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

Zimmer Biomet (NYSE:ZBH) had its price objective decreased by equities research analysts at Morgan Stanley from $140.00 to $120.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the medical equipment provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 15.25% from the stock’s current price.

Other equities analysts have also issued reports about the stock. StockNews.com started coverage on shares of Zimmer Biomet in a research report on Thursday, October 5th. They issued a “buy” rating on the stock. Citigroup reduced their target price on shares of Zimmer Biomet from $146.00 to $125.00 and set a “neutral” rating on the stock in a research report on Monday, October 2nd. UBS Group upped their target price on shares of Zimmer Biomet from $116.00 to $125.00 in a research report on Wednesday, August 2nd. BTIG Research raised shares of Zimmer Biomet from a “neutral” rating to a “buy” rating and set a $139.00 target price for the company in a research note on Monday, August 28th. Finally, Truist Financial lowered their target price on shares of Zimmer Biomet from $153.00 to $148.00 and set a “hold” rating for the company in a research note on Wednesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $140.05.

Zimmer Biomet Price Performance

ZBH opened at $104.12 on Wednesday. The stock has a market cap of $21.76 billion, a price-to-earnings ratio of 46.07, a PEG ratio of 2.08 and a beta of 1.02. Zimmer Biomet has a 1 year low of $102.00 and a 1 year high of $149.25. The company has a current ratio of 2.11, a quick ratio of 0.95 and a debt-to-equity ratio of 0.41. The stock has a fifty day moving average price of $111.64 and a 200 day moving average price of $126.37.

Zimmer Biomet (NYSE:ZBH) last announced its quarterly earnings results on Tuesday, November 7th. The medical equipment provider reported $1.65 EPS for the quarter, beating the consensus estimate of $1.59 by $0.06. Zimmer Biomet had a return on equity of 12.41% and a net margin of 6.52%. The company had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.75 billion. During the same quarter last year, the company posted $1.58 earnings per share. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. Analysts forecast that Zimmer Biomet will post 7.51 EPS for the current fiscal year.

Insider Transactions at Zimmer Biomet

In other Zimmer Biomet news, Director Arthur J. Higgins purchased 1,000 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was acquired at an average price of $115.61 per share, for a total transaction of $115,610.00. Following the purchase, the director now owns 3,400 shares of the company’s stock, valued at approximately $393,074. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Zimmer Biomet news, Director Arthur J. Higgins bought 1,000 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were purchased at an average price of $115.61 per share, for a total transaction of $115,610.00. Following the purchase, the director now directly owns 3,400 shares of the company’s stock, valued at $393,074. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert Hagemann acquired 2,000 shares of the business’s stock in a transaction on Monday, August 28th. The stock was acquired at an average cost of $116.48 per share, for a total transaction of $232,960.00. Following the transaction, the director now owns 4,000 shares of the company’s stock, valued at approximately $465,920. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 5,300 shares of company stock worth $619,090. Company insiders own 0.95% of the company’s stock.

Institutional Investors Weigh In On Zimmer Biomet

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Zimmer Biomet by 19.0% during the first quarter. Vanguard Group Inc. now owns 23,102,761 shares of the medical equipment provider’s stock valued at $2,954,843,000 after buying an additional 3,695,510 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Zimmer Biomet by 5.2% during the 2nd quarter. BlackRock Inc. now owns 22,098,606 shares of the medical equipment provider’s stock worth $3,217,557,000 after acquiring an additional 1,094,431 shares in the last quarter. State Street Corp raised its holdings in shares of Zimmer Biomet by 3.6% during the 2nd quarter. State Street Corp now owns 9,056,896 shares of the medical equipment provider’s stock worth $1,320,827,000 after acquiring an additional 318,082 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Zimmer Biomet by 2.3% during the 2nd quarter. Geode Capital Management LLC now owns 4,413,445 shares of the medical equipment provider’s stock valued at $640,904,000 after purchasing an additional 98,278 shares during the last quarter. Finally, Morgan Stanley increased its position in shares of Zimmer Biomet by 80.5% during the 4th quarter. Morgan Stanley now owns 3,102,429 shares of the medical equipment provider’s stock valued at $395,560,000 after purchasing an additional 1,384,068 shares during the last quarter. 87.48% of the stock is currently owned by institutional investors.

Zimmer Biomet Company Profile

Zimmer Biomet Holdings, Inc, together with its subsidiaries, operates as a medical technology company in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company designs, manufactures, and markets orthopaedic 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.