmer Biomet Holdings, Inc develops and manufactures medical devices and technologies used in musculoskeletal care. Its products support orthopedic procedures involving the hip, knee, shoulder, and extremities, as well as trauma care, sports medicine, and related surgical applications.

The company also offers surgical technologies, including robotic and digital solutions designed to assist clinicians with planning and performing procedures. Its products and services are used by hospitals, surgeons, and other healthcare providers.

Headquartered in Warsaw, Indiana, Zimmer Biomet traces its history to Zimmer, founded in 1927.

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