Magnetar Financial LLC Boosts Stock Position in Zimmer Biomet Holdings, Inc. (NYSE:ZBH)

Magnetar Financial LLC increased its position in Zimmer Biomet Holdings, Inc. (NYSE:ZBH) by 58.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,310,265 shares of the medical equipment provider’s stock after purchasing an additional 484,816 shares during the quarter. Zimmer Biomet makes up about 3.0% of Magnetar Financial LLC’s investment portfolio, making the stock its largest holding. Magnetar Financial LLC owned about 0.64% of Zimmer Biomet worth $142,203,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. OLD Point Trust & Financial Services N A purchased a new position in shares of Zimmer Biomet during the fourth quarter valued at approximately $26,000. Ables Iannone Moore & Associates Inc. bought a new stake in Zimmer Biomet in the fourth quarter worth $30,000. Crewe Advisors LLC purchased a new stake in shares of Zimmer Biomet in the first quarter worth $31,000. Family Firm Inc. bought a new position in shares of Zimmer Biomet during the second quarter valued at $33,000. Finally, J.Safra Asset Management Corp raised its position in shares of Zimmer Biomet by 712.1% in the 1st quarter. J.Safra Asset Management Corp now owns 268 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 235 shares during the last quarter. 88.89% of the stock is currently owned by institutional investors.

Zimmer Biomet Price Performance

Shares of NYSE:ZBH opened at $106.42 on Monday. The company has a market capitalization of $21.89 billion, a P/E ratio of 23.03, a P/E/G ratio of 1.96 and a beta of 1.02. Zimmer Biomet Holdings, Inc. has a 1-year low of $102.00 and a 1-year high of $133.90. The firm’s 50 day simple moving average is $109.83 and its two-hundred day simple moving average is $115.38. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 0.63.

Zimmer Biomet (NYSE:ZBH) last released its earnings results on Wednesday, August 7th. The medical equipment provider reported $2.01 earnings per share for the quarter, beating analysts’ consensus estimates of $1.99 by $0.02. Zimmer Biomet had a net margin of 13.25% and a return on equity of 12.86%. The company had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter in the previous year, the company earned $1.82 EPS. Zimmer Biomet’s revenue for the quarter was up 3.9% on a year-over-year basis. Research analysts expect that Zimmer Biomet Holdings, Inc. will post 8.02 EPS for the current fiscal year.

Zimmer Biomet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be issued a $0.24 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.96 dividend on an annualized basis and a yield of 0.90%. Zimmer Biomet’s dividend payout ratio is presently 20.78%.

Analysts Set New Price Targets

Several analysts recently commented on ZBH shares. Canaccord Genuity Group cut their price objective on shares of Zimmer Biomet from $120.00 to $115.00 and set a “hold” rating on the stock in a research report on Tuesday, September 10th. Morgan Stanley cut their target price on Zimmer Biomet from $130.00 to $120.00 and set an “equal weight” rating on the stock in a research note on Monday, July 15th. Piper Sandler cut Zimmer Biomet from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $140.00 to $115.00 in a research note on Monday, July 1st. Royal Bank of Canada lowered their price target on Zimmer Biomet from $140.00 to $130.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Finally, Raymond James reduced their price objective on Zimmer Biomet from $138.00 to $128.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $125.17.

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.