Costello Asset Management INC Sells 5,162 Shares of Zimmer Biomet Holdings, Inc. (NYSE:ZBH)

Key Points

• Costello Asset Management INC sold 5,162 shares of Zimmer Biomet Holdings, Inc., reducing its holdings by 35.4% to 9,420 shares, which were valued at approximately $1,066,000 at the end of the quarter.
• Zimmer Biomet reported quarterly earnings of $1.81 per share, exceeding analyst estimates of $1.77, with revenue of $1.91 billion compared to expected $1.89 billion.
• The company recently declared a quarterly dividend of $0.24, yielding 1.0%, with a current dividend payout ratio of 21.24%.

Costello Asset Management INC trimmed its position in shares of Zimmer Biomet Holdings, Inc. (NYSE:ZBH - Free Report) by 35.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,420 shares of the medical equipment provider's stock after selling 5,162 shares during the quarter. Costello Asset Management INC's holdings in Zimmer Biomet were worth $1,066,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Brighton Jones LLC bought a new stake in shares of Zimmer Biomet in the 4th quarter valued at about $204,000. Resona Asset Management Co. Ltd. acquired a new stake in Zimmer Biomet in the fourth quarter valued at approximately $6,516,000. Aviva PLC raised its position in shares of Zimmer Biomet by 103.7% during the 4th quarter. Aviva PLC now owns 122,774 shares of the medical equipment provider's stock worth $12,969,000 after purchasing an additional 62,507 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in Zimmer Biomet by 24.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 250,194 shares of the medical equipment provider's stock valued at $26,428,000 after purchasing an additional 49,821 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd grew its position in shares of Zimmer Biomet by 5,482.4% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 4,745 shares of the medical equipment provider's stock valued at $501,000 after purchasing an additional 4,660 shares in the last quarter. 88.89% of the stock is currently owned by hedge funds and other institutional investors.

Zimmer Biomet Stock Up 7.8%

Shares of ZBH stock traded up $7.16 during trading hours on Thursday, hitting $98.31. 4,223,585 shares of the company were exchanged, compared to its average volume of 1,758,802. The business has a 50 day moving average of $93.20 and a two-hundred day moving average of $99.87. Zimmer Biomet Holdings, Inc. has a 52 week low of $89.22 and a 52 week high of $116.71. The company has a market capitalization of $19.45 billion, a PE ratio of 21.75, a PEG ratio of 2.13 and a beta of 0.68. 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 (NYSE:ZBH - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The medical equipment provider reported $2.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.98 by $0.09. Zimmer Biomet had a return on equity of 12.73% and a net margin of 11.86%. The company had revenue of $2.08 billion during the quarter, compared to analysts' expectations of $2.06 billion. During the same period last year, the firm posted $2.01 earnings per share. The business's revenue was up 7.0% on a year-over-year basis. Analysts anticipate that Zimmer Biomet Holdings, Inc. will post 8.22 earnings per share for the current fiscal year.

Zimmer Biomet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Thursday, June 26th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Thursday, June 26th. Zimmer Biomet's dividend payout ratio (DPR) is presently 21.24%.

Wall Street Analysts Forecast Growth

ZBH has been the subject of a number of recent research reports. BTIG Research reiterated a "buy" rating on shares of Zimmer Biomet in a research note on Monday, April 14th. Evercore ISI decreased their price target on Zimmer Biomet from $102.00 to $96.00 and set an "in-line" rating on the stock in a research note on Tuesday, July 8th. Raymond James Financial lowered their price objective on shares of Zimmer Biomet from $119.00 to $104.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. Roth Capital reaffirmed a "buy" rating on shares of Zimmer Biomet in a research report on Thursday. Finally, JMP Securities lowered their price target on Zimmer Biomet from $140.00 to $125.00 and set a "market outperform" rating for the company in a research report on Wednesday, May 7th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Zimmer Biomet currently has an average rating of "Hold" and an average price target of $111.39.

Insiders Place Their Bets

In related news, insider Sang Yi sold 1,000 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $95.00, for a total value of $95,000.00. Following the completion of the sale, the insider directly owned 20,424 shares of the company's stock, valued at $1,940,280. The trade was a 4.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.39% of the company's stock.

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.