Magellan Asset Management Ltd Boosts Holdings in Zimmer Biomet Holdings, Inc. (NYSE:ZBH)

Key Points

• Magellan Asset Management Ltd increased its stake in Zimmer Biomet Holdings by 9.9%, now owning 433,288 shares valued at approximately $49 million.
• Zimmer Biomet reported a quarterly EPS of $2.07, surpassing the expected $1.98, with revenue of $2.08 billion reflecting a 7% increase year-over-year.
• The company declared a quarterly dividend of $0.24, which translates to an annualized yield of 1.0% with a payout ratio of 23.36%.

Magellan Asset Management Ltd lifted its position in Zimmer Biomet Holdings, Inc. (NYSE:ZBH - Free Report) by 9.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 433,288 shares of the medical equipment provider's stock after acquiring an additional 38,914 shares during the quarter. Magellan Asset Management Ltd owned approximately 0.22% of Zimmer Biomet worth $49,040,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of ZBH. Brighton Jones LLC purchased a new position in shares of Zimmer Biomet in the 4th quarter worth approximately $204,000. Envestnet Asset Management Inc. raised its holdings in shares of 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 worth $26,428,000 after purchasing an additional 49,821 shares during the period. FMR LLC raised its holdings in shares of Zimmer Biomet by 91.6% in the 4th quarter. FMR LLC now owns 1,438,011 shares of the medical equipment provider's stock worth $151,897,000 after purchasing an additional 687,675 shares during the period. Cerity Partners LLC raised its holdings in shares of Zimmer Biomet by 6.6% in the 4th quarter. Cerity Partners LLC now owns 42,951 shares of the medical equipment provider's stock worth $4,587,000 after purchasing an additional 2,644 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Zimmer Biomet in the 4th quarter worth approximately $21,234,000. Institutional investors own 88.89% of the company's stock.

Insider Transactions at Zimmer Biomet

In related news, insider Sang Yi sold 1,000 shares of the business's stock in a transaction 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 directly owned 20,424 shares in the company, valued at $1,940,280. The trade was a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.70% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ZBH shares. Royal Bank Of Canada boosted their target price on shares of Zimmer Biomet from $112.00 to $115.00 and gave the company an "outperform" rating in a report on Friday, August 8th. JMP Securities cut their target price on shares of 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. UBS Group upped their target price on shares of Zimmer Biomet from $91.00 to $96.00 and gave the stock a "sell" rating in a research report on Friday. Morgan Stanley cut their target price 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. Finally, Robert W. Baird cut their target price on shares of Zimmer Biomet from $130.00 to $115.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $111.44.

Zimmer Biomet Stock Up 0.8%

Shares of ZBH traded up $0.82 during mid-day trading on Wednesday, hitting $102.64. The company's stock had a trading volume of 78,603 shares, compared to its average volume of 2,081,180. 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 firm has a market capitalization of $20.33 billion, a price-to-earnings ratio of 25.03, a PEG ratio of 2.28 and a beta of 0.68. The company's 50-day moving average is $93.71 and its 200-day moving average is $99.59. 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 issued its quarterly earnings results 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 net margin of 10.51% and a return on equity of 12.76%. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same quarter in the prior year, the business posted $2.01 EPS. Zimmer Biomet's revenue for the quarter was up 7.0% compared to the same quarter last year. On average, equities research analysts forecast that Zimmer Biomet Holdings, Inc. will post 8.22 EPS for the current fiscal year.

Zimmer Biomet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Thursday, June 26th were given a dividend of $0.24 per share. The ex-dividend date was Thursday, June 26th. This represents a $0.96 dividend on an annualized basis and a yield of 0.9%. Zimmer Biomet's payout ratio is currently 23.36%.

Zimmer Biomet Company 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.