Resona Asset Management Co. Ltd. Acquires 2,697 Shares of Zimmer Biomet Holdings, Inc. (NYSE:ZBH)

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Zimmer Biomet Holdings, Inc. by 4.4%, acquiring an additional 2,697 shares worth approximately $7.27 million.
• The company recently reported a quarterly earnings per share (EPS) of $2.07, exceeding the consensus estimate of $1.98, with a 7% year-over-year revenue increase.
• Zimmer Biomet declared a quarterly dividend of $0.24 per share, translating to an annual yield of 0.9%, with a payout ratio of 23.36%.

Resona Asset Management Co. Ltd. grew its position in Zimmer Biomet Holdings, Inc. (NYSE:ZBH - Free Report) by 4.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 64,281 shares of the medical equipment provider's stock after acquiring an additional 2,697 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Zimmer Biomet were worth $7,266,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ZBH. Garde Capital Inc. acquired a new position in shares of Zimmer Biomet in the 1st quarter worth approximately $29,000. Menard Financial Group LLC acquired a new position in shares of Zimmer Biomet in the 4th quarter worth approximately $30,000. Washington Trust Advisors Inc. acquired a new position in shares of Zimmer Biomet in the 1st quarter worth approximately $30,000. Columbia River Financial Group LLC acquired a new position in shares of Zimmer Biomet in the 1st quarter worth approximately $30,000. Finally, Accent Capital Management LLC acquired a new position in shares of Zimmer Biomet in the 1st quarter worth approximately $35,000. 88.89% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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

Zimmer Biomet Trading Up 0.6%

ZBH traded up $0.65 during mid-day trading on Friday, reaching $102.77. The stock had a trading volume of 1,058,191 shares, compared to its average volume of 1,806,593. The stock has a market capitalization of $20.36 billion, a P/E ratio of 25.00, a P/E/G ratio of 2.02 and a beta of 0.68. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.96 and a current ratio of 1.87. The firm's fifty day simple moving average is $94.36 and its two-hundred day simple moving average is $99.39. Zimmer Biomet Holdings, Inc. has a 52 week low of $89.22 and a 52 week high of $116.71.

Zimmer Biomet (NYSE:ZBH - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The medical equipment provider reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.09. Zimmer Biomet had a return on equity of 12.76% and a net margin of 10.51%. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same period last year, the company earned $2.01 EPS. The firm's revenue was up 7.0% 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 business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Thursday, June 26th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Thursday, June 26th. Zimmer Biomet's dividend payout ratio (DPR) is currently 23.36%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ZBH. Stifel Nicolaus set a $115.00 target price on Zimmer Biomet and gave the stock a "buy" rating in a report on Tuesday, May 6th. Royal Bank Of Canada raised their price target on Zimmer Biomet from $112.00 to $115.00 and gave the company an "outperform" rating in a report on Friday, August 8th. JMP Securities dropped their price target on Zimmer Biomet from $140.00 to $125.00 and set a "market outperform" rating for the company in a report on Wednesday, May 7th. Evercore ISI dropped their price target on Zimmer Biomet from $102.00 to $96.00 and set an "in-line" rating for the company in a report on Tuesday, July 8th. Finally, Canaccord Genuity Group dropped their price target on Zimmer Biomet from $115.00 to $101.00 and set a "hold" rating for the company in a report on Monday, May 12th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $111.44.

Zimmer Biomet Profile

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.