Bank of Nova Scotia Lowers Position in Zimmer Biomet Holdings, Inc. (NYSE:ZBH)

Key Points

• Bank of Nova Scotia reduced its position in Zimmer Biomet by 47.8%, selling over 100,000 shares during the first quarter, while other investors, such as Jefferies Financial Group, increased their stakes significantly.
• Zimmer Biomet's stock recently traded down 0.5% to $91.91, with a market cap of approximately $18.18 billion and a 52-week range of $89.22 to $116.71.
• The company also announced a quarterly dividend of $0.24 per share, indicating a dividend yield of 1.0% and a payout ratio of 21.24%.

Bank of Nova Scotia trimmed its stake in shares of Zimmer Biomet Holdings, Inc. (NYSE:ZBH - Free Report) by 47.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 109,784 shares of the medical equipment provider's stock after selling 100,703 shares during the quarter. Bank of Nova Scotia owned approximately 0.06% of Zimmer Biomet worth $12,425,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of ZBH. Garde Capital Inc. bought a new stake in Zimmer Biomet in the 1st quarter worth $29,000. Washington Trust Advisors Inc. bought a new stake in Zimmer Biomet during the 1st quarter valued at approximately $30,000. Columbia River Financial Group LLC purchased a new stake in Zimmer Biomet in the first quarter worth $30,000. Menard Financial Group LLC bought a new position in shares of Zimmer Biomet in the 4th quarter worth about $30,000. Finally, Cullen Frost Bankers Inc. lifted its position in Zimmer Biomet by 1,452.4% during the 1st quarter. Cullen Frost Bankers Inc. now owns 326 shares of the medical equipment provider's stock valued at $37,000 after acquiring an additional 305 shares during the period. 88.89% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Sang Yi sold 1,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $95.00, for a total value of $95,000.00. Following the transaction, the insider owned 20,424 shares in the company, valued at $1,940,280. This represents a 4.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.39% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

ZBH has been the topic of a number of analyst reports. BTIG Research reissued a "buy" rating on shares of Zimmer Biomet in a research report on Monday, April 14th. JMP Securities dropped their target price on Zimmer Biomet from $140.00 to $125.00 and set a "market outperform" rating on the stock in a report on Wednesday, May 7th. Morgan Stanley reduced their price target on Zimmer Biomet from $115.00 to $95.00 and set an "equal weight" rating for the company in a report on Tuesday, May 6th. Wells Fargo & Company lowered their price target on Zimmer Biomet from $113.00 to $98.00 and set an "equal weight" rating for the company in a research report on Tuesday, May 6th. Finally, The Goldman Sachs Group cut their price objective on shares of Zimmer Biomet from $120.00 to $104.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 6th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Zimmer Biomet presently has an average rating of "Hold" and an average price target of $111.39.

Zimmer Biomet Stock Performance

ZBH stock traded down $0.84 on Wednesday, hitting $91.21. The company had a trading volume of 2,094,135 shares, compared to its average volume of 1,792,570. The company has a current ratio of 2.44, a quick ratio of 1.46 and a debt-to-equity ratio of 0.53. Zimmer Biomet Holdings, Inc. has a 12-month low of $89.22 and a 12-month high of $116.71. The stock has a market cap of $18.05 billion, a price-to-earnings ratio of 11.70, a P/E/G ratio of 2.15 and a beta of 0.68. The stock's 50-day simple moving average is $93.12 and its 200 day simple moving average is $100.01.

Zimmer Biomet (NYSE:ZBH - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The medical equipment provider reported $1.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.77 by $0.04. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.89 billion. Zimmer Biomet had a return on equity of 12.73% and a net margin of 11.86%. The company's revenue for the quarter was up 1.1% on a year-over-year basis. During the same period last year, the business posted $1.94 EPS. As a group, equities research analysts expect that Zimmer Biomet Holdings, Inc. will post 8.22 earnings per share for the current fiscal year.

Zimmer Biomet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Thursday, June 26th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Thursday, June 26th. Zimmer Biomet's payout ratio is currently 21.24%.

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.