Bank of Nova Scotia Grows Position in Zimmer Biomet Holdings, Inc. $ZBH

Key Points

• Bank of Nova Scotia increased its Zimmer Biomet position by 38.3% in the first quarter, adding 11,876 shares for a total holding worth approximately $3.88 million. Hedge funds and other institutional investors own 88.89% of the company.
• Analyst sentiment remains cautious: Zimmer Biomet has a consensus “Hold” rating and an average price target of $102, while several firms recently cut their targets and Weiss Ratings downgraded the stock to “Sell.”
• Zimmer Biomet exceeded quarterly expectations with $2.09 in adjusted earnings per share and $2.09 billion in revenue, up 9.3% year over year. The company also announced a quarterly dividend of $0.24 per share, representing a 1.0% annualized yield.

Bank of Nova Scotia raised its position in Zimmer Biomet Holdings, Inc. (NYSE:ZBH - Free Report) by 38.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 42,877 shares of the medical equipment provider's stock after buying an additional 11,876 shares during the quarter. Bank of Nova Scotia's holdings in Zimmer Biomet were worth $3,877,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of ZBH. DV Equities LLC purchased a new position in Zimmer Biomet during the 4th quarter worth $25,000. Monetary Solutions Ltd acquired a new position in Zimmer Biomet in the fourth quarter valued at $30,000. Gen Wealth Partners Inc purchased a new stake in shares of Zimmer Biomet in the fourth quarter valued at about $31,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Zimmer Biomet during the fourth quarter worth about $32,000. Finally, Cornerstone Financial Management LLC acquired a new stake in shares of Zimmer Biomet during the fourth quarter worth about $37,000. 88.89% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Zimmer Biomet news, insider Sang Yi sold 5,000 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $82.64, for a total value of $413,200.00. Following the completion of the transaction, the insider directly owned 27,251 shares of the company's stock, valued at approximately $2,252,022.64. This trade represents a 15.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.28% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wells Fargo & Company dropped their price target on Zimmer Biomet from $98.00 to $90.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 29th. Leerink Partners started coverage on Zimmer Biomet in a research report on Monday, April 13th. They set a "hold" rating and a $101.00 price objective for the company. Barclays lowered their target price on Zimmer Biomet from $100.00 to $94.00 and set an "underweight" rating on the stock in a research note on Wednesday, April 29th. Weiss Ratings lowered Zimmer Biomet from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, July 20th. Finally, BMO Capital Markets initiated coverage on Zimmer Biomet in a research note on Wednesday, July 8th. They set a "market perform" rating and a $95.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Zimmer Biomet presently has a consensus rating of "Hold" and an average price target of $102.00.

Zimmer Biomet Price Performance

Zimmer Biomet stock opened at $95.57 on Wednesday. The company has a market cap of $18.49 billion, a P/E ratio of 24.82, a price-to-earnings-growth ratio of 2.71 and a beta of 0.46. Zimmer Biomet Holdings, Inc. has a one year low of $79.12 and a one year high of $108.29. The business has a fifty day moving average of $88.23 and a two-hundred day moving average of $89.79. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.95 and a current ratio of 1.73.

Zimmer Biomet (NYSE:ZBH - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The medical equipment provider reported $2.09 earnings per share for the quarter, topping analysts' consensus estimates of $1.86 by $0.23. The business had revenue of $2.09 billion for the quarter, compared to analysts' expectations of $2.07 billion. Zimmer Biomet had a net margin of 9.05% and a return on equity of 13.24%. The business's revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.81 EPS. As a group, analysts predict that Zimmer Biomet Holdings, Inc. will post 8.48 earnings per share for the current fiscal year.

Zimmer Biomet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Thursday, June 25th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.0%. The ex-dividend date is Thursday, June 25th. Zimmer Biomet's dividend payout ratio is presently 24.94%.

About Zimmer Biomet

Zimmer Biomet NYSE: ZBH is a global medical device company focused on musculoskeletal healthcare. Headquartered in Warsaw, Indiana, the company designs, manufactures and markets a broad portfolio of products used to treat joint disorders, bone disorders and related conditions. Its customer base includes orthopaedic and dental surgeons, hospitals, ambulatory surgery centers and other healthcare providers that rely on implants, instruments and related services for reconstructive and restorative procedures.

The company's product offerings span joint replacement systems for hips, knees and shoulders; trauma and extremities implants; spine and thoracic solutions; dental and craniomaxillofacial implants and prosthetics; and sports medicine devices.

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