Wall Street Zen Upgrades Zimmer Biomet (NYSE:ZBH) to "Buy"

Key Points

• Wall Street Zen upgraded Zimmer Biomet from “hold” to “buy.” Despite the upgrade, the broader analyst consensus remains “hold,” with a $112.74 average price target.
• Zimmer Biomet beat quarterly estimates, reporting earnings of $1.90 per share and $2.06 billion in revenue; revenue increased 3.1% year over year.
• The stock opened at $103.18, within its 52-week range of $79.12 to $112.54. Two company insiders recently sold shares.

Zimmer Biomet (NYSE:ZBH - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday, Wall Street Zen reports.

Several other research firms also recently weighed in on ZBH. Truist Financial set a $114.00 price objective on Zimmer Biomet in a report on Thursday, November 5th. Sanford C. Bernstein raised their price target on shares of Zimmer Biomet from $93.00 to $107.00 and gave the stock a "market perform" rating in a report on Thursday, November 5th. Zacks Research upgraded shares of Zimmer Biomet from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 25th. Citigroup boosted their price target on shares of Zimmer Biomet from $99.00 to $117.00 and gave the stock a "neutral" rating in a research report on Thursday, November 5th. Finally, Weiss Ratings raised shares of Zimmer Biomet from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, September 14th. Seven research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $112.74.

Zimmer Biomet Price Performance

NYSE:ZBH opened at $103.18 on Friday. The stock has a market capitalization of $19.53 billion, a PE ratio of 12.33, a P/E/G ratio of 2.45 and a beta of 0.50. The company has a current ratio of 1.46, a quick ratio of 0.79 and a debt-to-equity ratio of 0.49. The firm has a fifty day simple moving average of $95.76 and a 200 day simple moving average of $92.57. Zimmer Biomet has a 1-year low of $79.12 and a 1-year high of $112.54.

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, topping analysts' consensus estimates of $1.88 by $0.02. Zimmer Biomet had a return on equity of 13.02% and a net margin of 8.95%. The firm had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.04 billion. During the same quarter in the previous year, the business earned $1.90 earnings per share. The business's revenue was up 3.1% compared to the same quarter last year. On average, research analysts expect that Zimmer Biomet will post 8.56 EPS for the current fiscal year.

Insider Activity at Zimmer Biomet

In related news, insider Chad F. Phipps sold 3,000 shares of the company's stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $98.35, for a total transaction of $295,050.00. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 value of $528,978.45. The SEC filing for this sale provides additional information. Company insiders own 1.28% of the company's stock.

Institutional Investors Weigh In On Zimmer Biomet

Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in Zimmer Biomet in the second quarter worth about $1,344,282,000. State Street Corp lifted its stake in shares of Zimmer Biomet by 0.6% in the second quarter. State Street Corp now owns 8,877,171 shares of the medical equipment provider's stock worth $766,343,000 after buying an additional 52,044 shares in the last quarter. Primecap Management Co. CA purchased a new stake in shares of Zimmer Biomet during the second quarter valued at approximately $328,578,000. Dimensional Fund Advisors LP grew its holdings in shares of Zimmer Biomet by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,224,163 shares of the medical equipment provider's stock valued at $201,082,000 after buying an additional 24,208 shares during the last quarter. Finally, Bank of America Corp DE bought a new stake in shares of Zimmer Biomet during the second quarter valued at approximately $187,480,000. Hedge funds and other institutional investors own 88.89% of the company's stock.

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.

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