Wedge Capital Management L L P NC Sells 12,302 Shares of Zimmer Biomet Holdings, Inc. $ZBH

Key Points

• Wedge Capital Management L L P NC reduced its holdings in Zimmer Biomet by 13.2%, selling 12,302 shares during the second quarter, leaving it with 81,177 shares valued at approximately $7.4 million.
• Zimmer Biomet reported $2.07 EPS for the last quarter, exceeding estimates of $1.98, and their revenue increased by 7.0% year-over-year.
• The company recently announced a quarterly dividend of $0.24 per share, with an annualized dividend yield of 1.0%, set to be paid to shareholders on October 31st.

Wedge Capital Management L L P NC trimmed its position in Zimmer Biomet Holdings, Inc. (NYSE:ZBH - Free Report) by 13.2% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 81,177 shares of the medical equipment provider's stock after selling 12,302 shares during the period. Wedge Capital Management L L P NC's holdings in Zimmer Biomet were worth $7,404,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Garde Capital Inc. acquired a new stake in Zimmer Biomet during the 1st quarter worth $29,000. Washington Trust Advisors Inc. bought a new position in Zimmer Biomet during the first quarter worth about $30,000. Columbia River Financial Group LLC bought a new position in Zimmer Biomet during the first quarter worth about $30,000. Menard Financial Group LLC bought a new position in Zimmer Biomet during the fourth quarter worth about $30,000. Finally, Accent Capital Management LLC bought a new stake in shares of Zimmer Biomet during the first quarter worth approximately $35,000. 88.89% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Stifel Nicolaus boosted their price objective on shares of Zimmer Biomet from $115.00 to $118.00 and gave the company a "buy" rating in a research report on Friday. Royal Bank Of Canada boosted their price objective on shares of Zimmer Biomet from $112.00 to $115.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. UBS Group increased their price target on Zimmer Biomet from $91.00 to $96.00 and gave the stock a "sell" rating in a report on Friday, August 8th. Raymond James Financial increased their price objective on shares of Zimmer Biomet from $104.00 to $113.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Finally, Evercore ISI dropped their price target on shares of Zimmer Biomet from $102.00 to $96.00 and set an "in-line" rating on the stock in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $113.16.

Zimmer Biomet Stock Performance

ZBH stock traded down $1.33 on Tuesday, hitting $100.41. The company had a trading volume of 810,182 shares, compared to its average volume of 1,977,515. Zimmer Biomet Holdings, Inc. has a 12-month low of $89.22 and a 12-month high of $114.72. The company has a current ratio of 1.87, a quick ratio of 0.96 and a debt-to-equity ratio of 0.54. The stock's 50-day simple moving average is $100.22 and its 200 day simple moving average is $99.31. The stock has a market cap of $19.89 billion, a price-to-earnings ratio of 24.42, a P/E/G ratio of 2.30 and a beta of 0.68.

Zimmer Biomet (NYSE:ZBH - Get Free Report) last issued its 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 net margin of 10.51% and a return on equity of 12.76%. The company had revenue of $2.08 billion for the quarter, compared to analysts' expectations of $2.06 billion. During the same quarter last year, the company posted $2.01 earnings per share. The firm's quarterly revenue was up 7.0% on a year-over-year basis. Zimmer Biomet has set its FY 2025 guidance at 8.100-8.300 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 business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Tuesday, September 30th will be given a dividend of $0.24 per share. The ex-dividend date is Tuesday, September 30th. This represents a $0.96 annualized dividend and a yield of 1.0%. Zimmer Biomet's payout ratio is 23.36%.

Insiders Place Their Bets

In related news, SVP Lori Winkler sold 1,500 shares of Zimmer Biomet stock in a transaction on Monday, September 8th. The stock was sold at an average price of $104.15, for a total transaction of $156,225.00. Following the transaction, the senior vice president directly owned 6,833 shares in the company, valued at approximately $711,656.95. The trade was a 18.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.70% of the company's stock.

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.