Zimmer Biomet Holdings, Inc. (NYSE:ZBH) Shares Sold by Covea Finance

Covea Finance cut its holdings in shares of Zimmer Biomet Holdings, Inc. (NYSE:ZBH - Free Report) by 83.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,000 shares of the medical equipment provider's stock after selling 148,410 shares during the quarter. Covea Finance's holdings in Zimmer Biomet were worth $3,282,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Dodge & Cox lifted its holdings in Zimmer Biomet by 12.0% during the 4th quarter. Dodge & Cox now owns 19,118,436 shares of the medical equipment provider's stock worth $2,019,480,000 after buying an additional 2,044,645 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Zimmer Biomet by 1.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,760,444 shares of the medical equipment provider's stock worth $1,559,147,000 after buying an additional 176,337 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Zimmer Biomet by 398.7% during the 4th quarter. Franklin Resources Inc. now owns 3,497,764 shares of the medical equipment provider's stock worth $369,469,000 after buying an additional 2,796,372 shares in the last quarter. Northern Trust Corp lifted its holdings in Zimmer Biomet by 7.6% during the 4th quarter. Northern Trust Corp now owns 2,370,224 shares of the medical equipment provider's stock worth $250,367,000 after buying an additional 167,435 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Zimmer Biomet in the 4th quarter valued at approximately $216,223,000. 88.89% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Zimmer Biomet

In other news, insider Sang Yi sold 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $95.00, for a total transaction of $95,000.00. Following the completion of the transaction, the insider now directly owns 20,424 shares of the company's stock, valued at $1,940,280. This trade represents a 4.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.39% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Robert W. Baird dropped their price objective on shares of Zimmer Biomet from $130.00 to $115.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. JMP Securities dropped their target price on shares of Zimmer Biomet from $140.00 to $125.00 and set a "market outperform" rating on the stock in a research report on Wednesday, May 7th. Truist Financial set a $101.00 target price on shares of Zimmer Biomet in a research note on Tuesday, May 6th. Wells Fargo & Company decreased their target price on shares of Zimmer Biomet from $113.00 to $98.00 and set an "equal weight" rating for the company in a research note on Tuesday, May 6th. Finally, Morgan Stanley reduced their price objective on shares of Zimmer Biomet from $115.00 to $95.00 and set an "equal weight" rating for the company in a research report on Tuesday, May 6th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Zimmer Biomet currently has an average rating of "Hold" and an average price target of $111.53.

Zimmer Biomet Price Performance

Zimmer Biomet stock traded up $0.67 during mid-day trading on Friday, reaching $91.22. The company had a trading volume of 4,060,771 shares, compared to its average volume of 1,795,968. Zimmer Biomet Holdings, Inc. has a 1 year low of $89.22 and a 1 year high of $116.71. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.44 and a quick ratio of 1.46. The company has a market capitalization of $18.05 billion, a P/E ratio of 20.18, a P/E/G ratio of 2.11 and a beta of 0.72. The stock's 50-day simple moving average is $95.28 and its 200-day simple moving average is $102.80.

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

Zimmer Biomet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Thursday, June 26th will be paid a dividend of $0.24 per share. The ex-dividend date is Thursday, June 26th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.05%. Zimmer Biomet's dividend payout ratio (DPR) is 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.