Zimmer Biomet (NYSE:ZBH) Price Target Cut to $120.00

Zimmer Biomet (NYSE:ZBH) had its target price dropped by stock analysts at Royal Bank of Canada from $130.00 to $120.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the medical equipment provider’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 17.76% from the stock’s current price.

ZBH has been the topic of a number of other research reports. UBS Group cut their price target on shares of Zimmer Biomet from $112.00 to $107.00 and set a “sell” rating on the stock in a research report on Thursday, August 8th. Canaccord Genuity Group reduced their price objective on shares of Zimmer Biomet from $120.00 to $115.00 and set a “hold” rating for the company in a research report on Tuesday, September 10th. Morgan Stanley dropped their target price on shares of Zimmer Biomet from $130.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Monday, July 15th. Needham & Company LLC restated a “hold” rating on shares of Zimmer Biomet in a report on Tuesday, September 17th. Finally, Piper Sandler lowered shares of Zimmer Biomet from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $140.00 to $115.00 in a report on Monday, July 1st. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Zimmer Biomet currently has a consensus rating of “Hold” and an average price target of $124.53.

Zimmer Biomet Trading Down 0.4 %

Shares of ZBH stock traded down $0.38 during mid-day trading on Tuesday, reaching $101.90. 882,320 shares of the stock traded hands, compared to its average volume of 1,494,068. The stock’s fifty day simple moving average is $109.02 and its two-hundred day simple moving average is $113.81. The company has a quick ratio of 0.63, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. Zimmer Biomet has a 1-year low of $101.64 and a 1-year high of $133.90. The company has a market cap of $20.75 billion, a price-to-earnings ratio of 22.04, a price-to-earnings-growth ratio of 1.92 and a beta of 1.02.

Zimmer Biomet (NYSE:ZBH) last issued its quarterly earnings data on Wednesday, August 7th. The medical equipment provider reported $2.01 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.02. The company had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.94 billion. Zimmer Biomet had a net margin of 13.25% and a return on equity of 12.86%. Zimmer Biomet’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.82 earnings per share. On average, research analysts anticipate that Zimmer Biomet will post 8 EPS for the current fiscal year.

Institutional Investors Weigh In On Zimmer Biomet

Large investors have recently added to or reduced their stakes in the company. Brookstone Capital Management raised its position in shares of Zimmer Biomet by 5.3% in the third quarter. Brookstone Capital Management now owns 6,388 shares of the medical equipment provider’s stock valued at $690,000 after purchasing an additional 322 shares during the period. Bangor Savings Bank purchased a new stake in shares of Zimmer Biomet during the third quarter worth $31,000. Azzad Asset Management Inc. ADV grew its position in shares of Zimmer Biomet by 2.1% in the third quarter. Azzad Asset Management Inc. ADV now owns 7,019 shares of the medical equipment provider’s stock valued at $758,000 after purchasing an additional 144 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Zimmer Biomet by 39.0% during the 3rd quarter. GAMMA Investing LLC now owns 1,371 shares of the medical equipment provider’s stock worth $148,000 after purchasing an additional 385 shares in the last quarter. Finally, Czech National Bank boosted its stake in Zimmer Biomet by 5.8% in the 3rd quarter. Czech National Bank now owns 41,486 shares of the medical equipment provider’s stock worth $4,478,000 after purchasing an additional 2,282 shares during the period. Hedge funds and other institutional investors own 88.89% of the company’s stock.

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.