The Manufacturers Life Insurance Company Cuts Position in Zimmer Biomet Holdings, Inc. $ZBH

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Zimmer Biomet Holdings, Inc. by 19.5%, owning 259,596 shares valued at approximately $29.4 million after selling 62,912 shares.
• Zimmer Biomet reported earnings of $2.07 per share for the last quarter, surpassing analyst expectations, with a revenue of $2.08 billion and a 7% year-over-year increase.
• The company announced a quarterly dividend of $0.24 per share, resulting in an annualized yield of 0.9%, scheduled for payment on October 31st to shareholders of record on September 30th.

The Manufacturers Life Insurance Company decreased its position in shares of Zimmer Biomet Holdings, Inc. (NYSE:ZBH - Free Report) by 19.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 259,596 shares of the medical equipment provider's stock after selling 62,912 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.13% of Zimmer Biomet worth $29,381,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of ZBH. Ameriprise Financial Inc. boosted its position in shares of Zimmer Biomet by 236.0% during the 1st quarter. Ameriprise Financial Inc. now owns 4,568,287 shares of the medical equipment provider's stock valued at $517,039,000 after acquiring an additional 3,208,596 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Zimmer Biomet by 251.3% during the 1st quarter. JPMorgan Chase & Co. now owns 2,081,381 shares of the medical equipment provider's stock valued at $235,571,000 after acquiring an additional 1,488,918 shares during the last quarter. Nuveen LLC acquired a new position in shares of Zimmer Biomet during the 1st quarter valued at about $155,891,000. Nuveen Asset Management LLC boosted its position in shares of Zimmer Biomet by 191.8% during the 4th quarter. Nuveen Asset Management LLC now owns 1,389,405 shares of the medical equipment provider's stock valued at $146,763,000 after acquiring an additional 913,310 shares during the last quarter. Finally, Boston Trust Walden Corp acquired a new position in shares of Zimmer Biomet during the 1st quarter valued at about $54,108,000. Institutional investors and hedge funds own 88.89% of the company's stock.

Zimmer Biomet Stock Up 0.8%

Shares of ZBH traded up $0.83 during mid-day trading on Friday, hitting $105.59. 1,168,434 shares of the company's stock were exchanged, compared to its average volume of 1,287,856. The company has a market cap of $20.92 billion, a price-to-earnings ratio of 25.69, a P/E/G ratio of 2.06 and a beta of 0.68. Zimmer Biomet Holdings, Inc. has a fifty-two week low of $89.22 and a fifty-two week high of $114.72. 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 stock's 50-day moving average is $98.42 and its 200-day moving average is $99.64.

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, topping the consensus estimate of $1.98 by $0.09. The business had revenue of $2.08 billion for the quarter, compared to analysts' expectations of $2.06 billion. Zimmer Biomet had a net margin of 10.51% and a return on equity of 12.76%. The business's quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.01 earnings per share. Zimmer Biomet has set its FY 2025 guidance at 8.100-8.300 EPS. On average, sell-side 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 will be paid on Friday, October 31st. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, September 30th. Zimmer Biomet's dividend payout ratio is currently 23.36%.

Insider Activity

In other news, insider Sang Yi sold 1,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $95.00, for a total transaction of $95,000.00. Following the sale, the insider owned 20,424 shares of the company's stock, valued at approximately $1,940,280. This represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.39% of the company's stock.

Analysts Set New Price Targets

ZBH has been the topic of several recent research reports. UBS Group boosted their price target on shares of Zimmer Biomet from $91.00 to $96.00 and gave the company a "sell" rating in a research report on Friday, August 8th. Canaccord Genuity Group decreased their target price on shares of Zimmer Biomet from $115.00 to $101.00 and set a "hold" rating on the stock in a research report on Monday, May 12th. Royal Bank Of Canada upped their target price on shares of Zimmer Biomet from $112.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Roth Capital reaffirmed a "buy" rating on shares of Zimmer Biomet in a research report on Thursday, August 7th. Finally, Evercore ISI decreased their target price 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. Nine analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $111.00.

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.